An Introduction by Bob Herum, President, CDIA:
The Fall Campaign and its theme reminded me of a recent blog written by Rick Cordaro, a peerless disability income sales representative. I met Rick at the first IDIS meeting in 2004 and was instantly drawn to his energy and ‘can-do’ attitude. He later served with me on the International Disability Income Society (IDIS) board and was always ready to do his part, and much more.
Our theme, “Back to Health. Work. Life,” portrays the importance of a disabled person aspiring to return to work. Study after study has demonstrated this key component in an individual’s recovery, and the return to their friends and colleagues is cited as a critical piece to their recovery and self-worth.
At the age of 68, a few years before retirement, Rick was diagnosed with incurable lung cancer and became unable to work. The treatments were exhausting, but in a conversation not long before his demise, he was still engaged in his work efforts and in helping the IDIS and their sponsorship needs.
Read, or reread, Rick’s thoughts that he expressed just weeks before we lost him. Make it a great day!
I Was a DI Professional for Decades. Then it Became Personal.
By Rick Cordaro, DIA, DIF, LUTCF
Disabilities occur every day in America. Besides the occasional accident or injury, most result from prolonged illnesses that prevent individuals from performing their occupations, often while under the care of a physician. This can lead to a complete loss of income or a reduction of 15 to 20% of their prior earnings.
A recent study found that 62% of bankruptcies in the US are caused by medical bills. It went on to say that 75% of Chapter 7 bankruptcy filers in the US cited medical expenses as the primary reason for their bankruptcy.
These medical bills are directly tied to the client’s future standard of living. Without a clear, defined, and guaranteed source of income, the client’s future financial stability is jeopardized. In this situation, some form of income replacement, such as disability income insurance, is necessary.
Let me share my story.
I have been active in the DI space since 1981. DI is and should always be the cornerstone of any long-term financial strategy. I even purchased my first policy when I was 20 years old. Throughout my 45-plus career, I was blessed to use only short-term benefits provided by the company to fill the gap until I was able to retain full employment.
My wife and I did some planning and concluded that I would retire at age 70 ½. However, at the age of sixty-eight, with 2 ½ years until official retirement, I was diagnosed with stage 4 incurable lung cancer that metastasized to my bones and brain. As a result, I was considered totally disabled and unable to work as I had hoped. It was agreed that I would retire early and submit for my long-term benefits from my employer.
I will receive benefits through 2026; when combined with my retirement and Social Security benefits, my wife and I are financially secure.
Would I prefer to be healthy and fully engaged in my work? – YES. However, given my income replacement, I am grateful for the protection that everyone should have when they need it most.
