A closer look at protecting your family and finances

A closer look at protecting your family and finances

4.3.2023

By USI

A closer look at protecting your family and finances

Some Practical Information about Life and Disability Insurance

Life insurance — The “new” must-have

Some are calling it a life insurance buying spree: Sales of policies jumped 20% in 2021, to levels not seen in decades.†

It’s easy to understand why. During times of uncertainty, people look to a sure thing. Life insurance — often thought of as the “gold standard” for financial preparedness — provides that needed measure of security. And yet some people still resist making it a priority, many because they mistakenly assume they can’t afford coverage. Many overestimate the cost of life insurance by 3 times or more¹ and at the same time 40% of Americans believe they are underinsured.²

Now is an ideal time to assess your family’s financial security:

• Do you have people who depend on you? Having life insurance will help ensure they’ll have financial security in place, should something happen to you.
• If you already have life insurance, how long has it been since you’ve updated your coverage?
• Have you experienced any life events — from a change in job or promotion to the birth of a child or new house purchase — that require a bump in coverage?

Long-Term Disability Insurance — A smart move right now

“You can’t return to work for several months.” No one wants to hear a statement like that from their doctor. But the reality is, long-term disability is more common than people think.

Did you know:

• 88% of long-term disability claims are caused by illness, not injury or accidents.³
• The average group long-term disability claim lasts 34.6 months (2.6 years).⁴

A disability lasting 2.6 years translates to 135 weekly paychecks missed

63% of households would feel the financial impact of a wage earner becoming disabled in six months or less.⁵

In the current economy, many are stretched financially just paying their regular expenses. What if an illness prevented you from working for an extended period? Could you replace your salary? For how long?

Long-Term Disability Insurance for NYSBA members is designed to help protect your income while you undergo an extended recovery.

Tip: It takes just a few minutes to calculate your insurance needs.

For more information on Life and Disability Insurance options for New York State Bar Association members, please visit www.nysbainsurance.com.

USI Affinity Resources

For over 70 years, the divisions of USI Affinity have developed, marketed, and administered insurance and financial programs that offer affinity clients and their members unique advantages in coverage, price, and service. Our programs offer clients, from associations and unions to financial institutions, the edge they need to both retain existing and attract new members and customers. As the endorsed provider of affinity groups representing over 20 million members, USI Affinity has the experience and know-how to navigate the marketplace and offer the most comprehensive and innovative insurance packages available.

Mike Mooney – SVP – USI Affinity – mike.mooney@usiaffinity.com

¹https://lifehappens.org/research/life-insurance-is-on-peoples-minds/

²https://www.limra.com/en/newsroom/news-releases/2021/2021-insurance-barometer-study-reveals-common-misconceptions-that-prevent-americans-fromgetting-life-insurance-they-know-they-need/

³https://disabilitycanhappen.org/disability-statistic/

⁴https://disabilitycanhappen.org/overview

⁵https://www.limra.com/siteassets/newsroom/industry-trends/2020-images/DIAM2020factsheet.pdf

†https://www.limra.com/en/newsroom/news-releases/2022/limra-2021-annual-u.s.-life-insurance-sales-growth-highest-since-1983/