Your most important asset is not your car, house, boat or other possessions. It is your ability to earn an income.
An accident or illness that results in a long-term or permanent disability can prevent you from earning an income. While most people think it won't happen to them, statistics show that this isn't true. It is far more likely that your clients will suffer from a disability than be in an auto accident or have a house fire, according to the Commissioners Disability Table.
The chances of suffering a long-term disability of 90 days or more before an individual reaches 65 years old are unbelievably high. A 25-year-old has a 58% chance of becoming disabled; a 35-year-old has a 50% chance; and a 50-year-old has a 33% chance, according to Simply Insurance. That means that the odds are not in your clients' favor.
People often incorrectly believe they will be covered by Social Security, workers compensation or their savings. Most of the time, this simply isn't true. Social Security disability is often difficult to obtain since the restrictions that state the client must be completely disabled with no hope of recovery for at least one year. Workers compensation only covers injuries on the job. Personal savings go fast when trying to keep up with the mortgage, care and other obligations. Although these programs can help supplement your income, you cannot realistically expect to recoup your entire income using these sources.
A quality disability policy will provide coverage. Big “I" Employee Benefits offers a variety of disability solutions through our partnership with Crump Life Insurance Services. Visit our website to learn more about disability and other Big “I" Employee Benefits.
Contact Christine Muñoz, Big “I" director of employee benefits, to learn more.