It has been said that there are only two things in this world that are certain: death and taxes. Your insurance clients probably have plans in place to handle these situations, but what about the uncertain risks in life like accidents and sickness that can cause life-changing scenarios? Accidents or sickness can leave individuals unable to continue working and earning an income, causing catastrophic financial mayhem.
Disability insurance is a safety net that protects your clients from the harsh financial consequences of a disabling sickness or accident. An article posted on USNews.com explains the need and the importance of personal disability income, especially for people in their 20’s and 30’s:
“Disability insurance tends to be one of the more overlooked forms of insurance, particularly by young people, even though consumer advocates generally agree it’s an essential way for people to protect themselves from unexpected illness, accidents or other problems that prevent them from working. According to The Hartford Financial Services Group, 57 percent of Gen Y workers, who are in their 20s and early 30s, buy life insurance, but just 45 percent have short-term disability insurance, and even fewer – 39 percent – have long-term disability insurance. Meanwhile, the Social Security Administration estimates that the average 20-year-old worker faces a 3 in 10 chance of being disabled at some point before age 65.”
The loss of income caused by a disabling injury or sickness not only affects the client, but also his or her family and other dependents. As a trusted financial advisor, you can educate your clients, especially the young ones, on the need for personal disability insurance. Source Brokerage Inc. can assist you with designing disability income plans tailored to fit your clients’ financial and occupational needs.
Be prepared for some “push back” when you approach your clients about protecting their income with individual disability insurance. Many will say, “I have disability insurance through my work.” It’s a good idea to request a copy of their group plan to make sure they have adequate coverage. Most group disability plans have maximum caps that may fall below the client’s current earnings—especially high income earners—and many do not cover bonuses or incentive pay. By opting for individual disability insurance to supplement their group insurance coverage, clients can protect the highest possible percentage of their income in the event of a disabling injury or sickness.
Working with Source Brokerage’s disability income specialists will provide access to the majority of the individual disability income carriers in the marketplace. They can assist with disability income quotes, product information, sales and underwriting assistance. Don’t let your clients risk their financial well-being—talk to the disability income experts at Source Brokerage, Inc. about providing a personal disability insurance plan to protect their incomes today.
(Source: “Why You Probably Need More Disability Insurance,” USNews.com, October 13, 2013)
