Holly Walther Lending Team: “Where In The World Is Daisy?” Liz Heath – Week 5

Holly: Hey guys, it’s Holly and Daisy, and we are so sad. We are finishing up the month of July with our amazing “Where at the world is the Daisy?” partner, Liz Heath. She has her own State Farm office here in Georgia, locally owned and operated. We have covered so much information over the past five weeks, and we’re so grateful for her partnership. We have talked about inventory. We’ve talked about the deductibles. We have talked about the importance of shopping local. Last week, we covered life insurance and why that is so important. And then today we were having a conversation and you brought up disability. And the statistics you were spouting out were really staggering. I’m still just in awe. I can’t believe because it’s so, so many things that we don’t think about. When you were talking about it and you said the word disability, you know, what came to my mind is if I fell or I got hurt. Then you were going in talking about cancer, other things that are just really we see happening every day around us and the people that we love, we know. So can you give us a little insight, maybe go over the statistics with our viewers. I think it’s really important that people understand what’s happening around us.

Liz: Absolutely. You know, one of the biggest things that made me want to talk about disability is the fact that it’s the leading cause of foreclosures for the last five years. So it’s people who just aren’t able to earn a paycheck anymore through no fault of their own that are losing their homes and their families are losing these homes . About 42% of foreclosures now are followed by disability; which, I mean, it’s just a huge number. I mean, cause most disabilities, they are illnesses and not injuries. You didn’t get hurt, you know, driving to work or falling or something like that. You’ve got cancer or you’ve got multiple sclerosis or something that’s just, you know, a disease that’s going to be with you for forever for a very long time and you can’t work.

So on average, the average disability lasts about three years. Wow. And over 50% of people who are 18 right now are going to be disabled sometime before they retire. So it’s something really to think about. Like if you couldn’t, if you didn’t have a paycheck for three years, how are you going to make sure that you pay your mortgage or just, you know, basically buy food and that kind of stuff. So again, it can be really inexpensive to get coverage like that in place. If you don’t already have it through work or somewhere else, that would extend to you if something happened. One of my friends is a hairdresser and bought a policy the other day for only less than $40 a month and it’s going to covered his mortgage for up to three years, if something happens to him. And he does have a much bigger risk of actually getting hurt. Cause if he can’t use his hands, he’s got out of luck.

Holly: Or if Covid hits and he’s out of business.

Liz: Yes absolutely. It’s just something to think about that’s important for you as a family and not necessarily required by anyone to buy.

Holly: And I know even companies that have disability insurance, you know, it’s always a layered amount. Yes, you may coverage, but it may not be adequate coverage. Can you get, have a disability policy with your employer and have one with you.

Liz: You can. So one of the good things is there’s actually two types of disability insurance. What’s called short term, which lasts usually between one to three years. And then long term, which is what a lot of employers sell. Which you have to do disabled for, you know, usually 90 to 180 days before it starts paying out. And then it only makes 60% of what you made on average. So you can actually stack the short term disability on top of the long term and be collecting from both.

Holly: Gotcha. Wow. That’s awesome. Well, thank you so much. You have been fabulous. You have shared so much information with us. Guys, keep in mind, this is week five of July, but be sure to give Liz’s office a call, they would love to give you some quotes. Look at your situation, give you an overview of what’s available to you. And not only will it help you and possibly your family’s future, but it will also feed some children out there that desperately need our assistance during these times. Thanks so much, thanks Liz. Have a great week.

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