Disability Income Planning And Life Insurance

Brooke McKernan of Northwestern Mutual | The McKernan Financial Group Guest Columnist

Disability income insurance helps protect your most valuable asset- your ability to earn an income.Paper family of four under a paper Disability Insurance umbrella

Some questions to think about:

  1. If you were sick or injured in an accident today, how would your family’s standard of living be impacted?
  2. How long would your savings last if your income stopped because you were unable to work because of an illness of sickness?
  3. What impact would a long-term illness or injury have on your ability to continue saving for retirement?
  4. Would your employer continue paying your salary if you were unable to work due to an injury or illness?
  5. What if the disability lasted for several years? Could you afford to take a six-month vacation? If you can’t, do you think you could afford living through a six-month injury or illness?

Life insurance:

Types of life insurance, the difference between whole life and term life insurance.

Term:

  1. Temporary protection
  2. Some policies may be renewed
  3. Some policies may be converted to a permanent policy
  4. Most policies have increasing premiums as you get older
  5. Good for temporary concerns

Permanent:

  1. Lifetime protection
  2. Contains guaranteed cash value, loan value and paid up-insurance
  3. Provides flexibility
  4. Most policies have level premiums for life
  5. Good for ongoing concerns Guaranteed to grow every year
  6. Ability to take out money without income tax
  7. Ability to access prior to age 59 1/2 without taxes & penalties
  8. Cash account guaranteed to grow every year

People who own life insurance know it has no equal value when it comes to guaranteeing financial security for those they care about after they die. Those who own permanent life insurance can take advantage of an accumulation feature that contributes to their financial independence.

Brooke McKernan is an experienced financial advisor with McKernan Financial Group in West Palm Beach. She focuses on unique planning techniques that offers your family financial security. There is tremendous value in protecting your loved ones in the event of a tragic life changing event. Our world is ever-changing, planning helps eliminate the uncertainty of a financial hardship.

Headshot of Brooke W. McKernan

Brooke W. McKernan
Northwestern Mutual | The McKernan Financial Group
brooke.mckernan@nm.com
www.brookemckernan.com
561.284.8112