Disability Insurance What You Need to Know

Disability Insurance or sometimes called DI, disability income insurance, or Disability Income protects the insurers earned income against the risk of disability. It would pay a portion of your salary, creating a safety in case of illness, disability or accidents that render the individual unable to work.

For instance an employee may suffer from an inability to maintain composure in the case of psychological disorders or an injury, illness or condition that causes physical impairment or incapacity to work. It encompasses paid sick leave, short-term disability benefits (STD), and long-term disability benefits (LTD). If you suddenly become ill or disabled the Disability Insurance can help you pay your bills, make your monthly rent or mortgage loan payments, buy your groceries, make your car payments, pay for your children's education, etc.

According to Council of Disability Awareness the average length of a long-term disability claim is three years. So, what you need to do is to target above three years to give you more protection.

Yes, workers compensation is a Disability Insurance, however it's only for  work-related disabling illness, and it only covers about 2/3 of your pre-disability income. Most long-term disabilities doesn't come from work-related illness or injuries it comes from cancer, heart disease, and other illnesses.

Having a disability insurance is really important since no one knows what happens in the future. Protecting part of your income would be better than having no protection at all.

If you want to protect your future and get additional Disability Insurance you can get quotes from these online brokers:
DisabilityQuotes.com
Disability Insurance Resource Center
PolicyGenius

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Best Practical Guide for Risk Management, Property, Liability , Life and Health with Concepts and Coverage

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Millennials Prefer to Rent but Pass on Renters Insurance

According to a survey published on insuranceQuotes, Millennials prefer to rent homes, and most of them don't like to get renters insurance. Even though that coverage is not expensive, and having non could cause a huge financial hardship.

Based on the April 2016 survey for insuranceQuotes.com done by Princeton Survey Research Associates International, 66% of 18 to 29 years old are renting their home, compared with just 37% of consumers overall. What is alarming is that less than 33% of Millennial renters have renters insurance.

When questioned about not having renters policy, 59% of renters in the 18 to 29 age group said that cost is not the primary reason. Instead, they believe it’s unnecessary because they live in a very secure property (61%), or they don’t own enough personal property to insure (43%). And 41% of them said they’re avoiding renters insurance because they don’t understand how the product works.

A lot of the consumers are foregoing the benefits of renters insurance because they underestimate the benefits and overestimate its cost. The average annual premium is $188 (or $15.67 per month); however, 25% of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. People need to be educated since it is an affordable financial safety net that every renter should have.

Other report highlights include:

    Renters who don’t have renters insurance because they don’t understand the product increased from 27% in 2015 to 33% this year.
    Renters who don’t have insurance because they don’t know where to get it also increased from 20% in 2015 to 26% this year.
    College graduates are more likely to have renters insurance compared to high school graduates or those with a lesser education – 64% to 24% respectively.
    35% of respondents mistakenly said a renters policy does not cover personal property damaged in a natural disaster or property stolen from you outside of your rental home (60%).

The full report is available here: http://www.insurancequotes.com/home/millennials-and-renters-insurance-051916.

The survey was done by Princeton Survey Research Associates International (PSRAI) through telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States.


Here is why Renters Insurance is important for me personally:

1. If my stuff is stolen like my iPhone, iPad or laptop, furniture or bicycles could cost thousands of dollars. Renters insurance covers more than just theft it also covers fire, water problems and vandalism.

2. If you burned your dinner and it resulted to smoke damage. Your landlord will bill you for that damage even if none of your property was damaged since his property has been.

3. Renters insurance is about $12 to $30 a month for $30,000 worth of coverage a small cost with big pay off.

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World's Largest Economies by 2020

Check out how the world's largest and fastest growing economies change over time from 2008 up to 2020. China is growing by leaps and bounds while the front runner the United States are steadily growing. By 2020 US GDP is estimated to grow to $22.5 trillion while China is estimated to grow to $16.2 trillion. At 3rd will be Japan at $4.9 trillion, 4th is Germany at $4.1.

Check out the CNN Graphics here


Estimated; Data: IMF, World Economic Outlook; Updated Feb. 11, 2016

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New home sales In the US is Up by 5.7% in August 7-year high

Newly built homes being sold has posted the highest level since early 2008 in August, that's more than 7 years. This shows that the demand in housing is strengthening. New single-family homes sales were up by 5.7% to a seasonally adjusted annual rate of 552,000 according to the Commerce Department. The increase in sales is a result of steady job gains and low mortgage rates.  The real estate market hast been really hit hard by the Great Recession and recovered slowly even after the downturn ended in 2009. New-home sales have soared nearly 22% in the past year.

Strong sales in newly built home and construction could help the economy by generating construction jobs, demand for more building materials and more spending on landscaping and other services.

Home builders raised new-home prices aggressively last year, likely weighing on sales, which totaled just 414,000 in 2014. That was little changed from sales in 2013. But builders have reined in price increases this year, fueling more buyer traffic and purchases.

Federal Reserve Chair Janet Yellen said last week that she expects the housing market to keep improving as more people find jobs and younger Americans increasingly move out on their own.

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Asia Pacific Overtake Europe in Wealth and is Expected to Hold 1/3 of Global Wealth in 2019

The Asia-Pacific region has overtaken Europe in the area of private financial wealth in 2014. The Boston Consulting Group estimated that East and West Europe holds a private wealth of $42.5 trillion, while the Asia-Pacific (Japan not included) is growing at a fast pace and now holds $47.3 trillion. They are also expected to ave more than one-third of the $222 trillion global total by 2019.

Asia-Pacific (Japan not included) will surpass the North America's private financial wealth by 2016.

BCG's estimate of total financial wealth:

1. North America: $50.8 trillion (+5.6%)
2. Asian-Pacific (Japan not included): $47.3 trillion (+29%)
3. Western Europe: $39.6 trillion (+6.6%)
4. Japan: $14.3 trillion (+2%)
5. Middle East and Africa: $5.7 trillion (+9.4%)
6. Latin America: $3.7 trillion (+10.5%)
7. Eastern Europe: $2.9 trillion (+18.8%)

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