Most of us who own our own home or own vehicle have worked pretty hard towards that ownership so it is no surprise that we protect it - security systems, safe parking spots and the ever important general insurances.
Many of us choose full comprehensive insurance for our vehicles to avoid financial burden in the event of an accident. We insure our homes against fire and other perils as well as insure the contents to avoid the financial stress to replace our home and contents in the event of disaster. We go as far as having a life insurance attached to our mortgages to pay for our home in the event of our death so that the burden of paying a mortgage would not fall on our loved ones that we leave behind.
So if we understand the need to protect and insure our assets, why is the concept of protecting our ability to pay for these assets such a difficult one to understand? Becoming ill or disabled and being unable to work doesn't stop the bills from coming - utilities still needs to be paid, groceries need to be bought, children are to be taken care of and loans are still to be repaid.
Life insurance covers mortgage payments only in the event of death - it does not cover mortgage payments if the payor is unable to work due to disability or long term illness. Many of us aren't even aware that there is financial protection of our income should we suffer from long term illness or disability due to an accident.
Pan American Life Insurance offers the Income Shield which is designed to provide the insured with a certain level of financial protection in the occurrence of accident or long term illness. It provides protection in the event of accidental death or dismemberment, permanent total disability; the plan allows for reimbursement for medical expenses due to an accident; protects your income in the event of long term illness or disability and also has a small term life insurance component.
For more information on how to protect your ability to pay for your assets or even on how to protect your assets please feel free to contact us.