Northwestern Mutual

Accident or Illness

Reduce the impact of accident or illness on your financial security.

Accident or Illiness

An accident or illness can change your life in an instant. Of course, most people don't like to think about the potential ramifications of a disabling disease or traumatic event, but these incidents happen more often than you might think. During your income-producing years, you're nearly twice as likely to become disabled as you are to die prematurely.¹ That's why protecting your ability to earn an income is important.

1 in 4 employees will be disabled for 3 or more months during their careers

When you have a plan in place to address the financial impact of an unexpected accident or illness, you and your loved ones can concentrate on overcoming the emotional and physical challenges a disability may bring.

So as you think about developing a plan to minimize the financial risk of a disability, you'll want to take steps to: 

Protect your income.

Your ability to earn an income is your greatest asset. Protect it. If disability income insurance is offered through your employer, take advantage of the opportunity and the group rate that may be offered. However, most group plans cover only a portion of your income. So to fully protect yourself, you may want to consider a supplemental individual policy. An individual policy can also be a great way to protect your income if you're self-employed.

If you develop a chronic illness or disabling condition, long-term care services can help you get through your daily routines. Extended long-term care is not covered by Medicare, Medicaid or health insurance plans, which is why any plan to protect your income should include consideration of long-term care.

And, to protect the financial future of your loved ones, consider purchasing a life insurance policy to make sure they're taken care of after you're gone. Both term and permanent whole life insurance provide benefits to your loved ones—to pay bills or take care of other financial obligations in the event of your death.

Watch the Financial Security Planning video

Ensure your wishes are known and honored.

If you were to become incapacitated or die as the result of an accident or illness, would your family know your intentions? Estate planning helps to ensure your wishes are known and honored when you're no longer able to articulate them. It also gives your family peace of mind; you don’t want to burden them with having to make important decisions on the spur of the moment when they are already dealing with your illness or death.

Living with a disability may change your life. But you don't have to let it devastate the financial future of those you love.

More on This Topic

Click on the links below to access more information. 

  • Your Estate Plan

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    Read how disability insurance made an important impact in the lives of seven individuals and their families who depend on them.

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  • Estate Planning for Beginners

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    Learn why it’s important to have estate-planning documents in place, regardless of how much money you have.

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  • Plan Wisely. Live Confidently.

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    Plan Wisely. Live Confidently.

    Learn how our time-tested strategies and expert advice can help you reach your life goals.

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