What if Your Last Paycheck Was Your Last Paycheck?

3/30/2011
 

by Thomas P. Smith Jr.
Executive Vice President
(Agencies and Marketing)

As I am sure most of you know, the Order has what some would call a limited product line. We sell life insurance, retirement annuities, and long term care insurance. It is not because we can’t or couldn’t sell a variety of other products and services; rather it is because we believe in being very good – not just good but very good – at what we do, and no one who tries to be all things to all people can be very good at everything. You’ve heard the phrase “jack of all trades, master of none”? Not us. We’re the masters of what we do.

So it isn’t very often that we get to share the excitement of a brand new product with you, but this is one of those times. Effective April 1, in the United States and Canada, the Order will offer our client base a disability insurance product, known as Income Armor. Fundamentally, this product offers monthly payments to the insured to replace income lost when the insured is unable to work due to accident or illness. It is a critical form of insurance that protects your paycheck. After reviewing the product for some time, we decided it fits our sweet spot and is clearly in keeping with our mission: insuring our members and their families against financial risk. Risk of death, yes…risk of inadequate retirement income, yes…risk of catastrophic costs associated with long term care, yes…and now, insurance against the loss of income that a disability would bring.

The first question you may ask yourself is “what are the odds of me becoming disabled and ever needing paycheck protection?” Here’s your answer: nearly one in four men can expect to suffer a disability that keeps them out of work for 90 days or longer at some point during their working years. For women, the odds are worse: one in three. And are you ready for this? One in every seven workers can expect to be disabled for five or more years before retirement. Troubling statistics. Basically, if you do not currently own paycheck protection in the form of disability insurance, and you have a job, you need it. Trust me.

So the question becomes where do you get it? We saw a need for our members to have a source where they can go to get the protection they need from a strong, stable, consistently steady financial institution. Where, once the purchase is made and premiums are paid, there is no need to worry about whether or not the company can back up their promises. Like everything we offer, you buy it, you pay your premiums, and you leave the rest to us. That’s a pretty good deal in this day and age.

I encourage you to talk to your agent about protecting your paycheck with Income Armor.