You know your clients’ paychecks are important – for them and their families – and it’s only natural to think of disability insurance as their first line of protection. Don’t forget however, that life insurance can also protect paychecks, providing for your clients’ loved ones should they no longer be here to help.
Principal, one of our top carriers, understands the importance of paycheck protection and makes it easier to obtain coverage with their Accelerated and Simplified underwriting programs.
Accelerated Underwriting allows qualified clients ages 18-60 to possibly avoid all lab testing and exams for a life insurance benefit of up to $1 million. (Applications will need to fit Super Preferred or Preferred risk class criteria.) With this program, a policy could be issued in as little as 7-10 business days!
With Principal’s Simplified Disability Income program, clients ages 18-50 can get a monthly benefit of up to $4,000 a month after answering a few additional questions during their telephone interview, which will prescreen the client for Disability coverage. It’s a great way to get coverage faster and without additional hassle.
Put it in Practice: Using Principal’s quick and easy programs for life and disability insurance underwriting, you can help your clients secure their ability to provide for their loved ones – no matter what happens.
With $927.9 billion in direct travel spending by domestic and international travelers in 2014; chances are your clients’ underwriting may include considerations of international traveling for business, pleasure or a combination of both. Studies show that by 2030, the number of travelers crossing international borders is expected to grow even more, exceeding 1.8 billion per year – increasing the likelihood travel will impact you and your clients.
Over the years, a growing number of states have adopted laws that on some level prohibit insurers from discriminating based on past or future lawful travel experiences. Beyond the well-known states of Florida, New York and California, there are more than a dozen other states, each adopting their own unique version of “no adverse travel action” laws. Additionally, the life insurance carriers all apply their own legal interpretation of each state’s adopted laws when evaluating travel risks.
Life insurance carriers have foreign travel guidelines which outline specific criteria a client must meet for consideration of coverage. The criteria generally includes:
Along with these guidelines, select carriers have published lists of acceptable foreign travel locations, which commonly are categorized to indicate acceptable/no rating, acceptable/rating or limitation, and unacceptable travel.
While our industry has made significant strides in the area of international travel, any good partner will honestly share that it remains an area of case-by-case consideration. At Ash Brokerage, we leverage our experience, carrier relationships and resources to identify viable solutions based on your client’s individual circumstances and insurance needs. We look forward to assisting you on your next foreign travel case. With Ash Brokerage, travel is … simplified!
What if you knew you were going to become totally disabled today? Are you ready? Are your clients ready? What about their finances – are they prepared, too? Most people and their financial plans aren’t protected from the unexpected. It’s unfortunate – you never know when a disability or illness will strike.
Sometimes, it’s hard to imagine what could possible happen to make someone unable to get up and go to work anymore. It’s too difficult to think about being too sick or injured (physically or emotionally) to continue with live as we know it.
But it happens. Trust me. I’ve heard many life stories that were both unexpected and unfortunate.
One woman, a dentist, was cleaning her fish tank as usual when the unimaginable happened: The glass shattered and severely lacerated her wrist. Not only can she no longer practice dentistry and care for her patients, but she also can no longer provide for her family. She waited too long to decide to purchase a disability income policy.
For one family man, the story ends on a brighter note. He was healthy. He went to the gym on a daily basis. He ate right. He saw his doctor regularly. Then, without warning, he suffered a stroke. He became wheelchair bound and unable to do the things he loved, including his work. Because he was prepared with a strong disability policy, however, his family was impacted emotionally, but not financially.
Put it in Practice: Disability does not play favorites. It can happen to anyone. It comes in many forms. Ask your clients where they would be if they no longer had a paycheck. Then do something to help.
Firefighters put their lives on the line every day; when they go to work, it’s no surprise they risk more than an average employee. Disability income insurance for firefighters is hard to come by, but Ash Brokerage works with carriers that will insurance this occupation. Due to the nature of the job and hazardous activities associated with fighting fires, however, the products available offer limited benefit amounts and restricted periods.
Typically, the policy will cover only total disability, and the benefit period will be a maximum of two years. Some carriers may offer a limited partial disability benefit, which means the policy holder would be limited from doing some of his/her daily activities, but not totally disabled. In this case, the insured would receive a reduced benefit.
It’s also important to note most firefighters are considered government employees. All disability carriers, no matter your occupation, consider government employees different from private business employees because government employees typically have part of their pension “pushed out” to them if they become disabled. Usually, there’s no way to stop this from happening, so carriers view this payment as a form of disability benefit. This limits the amount of coverage government employees can purchase, as compared to a privately employed person who doesn’t have any disability coverage.
If you have any clients who are firefighters, the least you can do is look into the possibility of obtaining disability income insurance to protect their paycheck. After all, they protect your home, business and family every day.
Most people know they need to save for retirement … that’s why most of us are saving. According to an article published in the Principal Financial Well-Being Index, 61 percent of workers are very concerned about their long-term financial future.
In the disability income world, we all know how important it is to cover our most valuable asset: our ability to earn a paycheck. But what about covering our retirement contributions? According to the Employee Benefit Research Institute, health problems are No. 1 reason workers take an unexpected early retirement. If your clients were to become disabled, would they be able to continue to contribute to their 401(k) or other retirement plans? The answer, most likely, is no.
A disability plan that covers retirement contributions can help protect your clients’ retirement in the event that they become too sick or hurt to work. I know adding another expense could make for a difficult sale. But, can your clients afford to NOT purchase this type of coverage?
Ask your clients how they plan to live in retirement. Maybe they want to spend their days volunteering. Or maybe they want to travel in their non-working years.
If they experience a health problem during their earning years, not only could their dreams of how they want to spend their retirement be crushed, but they could also have the burden of figuring out how they will save for an early retirement, or a retirement that includes unexpected medical expenses.
Put it in Practice: Talk to your clients who are contributing to their 401(k)s. Those who are at their maximum issue limits for DI insurance are great prospects as well. A policy that covers retirement savings allows them to purchase additional coverage on top of their personal coverage.
© 2018 Ash Brokerage LLC.