As discretionary income tightens in most households across the country, many Americans have put the purchase of retirement and insurance vehicles on the back burner, leaving themselves open to risk of severe loss and no way to indemnify.
While most would consider their greatest asset to be a house or a car, in reality a human’s most valuable asset is their ability to earn an income.
Without cash inflow, no insurance, investment, or savings product can be purchased and utilized. Disability Income is a commonly overlooked portion of the planning process yet can be the most important piece of the puzzle.
Common misconceptions about disabilities
The main reason Disability Income is usually overlooked by Financial Professionals and their clients is the misconception of what causes a disability.
A recent consumer study released by the not-for-profit Council for Disability Awareness (CDA) reported that 71% of respondents said a disability is most likely caused by a serious accident.
In reality, insurance statistics show that only 9% of long-term disability claims result from serious accidents. The remaining 91% of income-interrupting disabilities come from common ailments like back and joint pain, chronic diseases, cancers, depression and pregnancy.
If your client becomes ill with any of the conditions or disabilities listed above and are unable to work for a period of time, will they have sufficient funds available to continue paying for their numerous financial obligations?
We can help
We understand the challenges your clients may be faced with during periods of disability.
Our strong relationships with top Disability Providers allow us to help you find the best fit for your client regardless of their occupation.
Products range from simplified issue to fully underwritten with the goal of getting your client coverage as quickly as possible. Nearly all respondents in the CDA study rated their ability to earn an income as more valuable than any other resource in maintaining financial security. However, only 37% said they have thought about taking steps to protect their income. Don’t let your client fall into the remaining 63%, the need is real.
Contact your dedicated Disability Sales Specialist to learn more about how we can help your clients protect their most valuable asset.