Ibis Financial Group Urges Workers To Put A Financial Safety Net In Place With Disability Insurance

Online, May 3, 2010 (Newswire.com) - Boca Raton, FL May 3, 2010 - While most people don't think twice about insuring their cars and homes, they often leave one of their most important assets unprotected - their paychecks. Working Americans rely heavily on their paychecks to support their families and to fund their everyday living expenses, but few consider how their lives would be affected if they were unable to work due to an illness or injury and couldn't bring home a paycheck.

"Your paycheck is clearly one of your most valuable assets. Just as you insure other valuables in your life, such as your home or car, it is crucial to insure your income," says Robert Barboni, LUTCF, CFP®, President of Ibis Financial Group in Boca Raton, FL "Think of disability insurance as insurance for your paycheck. It provides an income if you're unable to work due to an illness or injury."

According to the LIFE Foundation survey, nearly 50 percent of working Americans say they would not be able to make it a month before financial difficulties would set if a disability were to keep them out of work. More than one in four say they would face financial problems immediately.*

While no one likes to think about becoming disabled, the chances of suffering a long-term disability are much higher than most people think. According to the consulting firm Milliman, Inc., U.S. workers have a three in 10 chance of becoming disabled for 90 days or more between age 35 and 65. That means disability insurance is something every working person needs to be thinking about, says Barboni.

Disability insurance is the most overlooked and misunderstood of the major forms of insurance. With May being Disability Insurance Awareness Month, Barboni provides the following three tips to help people assess their coverage needs:

Step 1: Determine if you need it. The general rule of thumb is: If you have a job, you need disability insurance. It provides replacement income if you're unable to work due to injury or illness, helping you meet your financial obligations until you are able to return to work.

Step 2: Estimate how much you need. Determine what your monthly living expenses are and compare them with the money available to you absent your paycheck, such as current insurance coverage through work or purchased on your own, savings, and income from other family members. Oftentimes, these resources may not be enough to support your standard of living if you were no longer able to earn a paycheck. Use Ibis Financial Group's Disability Insurance Needs Calculator to help you figure out how much coverage you may need: www.ibisfingroup.com.

Step 3: Explore your options. There are several ways you can obtain disability insurance. The most common source of coverage is through employers. Your benefits manager can explain what coverage options may be available to you. You can also purchase an individual policy through a qualified insurance professional. If you belong to a professional organization, you may be able to purchase disability insurance through a group plan. Meeting with an insurance professional in your community or your benefits manager at work can help you sort through your various options and find a plan that fits your needs and budget.

About Disability Insurance Awareness Month

Disability Insurance Awareness Month (DIAM) was created to get American workers to think about the need to protect one of their greatest assets - their ability to earn an income. Held in May, DIAM is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation.

Ibis Financial Group is a full-service financial firm offering a variety of products and services from some of the strongest and most respected companies in the industry. Ibis Financial Group specializes in offering comprehensive wealth management tailored to the unique needs of individuals and business owners. The firm has offices in Boca Raton, Orlando, and Palm Beach Gardens, FL.

*Kelton Research on behalf of the LIFE Foundation, April 2009
Ibis Financial Group offers securities and investment advisory services through Securian Financial Services, Inc., Member FINRA/SIPC. Securian Financial Services is affiliated with Securian Financial Group. Ibis Financial Group is independently owned and operated. DOFU 4/10 177997