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 disability can take that away.
Most people think it won't happen to them, but unfortunately, that’s not true. According to the Commissioners Disability Table, your clients are far more likely to suffer a disability than experience an auto accident or house fire. The chances of suffering a long-term disability of 90 days or more before an individual reaches the age of 65 are unbelievably high: A 25-year-old has a 52% chance of becoming disabled; a 35-year-old has a 48% chance; and a 50-year-old has a 34% chance. The odds are not in your favor.
People often assume Social Security, workers compensation or their own savings will cover them in the event of a disability. However, Social Security disability restrictions state that the client must be completely disabled with no hope of recovery for at least one year, making it difficult to obtain. Workers compensation only covers you if you are injured on the job. And personal savings go fast when you’re trying to keep up with the mortgage and other obligations. Although these programs can supplement income, your clients cannot realistically expect to recoup their entire income using them.
A quality disability policy will provide sufficient coverage in the event of disability. Take the time to educate your clients about the facts and the options available to them. Big "I" Employee Benefits offers a variety of disability solutions through its partnership with Crump Life Insurance Services.
Contact Christine Muñoz, Big "I" director of employee benefits, for additional information.