Northwestern Mutual

Protecting Income

Your ability to earn an income is your most valuable asset. Protect it.

Protecting Income

If you were asked to identify your most valuable financial asset, what would you answer? Your home? Your car? Your investments? If so, you'd be in good company. Yet none of those things are possible without income.

Your ability to earn an income is your most valuable asset.

Imagine the impact if you or another breadwinner in your family became sick or disabled, was unable to work or died. What if a loved one required specialized care on an extended basis? That's why it's so important to protect your income during your working years.

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

Protect against disability.

Most people associate disability with a catastrophic event—such as a car accident or stroke—that would leave them unable to work. In reality, the majority of disabilities are caused by injury or illness. Cancer. Back problems. Maternity complications. Yet even with relatively common occurrences like carpal tunnel syndrome, a short-term disability can have a significant impact on your ability to meet long-term financial goals.

If disability income insurance is offered through your employer, take advantage of the opportunity and the group rate that may be offered. However, group plans usually cover only a portion of your income. Think about how that might impact your lifestyle and your ability to reach your goals. 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.

Plan for long-term care.

If you develop a chronic illness, disabling condition or cognitive impairment, you may need help getting through your daily routines. Yet typically, extended long-term care services are not covered by Medicare, Medicaid or private health insurance plans. Learn your options for funding supportive care that might be required in your home, in an assisted living facility or in a nursing home.

Ensure the financial future of your loved ones.

Life insurance helps you protect the people you care about most. If you're not there to provide for your family, life insurance can by providing a death benefit—generally income tax free—to your beneficiaries.

But life insurance can be more than just a safety net in the event of your death. Permanent life insurance policies can also provide benefits to you and your loved ones while you're living. As you pay premiums, the policy builds equity which becomes a source of funding you can utilize1 at any age for any reason.

More on This Topic

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