If you are working with a tax preparer who merely prepares your tax returns, you may not be receiving full value for such services. One of the advantages of using an experienced tax professional for tax preparation and tax planning services is that you are also kept abreast of various financial and retirement strategies. In other words, you want to make sure that your tax consultant is advising you on all facets of your financial situation, not just tax preparation.
While most persons realize that they need life insurance protection, there are those who fail to realize that the chances of them becoming disabled are three and a half times greater than them dying during their working years. Interestingly, accidents are generally not the cause of disability, but rather are caused by back injuries, cancer, heart disease and other illnesses. While the risk of dying from hypertension is down 73% because of medical advancements, the risk up hypertension disabling a person is up 70%. The same holds true for heart disease (death down 28% with disability increasing 44%), cardiovascular (down 48%; up 36%), and diabetes (down 27%; up 36%).
Thus you need to ask yourself if you are prepared to whether the financial storm if you become disabled. Since the average disability claim is 34.6 months, do you have enough emergency savings? If you maintain a household budget showing the expenses you incur each year, then you will know how much money you need to hold for such an emergency. If you do not have a household budget, there is no time like the present to make such a budget.
Once you have the household expenses summarized, the next step is to [Read more…] about OVERLOOKING DISABILITY INSURANCE CAN BE A VERY EXPENSIVE LESSON LEARNED