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Tim Wiedman Associates
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Tips and Tools
You have life insurance to the hilt, but there is another area generally ignored that puts you and your family at an even greater risk...

You buy life insurance to protect your family, because the moment you die, all future income will disapear. That's good financial planning. But if you were to become seriously disabled, you also risk the potential loss of all future income (or at least the kind of income you are used to having). What makes this senario even worse is that you are around to experience it. And if you have a highly specialized job, even less catastrophic disabilities can become serious problems. As I write this article, I am recovering from a fall in which I crushed my left hand's little finger. The doctor did the best he could, but I will have, at best, 30%-70% extension in that finger for the rest of my life. For the average person no real problem, but if I were a professional muscian, my career would be over.

So why is this problem seldom mentioned, or in many cases, mentioned only in passing? It shouldn't, because statistically the average person is over 4 times more likely to experience a serious disability than to die before the age of 65. A prudent business with multiple owners usually sets up a buy/sell plan in case one of the owners dies; but based on statistics, a disability could be a more likely problem in waiting.

We would urge you to Contact Us and get information on how to protect yourself and/or your business from the potentially, terrible consequences of a disability.