Your clients count on you for sound advice for their financial preparedness. If you are not talking to them about paycheck protection, you are missing a key step in securing their financial stability. Your clients trust you and are open to your guidance and advice.

Statistics show most people are living paycheck to paycheck with little savings.

• Nearly 69% of Americans would face difficulty if their paychecks were delayed a week, according to a survey from the American Payroll Association.
• 41% of working-age Americans have medical debt or problems paying medical bills, according to a survey from The Commonwealth Funds.
• More than one out of four 20-year-olds will experience a disability before reaching retirement age, according to the Social Security Administration.

Even people who have accumulated savings are only one accident or illness away from falling into an unstable financial situation. According to the Council for Disability Awareness, the average duration of a long-term disability is 30 months. Most clients, regardless of their savings, would seriously deplete or exhaust their reserves after a few months. Furthermore, a disabling injury or sickness often increase expenses, leaving your clients even more stretched financially.

Paycheck Protection is the Solution

Disability Income insurance provides the safety net your clients need in the event an unexpected illness or injury keeps them from working for a period of time.

Yet, according to the Council for Disability Awareness, the numbers indicate that most workers’ incomes are not protected.

• About 100 million workers are without individual disability income insurance
• 69% of workers in the private sector have NO individual long-term disability insurance

Fewer than half have even discussed disability planning with their financial planners or insurance brokers.  A survey conducted by Limra International indicated that the top reason producers and financial professionals are not selling individual disability income is because their clients do not know about the product. Clients don’t ask because they underestimate the chances of a disabling illness or injury, and they are not aware of the need for paycheck protection.

Paycheck protection comes in many different varieties, including group, individual, simplified, own-occupation, any-occupation, and more. These variations make it possible to find coverage that meets the needs and budgets of many different workers, from doctors to athletes and executives to plumbers.

Are Your Offering Paycheck Protection?

If you haven’t sold paycheck protection before, you might find the idea overwhelming. No worries. You can count on Source Brokerage, Inc’s disability income specialists to walk with you every step of the way. We’ll even make the sale’s presentation for you if that’s your preference and you earn the full commission.

Disability insurance sales provide solid first-year and renewal commissions. In fact, DI brokers enjoy generous commission rates, up to 70 percent. And with the highest renewal rate in the industry – between 5 and 15 percent – those commission dollars really add up. In addition, disability insurance producers also benefit from a high persistency rate. DI stays on the books, earning commission for an average of 12.2 years versus 6.6 years for life insurance. The longer the client pays the premium, the more money the broker earns.

Ready to get started? Contact Steve Crowe at ext. 222 or request a quote.