Ask most people, "What is your greatest asset?" Some will say their house or the car. Others might refer to a savings or some kind of investment vehicle. They're all wrong. A person's greatest asset is their God-given ability to get up, go to work and earn money everyday.
Think about it. If you wreck your car tomorrow, insurance will help you fix it or get another. If, God forbid, a house fire occurs, you can eventually rebuild or buy a new home with the help of insurance. But consider this: You are injured in the car accident and can no longer work...or you are injured in the fire and can no longer work. Worst case scenario, an accident is tragic and a loss of life occurs. How do you earn? Who pays the bills? How does a spouse or partner recover financially?
We insure everything from our homes to cars to jewelry to personal collectibles. But we go to work everyday and do not cover our greatest asset. People will read this and say, "Well, I have a life insurance policy through work," or, "My company has a short-term disability plan." Most people go bankrupt or lose a business because of medical bills. People only lose their homes when they can no longer afford to pay their bills.
If you are in business for yourself, you have to think about this. If you have not asked yourself questions like those outlined above, you are setting yourself up for failure. Anyone working everyday should be asking their HR rep to review benefit plans. A short term disability may be only 90 days. What happens after that?
People may also turn a blind eye towards supplemental health plans. Those people should look into the cost of a COBRA Health Insurance option then ask themselves not if they could afford it, but if they can afford not to have some kind of supplemental protection.
Food for thought.
