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Americans should value their paychecks

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As the constant struggle between paying a mortgage, car payment and college tuition may hover over many parents heads, one factor that may be continually overlooked is that the money they are dependent on could be gone in a flash, according to the Life and Insurance Foundation for Education. LIFE is a non-profit group that aims to help individuals make smart financial decisions.

Many people do not even consider the fact that they have a three in 10 chance of suffering an illness or injury that could keep them out of work for a significant period of time, LIFE reports. In this event, people without disability insurance could suffer traumatic losses.

"Disability insurance makes sure that financial hardship doesn't follow the physical and emotional toll that comes along with disability. It's insurance for your income. When you think about it, your most valuable asset isn't your home, car or jewelry. It's what allows you to pay for all these things – it is your paycheck," said Marvin H. Feldman, president and CEO of the LIFE Foundation.

For a person to understand just how traumatic this loss of income may be, experts recommend calculating exactly what financial demands they have. This may help individuals determine what level of coverage they may need. 

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