There are parts of personal finance that people associate with financial planning, like paying down debt, building up savings, and planning for retirement.  But there is more that goes into financial planning than that alone.  One of the most important parts of financial planning is protection planning.  That’s the part that has to do with insurance.  It’s not glamorous.  It not as fun as investing, planning a vacation, or seeing your student loan balance hit $0.  However, what I do as a financial planner is help see the holes in peoples financial situations.  A big hole for Gen Y is the lack of disability insurance.  According to the Social Security website “studies show that just over 1 in 4 of today’s 20 year olds will become disabled before reaching age 67.”  Yikes!

Um, What’s Disability Insurance?

Disability insurance protects you if you were to become sick or injured and were out of work for an extended period of time.  Often times, when we think about insurance, we think about insuring our possessions: our home, our car, our jewelry, etc. but we often overlook insuring our most valuable asset: our ability to work.  If you were to become severely sick or injured and couldn’t work for many weeks or many months, how long would you be able to pay your monthly bills?

What to do next?

Do your research.  For more useful information on the types of disability insurance and what to look for visit: http://genyplanning.com/2013/08/14/the-most-overlooked-insurance-for-gen-y-disability-insurance/

From there you can contact my office and with a few simple questions I'll get you a quote.  I just purchased my policy, so don't wait until it is too late.
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