Are Americans Protecting Their Most Valuable Financial Asset?
"Unfortunately, people tend to underestimate their risk of disability as well its potential to wreak havoc on both physical and financial health," said
Disability insurance is specifically designed to replace a significant portion of income and help with expenses and lifestyle needs if sickness or injury prevents a person from earning a living. However, as both costs and longevity continue to increase while retirement safety nets ebb, the considerations around disability extend beyond routine obligations.
"Our 2015 Planning & Progress Study found that having insufficient savings to retire comfortably is a top financial concern for Americans," continued Sperka. "Disability insurance can help preserve an existing nest egg and also provide the flexibility to keep contributing to retirement savings, reducing the need to play catch up later."
Sperka advises the two thirds of Americans who do not have access to disability insurance through their employer to consult with a professional regarding their options. For those whose employers offer group disability coverage, he suggests adding an individual supplemental policy to further minimize the potential for financial disruption. Aside from paying a monthly benefit when an individual is unable to work, an individual policy is portable if an employee changes jobs.
Visit NorthwesternMutual.com for a variety of tools and educational resources, including the video "Help Protect Your Paycheck with
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With
Northwestern Mutual is the marketing name for
Photo - http://photos.prnewswire.com/prnh/20150505/213865
Â
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/are-americans-protecting-their-most-valuable-financial-asset-300077586.html
SOURCE Northwestern Mutual
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News