Welcome back to Bloom With Lori Elizabeth, where we focus on helping you grow wealth and protect your financial future. Today, we’re introducing an essential addition to The Grow Wealth Plan: Income Protection—a service designed to ensure that your income remains secure, even if life takes an unexpected turn.

What is Income Protection? At its core, Income Protection (also known as disability insurance) is a safety net for your paycheck. It steps in when an illness, injury, or medical condition prevents you from performing your job duties. Whether you’re unable to perform 20% or more of your job or unable to work at all, Income Protection ensures you have a steady stream of income so you can continue meeting your financial obligations.

Here’s what you need to know about how it works:

1. It Covers Lost Wages: If you’re unable to work due to a disability, Income Protection pays you a portion of your salary (typically 50-70%) so you can still cover everyday expenses like your mortgage, utilities, and groceries. Think of it as a way to replace your paycheck when life’s unexpected challenges arise.
2. It Kicks in When You Need It Most: One common misconception is that disability insurance only covers catastrophic injuries, but that’s not true. With our Income Protection plan, you’re covered even if you can still perform most of your job but are limited in certain tasks—like if you can’t perform 20% or more of your duties. This flexibility is crucial, especially if your role requires specific physical or mental tasks.
3. Coverage Can Last Until Retirement: Income Protection is designed for long-term security. If your condition is permanent or prevents you from returning to full-time work, your benefits can last up until retirement. This long-term protection ensures that you and your family remain financially secure no matter how long your recovery takes.

Why Income Protection Matters Many people assume that government programs like Social Security Disability Insurance (SSDI) will provide adequate support if they’re unable to work, but those benefits are often limited and hard to qualify for. Plus, they may not cover your full income or provide enough to sustain your current lifestyle. That’s where Income Protection comes in.

Here’s why this coverage is so important:

• Your Bills Don’t Stop When You Can’t Work: Whether you’re out of work for a few months or several years, your financial obligations—rent, mortgage, car payments, child care—keep coming. Income Protection ensures that you’re able to meet those obligations without draining your savings or relying on credit cards.
• It Protects Your Wealth-Building Plan: Without Income Protection, an unexpected disability could quickly derail your efforts to grow wealth. Instead of focusing on building assets or investing in your future, you might find yourself struggling just to get by. With Income Protection, you can maintain your financial progress even during challenging times.
• Peace of Mind: Knowing that your income is protected allows you to focus on recovery, rather than stressing about how you’ll cover expenses. It gives you the financial stability you need to handle whatever life throws your way.

Who Needs Income Protection? You may be thinking that this type of insurance is only for high-risk professions or those nearing retirement, but the truth is that everyone who relies on a paycheck to meet their financial goals should consider Income Protection.

Whether you’re a business owner, a full-time employee, or even self-employed, you should ask yourself: What would happen to my finances if I couldn’t work tomorrow?

The reality is that none of us are immune to life’s uncertainties, and preparing for the unexpected is a crucial part of a comprehensive wealth-building strategy.

How It Fits Into The Grow Wealth Plan At Bloom Wealth Partners, our goal is to ensure that you’re protected from every angle. That’s why we’ve integrated Income Protection into The Grow Wealth Plan—because building wealth isn’t just about growing your assets; it’s also about protecting the income that funds your future.

Income Protection, alongside strategies like Infinite Banking and debt elimination, ensures that you can continue building wealth, no matter what life brings. By adding this layer of security, you’re not only safeguarding your current lifestyle but also protecting your long-term goals and legacy.

Ready to Learn More? If you’re curious about how Income Protection can fit into your personal financial plan, we’re here to help. Reach out to us by scheduling a Growth Call, and we’ll walk you through how to set up your coverage, so you’re prepared for whatever comes next.