No one likes to think about the worst case scenario when it comes to life. That’s probably why only 4 out of 10 workers have a financial plan in place for the unexpected. So for the other 60% out there, it is important to think about how your family will maintain its current standard of living if something unfortunate happens to you and you are without your regular income.
According to research from CUNA Mutual Group, 67% of workers in the private sector have NO long-term disability insurance, (and 41% have NO life insurance at all). The long-term disability insurance provided by employers typically only pays 40%-60% of one’s income. So how are you going to make up that difference?
If you plan ahead and opt for payment protection (insurance) on your loans, it will be less payments you have to worry about. With those loan payments being covered by insurance, this will allow your reduced income to be allocated to other obligations, and the possibility of you falling short will be less likely.
When you meet with your lending officer, let them know you are interested in getting insurance on your loan. They have options to get you the coverage you want and have it be included in your affordable monthly payment. If you currently have a loan, you can still come in and meet with our lending staff to discuss your options. Debt protection really means peace of mind for you and your loved ones.