December 9, 2015

If a disaster impacts your family, you may also be concerned about how it will impact the assets you have already set aside and made some effort to protect. Your earning power is what enables you to prosper throughout your work life, but it can all be halted in an instant in the event of a disaster.

If you were to become disabled, however, all of this can be brought into question and perhaps your previous planning doesn’t meet your current needs. If you are disabled, social security disability payments can kick in but you must have a condition lasting at least one year and you must have worked long enough and recently enough to trigger this.

Worker’s compensation might also be able to contribute if the injury happened while you were on the job. Some employers may also offer a long term or short term disability insurance of varying lengths. You can look into purchasing disability insurance but it may cost 5 – 10 times what it was with a group policy. If you were to pass away unexpectedly, Social Security survivor benefits and group coverages may not be enough. Calculations of needed amounts can be conducted at www.lifehappens.org. Term life insurance is another critical part of your asset protection planning strategy that can help to protect your family if an accident were to take your life.