Resources
Disability Income Protection Overview
The problem
If your client could not work, could they cover their current debts, pay daily living expenses and continue to save for their future? The financial consequences of a disability can be devastating.
The solution - Disability Insurance
Disability income protection is an essential building block for a solid financial plan. If your client is unable to work, disability insurance helps them maintain their current standard of living.
My client's in great health and doesn't plan on getting disabled.
Disability can happen to anyone… at any time.
• 51.2 million Americans have some level of disability. They represent 18% of the population.
• At age 40, the average person faces only a 14 percent chance of dying before age 65 but a 21 percent chance of being disabled for 90 days or more.
• There is a death caused by a motor vehicle crash every 12 minutes; there is a disabling injury every 13 seconds.
• 43% of all people age 40 will have a long-term disability event prior to age 65.
Are you protecting your client's income?
What if your client couldn’t work for 6 months due to illness or an accident? Could they meet their obligations or would it create a hardship? What if they could never return to work? Where would they turn?
Who needs it?
• Individuals with earned income
• Clients who have have family relying on their income to continue
• Individuals with significant earning potential
• Those who have contractual obligations for set jobs or deals, ie films, record contracts, and employment or sponsorship contracts
• Business partners can insure each other for disability as key people
Disability coverage is affordable
Insurance companies rate this premium on the client’s age, health, income and how risky their occupation is. Most clients are insurable for 60% of their gross annual earnings.
• The younger your client is, the cheaper the coverage is.
• The average annual premium for disability insurance is 1 to 3 percent of earnings.
Contact Jill Jacoby for more information or to request quotes - by phone at 818-933-2778 or via e-mail.
