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Sound Financial Group - Bothell, Washington

 

SFB098 The Basics of Disability Insurance Part 1: How Much Do You Really Need Disability Insurance?

| June 25, 2018
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Episode Summary

In this episode of Sound Financial Bites, I speak with Cory Shepherd, the president of Sound Financial Group about the topic of disability insurance—something people have either personally dealt with, or have known others who have went through it. Either way, everybody has some type of relationship with disability insurance. We discuss the value of disability insurance and under what circumstances you should decide to purchase insurance. Above all things, we conclude that you are your most valuable asset and that you should do everything in your power to control the “controllables” in life to secure economic certainty for the future.  

What Was Covered

  • 01:45 - Everybody has some type of relationship with disability insurance
  • 02:16 - For clients who have not complied a good amount of assets, income is the biggest asset on their balance sheet
  • 03:20 - Why protect yourself at all from anything and the two criteria that must be met to protect yourself
  • 04:15 - If the loss is catastrophic, we can better protect its full replacement
  • 05:02 - How accidental disability plans get little to nothing done and only pay in the case of accidents
  • 06:26 - Taking a look into an actual balance sheet
  • 08:41 - You are your most valuable asset by a long shot
  • 10:25 - Parachuter’s paradox or the pool of one gamble
  • 13:01 - What’s the one thing that could jeopardize everything
  • 14:08 - Time is the biggest asset you lose when you get sued and when you get disabled
  • 16:01 - Controlling controllables with protection to bank on economic certainty
  • 17:35 - It’s all about making sure you have the assets you want to have for the future for the lifestyle you want to have

Tweetables

"It’s got to be catastrophic and infrequent, whatever thing we’re protecting ourselves from."

"Their most valuable asset is not the capital in the 401k, but their human capital at work out in the marketplace."

"You are your most valuable asset not by a little, by a long shot."

"The odds of your home burning down are infantesimal next to losing your income for over two year period."

"How many years could you provide your current lifestyle before you wipe out everything you've done so far?"

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