What Is The Most Important Insurance You Can Have?

Many will make their living by insuring what is so important to them. I’m sure you can name some of them: Auto/Home/Boat/jewelry/computers/work/etc. At the time of demand, you expect them to perform and buy new ones, or at least get you back to where you are. To have these things you love, you need to have an income. This is important because income is necessary to have everything else, including supporting your family. But people take it lightly. If you become too sick or hurt to work, how will you maintain your family’s current standard of living? If you don’t protect your income, you could lose everything.

Statistically, sixty-two percent of bankruptcies in America are due to medical bankruptcies. Still, three-quarters had health insurance at the onset of illness*. So if they all had health insurance, was the source of the problem health insurance?


Of course, medical bills had piled up beyond affordability. Most people will blame health insurance for the cause. This is partly because we are so in the habit of treating the symptom of the problem by getting to the root of the problem.

If you had a monthly income to go to treatment, would that help you manage the accumulated medical bills? Of course it will. What’s your plan to make sure you have an income when you get too sick or too hurt to work?

If you had the choice, would you quit your job to focus on your health, or would you continue working while you were in treatment?

See also  How Does a Whole Life Insurance Policy Work?

I think this choice is clear.

Let’s dig deeper… What if you have to take time off to focus on your health and the life that depends on it? Will you still continue to work? You may have time to spare. No amount of money is more important when your life is at stake. Or is it?

How will you pay those bills, how will you keep your food on the table, your clothes on the backs of your growing children, and a roof over everyone’s heads?

This is a question that most people won’t touch upon or even think about. You can’t afford not to guarantee your ability to generate income, and that’s because your life depends on it.

Insuring your ability to generate income should be at the top of the list, along with other important insurance programs. It could easily be overlooked as you are currently working, but one day that will change. You are not immortal.

1 in 3 people will lose their ability to earn an income before age 65**. The odds are high enough that one day it will be you. But because you don’t feel any pain right away, it’s easier to delay it.

If you are very sick or unable to work, your landlord’s policy will not pay you anything. Some will say “what about life insurance”. Maybe. If you planned it right, it could happen. Otherwise, life insurance should be called death insurance. Typically, it can only be used once, and you’re not even the one buying it.

See also  Excuses for not getting insurance

Reviewing and enforcing an insurance policy is essential these days to protect your income. It’s so important that it has to be the most important insurance program you should ever have. After all, your life may depend on it.

*2009 Harvard Study

**2007 LeClair Corporation

About Lily Hammond

I have been working as an insurance consultant in my own insurance agency since 1998. Because I've been doing this for so long, I know every detail and I'm here to help you. You can find my e-mail address and work phone on the contact page.

Leave a Reply

Your email address will not be published. Required fields are marked *