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Your paycheck: Don't gamble with it

Slot machine in Las Vegas
Slot machine in Las VegasPhoto by Robert Mora/Getty Images

What is your most valuable asset? Your house? Your car? How about your business? Maybe it’s your health. No matter your answer, you have it insured, right? If you get in a car accident, for example, you have the security of knowing it will be fixed. But what about the one asset you take for granted – your paycheck?

Think about this. How is that you have your house, your car and your business, not to mention your lifestyle, your retirement plan, even the plans you have for your children’s college? As they say, it’s all about the Benjamins. Your ability to earn a check every payday is at the center of your life. But is it insured?
It sounds obvious, but the majority of Detroiters do not have paycheck protection. They have not prepared to live with the real possibility of a disability. Why? Part of is we have this innate feeling of indestructibility – “it won’t happen to me.” Part of it is that many of us misunderstand the definition of a disability, relating it to being in a wheelchair. It’s much more than that. Disabilities can be as serious as being diagnosed with cancer. But it can also be nothing more than carpel tunnel syndrome. It depends on what you do.

Don’t think it will happen to you? According to the National Association of Insurance Commissioners (www.naic.org), the chance of being disabled for 3 months or longer at age 32 is 6.5 times greater than the chance of death. It’s the primary cause of personal bankruptcy and the reason behind nearly half of all mortgage foreclosures, according to the Council of Disability Insurers (www.disabilitycanhappen.org).

Are you a gambler? Do you visit the local casinos looking for that one big pull of the slot machine? No? Then why gamble with your lifestyle and that of your family? If you were unable to perform your job to the best of your abilities, would it affect your paycheck? How about your job? Is your boss willing to keep you on at full pay, knowing you can give him or her your best effort? A disability can easily lead to financial devastation. Do yourself and your family a simple favor and call your agent today. Protect your most valuable asset – your paycheck.