Nowadays, we have an “awareness month” for just about anything. Well, May is no exception. In our industry, May is known as Disability Insurance Awareness Month. Everyone in the business is out there focusing on getting the word out in May. It gets me to wonder, why are we not talking about disability insurance every month?
For some, disability insurance is their primary business, but those advisors are few and far between. A typical advisor may discuss disability insurance as a reactive topic. But, as a wise man once said, if your wait for a client to bring up their need for disability insurance, it's too late. They're probably already uninsurable.
As experts, we have a responsibility to educate the millions of workers in this country on not just their need, but the flip-side of that coin … What would their life look like without income protection? That visual is quite disconcerting.
I’m a believer in real-life stories resonating most with people. Just this morning, I was searching for content to post on a social networking site, and I came across a video that made me pause.* Here was this young guy, just starting his professional career, otherwise healthy, and BAM! While he was crossing the street, he was hit by a drunk driver. Thankfully, he survived, but the repercussions were catastrophic. He spent a considerable amount of time in the hospital, had endless amounts of rehab, and is still not fully recovered. He has residual effects from the accident, and even though he is mostly recovered, he is still unable to work.
Thankfully, this young person understood the importance of individual disability insurance and had purchased policies while he was healthy. Unfortunately, he is in the minority. Having this coverage has allowed him to focus more on his recovery, and not so much on the strain of the unexpected accident.
People don't believe they will become disabled. It’s an inherent flaw in each of us. We see other people have medical issues, or get into catastrophic and tragic accidents, but we will refuse to see that we are one action away – one car ride, one cross of a busy street, one fall from a ladder, one major diagnosis – from something happening to us.
Talk about disability insurance. All year long. Talk about it with each of your clients who are working full-time and rely on their paycheck. Ask the tough questions – you may uncover more ways you can help your friends, family and clients. Disability insurance is much more than adding a revenue stream to your portfolio. It’s more than premium. It’s about protecting your client’s most valuable asset – their ability to earn a paycheck.
Meghan Cormany, sales development specialist for disability insurance, helps provide sales concepts and solutions to advisors, so they may add value and protection to their clients. Meghan has been an integral part of the Ash Brokerage DI team since 2008 and is a leader in disability sales.
What’s your clients’ most important asset? Their home? Their car? Their business? What about their 401(k) account? You get the idea. How about their paycheck?!
For the majority of Americans, their most important asset is their ability to get up every day, go to work and earn a paycheck. Most of what they own and do is based on what they earn. So whether they are in a one- or two-paycheck household, all of their income is critical to everyday living. Your clients need to insure this extremely valuable asset just like they insure everything else – the need “paycheck protection” insurance.
Problem is, most people don’t realize the importance of this coverage, or they think, “Nothing will ever happen to me. It will always happen to the other guy or girl.” But things do happen to people.
At some time in their lives, one out of every four of today’s 20-year-olds will be disabled for more than three months. And one in three people between ages 35 and 65 – our primary working years – will become disabled for more than three months. 1
Once you are disabled for 90 days, the average disability last more than two years. 2 How much of a hardship would it be to go without a paycheck for 90 days, let alone 2-plus years?!
Have you ever seen the commercial where the lady is sitting outside of a coffee shop and looks down at her napkin – it says, “You will have heart attack today!” Of course, no one really gets a heads up when something bad is about to happen. But we can put a plan in place to help overcome the adversity that comes with a debilitating event.
Put it in Practice: You never know when something bad will happen, so it’s always wise to put “paycheck protection” insurance in place as soon as possible. Plus, getting your clients covered when they are healthy and young makes the process easier and costs less money. Talk to the Ash Brokerage DI team today!
1 Statistics, ssa.gov
22010 Gen Re Disability Fact Book
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