Disability income insurance is the foundation of a sound financial plan. It also helps protect the way your clients live: their family, home, lifestyle. These are all the things that are most important to them. If they became sick and injured or unable to work, how would they protect the way they and their family live? What will happen to their financial planning?
The fact is, disability can happen. But bills and payments don’t stop. It is surely going to derail a sound financial plan.
Ask you clients: "How would you pay for:"
- House payment
- Groceries
- Utilities
- Cable
- Insurances
- Gas
If you don’t have other sources of income available, or not have enough other income available, disability insurance can help offset a portion of your income to help you afford these life expenses and provide an extra sense of security if the unexpected ever happened.
From a financial planning standpoint, that very sound financial plan you helped your client put together will crumble especially if the very foundation of it is actually their earned income!
This risk is actually more common then you think. 43% of people will have a disability event lasting up to 90 days or more by the time they are 65.
So how do you know if disability insurance is right for your clients? Ask yourself these questions:
- Does the client depend on earned income to support their lifestyle?
- Can the client afford to be out of work for an extended period of time and not worry about bills?
- Do they have enough other income available to fully cover their needs?
- Did you design their financial plan with earned income as the foundation?
Disability income insurance can protect 50-70% of your client's income after a covered disabling event so that they focus more on recovery. It also helps protect some of the most important things in their lives, including a very sound financial plan.
If you want to learn more about disability insurance and how it affects financial planning, call me at (904) 539-9779 or email peachie@peachinsurance.net.
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