May day. MAYDAY!
Words can trigger a response.
Mayday is a distress call used 24/7/365 around the world to signal a life-threatening emergency – it is by no means tied or bound to the month of May.
Yet today, the first of May, is a great reminder to us all.
Today, I challenge you to ask yourself if you are protected in the event of an emergency.
Granted, we all take risks in our life – in fact, I’m a firm believer that life begins on the edge of our comfort zone. By challenging ourselves, our curiosity drives us to new levels of learning and adventure.
Yet, what happens if we don’t protect ourselves from life-threatening emergencies?
What happens if you are too sick or hurt to get up and go to work?
Many folks may be quick to respond that they have this risk covered. Their employer provides group life and disability insurance.
This is a fantastic first step. I’ve delivered many benefits to my clients, their employees and dependents over my 35+ year career.
Keep in mind, there’s a one in four chance a person will become injured or ill. Musculoskeletal injuries (aka weekend warrior accidents) account for nearly 30% of all claims, followed by cancer at 14.8%. Mental illness is also on the rise at nearly nine percent.
Let that sink in, then let’s dive a bit deeper.
Most group plans are not portable, meaning if you were to leave your job, you’d lose coverage. In the event of an accident or illness, you may not be able to secure personal coverage – or if so, at a substantially increased premium rate.
Today is May first, the kick-off to Disability Insurance Awareness Month and a great reminder to put personal plan protections in place in the event of an accident or illness.
Ask yourself, if I have a group disability insurance policy, do I understand how it works? Can my family live on the 60% taxable coverage? If you’re a business owner, will the company and its employees be at risk?
Supplemental coverage is Individually owned, fully portable, non-cancelable to age 65, can include bonus and commission income, can supplement Group LT disability coverage already in place, and are critical for business owner succession planning and buy-sell agreements.
Plus, individual policies are custom designed, meaning you can add riders increasing your benefit without proving medical insurability, covering your retirement contribution to protect your 401(k), covering student debt, and much more.
Bottom line: don’t wait until you have to send a MAYDAY call. It will be too late.
Be proactive. Let The Gremel Group audit your current plans.
What’s the price of peace of mind?
May first, take the first step.