Two studies reveal that nearly 50 percent of bankruptcies and mortgage foreclosures are caused by disability.

Pasadena, CA (PRWeb) -- Two studies reveal that nearly 50 percent of bankruptcies and mortgage foreclosures are caused by disability.

A study done by Harvard University revealed that in a review of bankruptcy filings disabling medical problems led to nearly half of the 1.458 million bankruptcy filings - based on 2001 filings.

A study by the Housing and Home Finance Agency of the U.S. Government found that 48 percent of home foreclosures were the result of disability while only 3 percent of all foreclosures resulted from the death of a homeowner. This was from a 1998 study which is reflective of most years, on average.

For years, leading financial advisors have recommended a core of protection as part of sound financial planning. The disability insurance component is often overlooked. Richard Reich, with the www.protectyourincome.com said, “Individuals often have life insurance, homeowners insurance and certainly auto insurance but overlook insuring what is their most vital asset; their ability to earn an income. With thousands of clients through our web site and associated agencies we find that the first thought of most people with families is to have adequate life insurance which is now very easy to get online through sites like www.lifeinsure.com but people overlook insuring their income. Part of the reason is that there are so many fewer insurance companies marketing disability insurance because of the high potential claims. Also, most insurance agents are not trained as well in this type of insurance because their primary company usually doesn’t market it!”

With the web, one can access information and experts in the field at sites like protectyourincome.com, learn about this kind of insurance coverage and then comparison shop without having to see an agent.

Other disability statistics (among many that can be found on the protectyourincome.com web site):
1. Approximately one out of seven people who are between the ages 35–65 can expect to become disabled for five years or longer.
2. Almost 30 percent of the people who are between the ages 35 and 65 will experience a disability that lasts at least 90 days during their working careers.
3. If you put away 10 percent of your income each year, then simple arithmetic says that one year of being totally disabled could wipe out the 10 years of principal that you put into your savings.
4. About 110 million Americans do not have long term disability insurance.

The protection component of a financial plan often includes disability insurance along with life insurance, property and auto insurance. Interestingly, benefits from an employer plan are taxable.

For additional information on disability insurance and disability statistics contact Richard Reich through www.protectyourincome.com or www.lifeinsure.com .

About ProtectYourIncome.com:
Protectyourincome.com is a leading web site and resource on the subject of disability insurance founded by professionals with over 45 total years in the field and associated with an insurance agency that has over 10,000 disability insurance clients.

Contact:
Richard Reich
Protectyourincome.com
866-691-0100
http://www.ProtectYourIncome.com





;


Back

• Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
  
  
• To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
  
  
• Credit card balance transfers
  
  
• All kind of loan – educational loans, auto loans, secured loans, unsecured loans, personal loans and any kind of loans – can be consolidated under debt consolidation mortgage. It is highly appropriate to adopt debt consolidation mortgage if you have numerous debts. However, a prudent step will be to understand debt consolidation if you actually want to apply for it. Debt consolidation mortgage has the capability to be turned in a way so as to allow maximum monetary benefits. Yet, one little error with debt consolidation mortgage and your situation will be back to square one.