How To Avoid Financial Disaster: Protect Yourself From The 7 Biggest Risks You Face Daily by Shannon Harvey

Author:Shannon Harvey [Harvey, Shannon]
Language: eng
Format: epub
Publisher: Wild Words Formatting
Published: 2017-12-24T20:00:00+00:00

“Luck affects everything. Let your hook always be cast; in the stream

where you least expect it there will be a fish.”

—Ovid

The 4th Risk Threatening Your Financial World Each Day

The fourth daily risk is an illness or injury that could keep you from working for a long time. What if something unexpected happened to you that kept you out of work for 6 months or longer? Would your financial world be okay?

Real Life Example:

I regularly think about Diane, who works for a local manufacturer. During an annual review, Diane ignored the suggestion that she have a personal disability insurance policy . . . because she already had one through her workplace.

Diane earned more than $50,000 per year on her job driving heavy equipment in a warehouse. Diane loved her job and was also proud that she had saved nearly a year’s worth of income by aggressively changing some of her spending habits.

One day Diane didn’t feel quite right and was experiencing dizziness from what she thought was a virus. Her condition prevented her from being able to work for a few days and she went to see her doctor . . . and was shocked to learn her diagnosis was vertigo. As a result, she was unable to drive the heavy equipment at her workplace, and she was put on disability leave.

Diane thought since she had a disability insurance policy through her workplace everything would be okay. However, her first disability check arrived in the mail a few weeks later and it was ONLY $150 . . . then Diane panicked. After a few conversations with her H.R. Department, Diane discovered her monthly disability income would be only $600, which was a far cry from what she had been earning full time.

It has been tough for Diane since her vertigo diagnosis, and if her situation does not improve she will quickly spend all of the savings she had socked away. Had Diane owned a personal disability insurance policy, she would have likely experienced FAR LESS financial disaster.

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