Protection Products

The Risks of Waiting for DI Coverage


Protection

I don’t know about you, but I’m a master procrastinator! If it can wait, then chances are good that I’m pushing it off. The fact is, it’s possible your clients are procrastinators too. Often, it’s not that they mean to be – life happens. Things come up. But if they wait too long to get disability insurance, they’re putting a lot at risk.

Aside from the risk of becoming ill or injured, a lot could happen to your clients:

  1. Longevity – they older they are, the higher their premiums will be
  2. Their occupation could change, resulting in higher premiums or declined coverage
  3. Their health could change – certain conditions could also result in higher premiums or declined coverage

The best time to buy disability insurance is when a person is young and healthy. However, most often, people don’t think about it until something has changed with their medical history – by then it might be too late. It’s up to you to plant the seed early by showing your clients why they need coverage.


Ask Questions – Today

Don’t wait. Here are some questions to ask at your next client meeting:

  • How would your family be impacted if something were to happen to you today, and you were no longer able to work?
  • Do you know anyone who has suffered a disability? If so, how did they make it through financially?




See It ThroughYour clients worked hard to build their financial future (and so did you). But once it’s gone, it’s too late. It’s our job to make sure that everything works when your clients can’t. To make sure their foundation is protected.

Don’t end the conversation before checking the last box. Check out these resources to SEE IT THROUGH – to create a solid financial foundation for paychecks, made possible.

Sign Up Now  



 



About the Author


Meghan_Cormany.jpg


Meghan Cormany, DIA, DIF
Sales Development Specialist - DI
Office: (260) 478-0674
Cell: (260) 417-9638
meghan.cormany@ashbrokerage.com

Schedule a Call

Meghan Cormany helps advisors add value and protection for their clients through disability insurance. As a sales development specialist, she provides sales concepts, training and solutions to help integrate DI into existing planning conversations. Meghan has been an integral part of the Ash DI team since 2008 and is a leader in disability sales.

What’s the Deal with Social Security Disability?


Protection

If your clients bring up Social Security as a fallback option for disability insurance, make sure they truly understand what they’re getting into. Take a few minutes to educate your clients on what Social Security is really bringing to the table.

Social Security Disability has a very strict definition of disability:

“inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairments which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.”

The approval rate for a Social Security Disability claims is low – only around 35% of initial claims each year are approved.1 Often, people seeking disability relief under Social Security have to hire legal representation to facilitate their claim. That route is usually taken after multiple denials.

Also, the average monthly benefit from Social Security is around $1,300 per month, or $15,600 per year.1 For perspective, those figures barely put single-person households over the poverty line calculations for 2019. For families of two or more, relying solely on Social Security benefits would put families into serious financial straits. Check out the table for details.

Can your clients continue to sustain their lifestyle on that income?

Educate With Examples

Here are some things you can do to make it hit home:

  • Have your clients check their personal Social Security benefits online.
  • Ask the important questions – could they live on a small fraction of their current income?
  • Make sure they are aware of the steps necessary to be approved for Social Security Disability, as well as the wait time associated with a claim.
  • Compare SSDI to an individual DI policy – definitions and benefits.




See It ThroughYour clients worked hard to build their financial future (and so did you). But once it’s gone, it’s too late. It’s our job to make sure that everything works when your clients can’t. To make sure their foundation is protected.

Don’t end the conversation before checking the last box. Check out these resources to SEE IT THROUGH – to create a solid financial foundation for paychecks, made possible.

Sign Up Now  



1 Source: Council for Disability Awareness, “The basics of the Social Security Disability Income Program.” October 2018: http://blog.disabilitycanhappen.org/the-basics-of-the-social-security-disability-income-program/

 



About the Author


Meghan_Cormany.jpg


Meghan Cormany, DIA, DIF
Sales Development Specialist - DI
Office: (260) 478-0674
Cell: (260) 417-9638
meghan.cormany@ashbrokerage.com

Schedule a Call

Meghan Cormany helps advisors add value and protection for their clients through disability insurance. As a sales development specialist, she provides sales concepts, training and solutions to help integrate DI into existing planning conversations. Meghan has been an integral part of the Ash DI team since 2008 and is a leader in disability sales.

Providing a Solid Foundation with Disability Insurance


Protection

Almost everyone is familiar with life insurance and the reasons for needing proper coverage. Disability insurance is just as important, if not more! It’s the foundation of any solid financial plan.

You probably manage a lot of assets for clients. Pick an average client and tell me, what’s their greatest asset? A 401(k)? IRA? Permanent life insurance policy?

For many, it’s not in a financial statement. It’s their ability to get up and go to work every day. Their lifetime earning potential is greater than any of their property or investments.

If that income is disrupted, even for a short time, you can forget saving for long-term goals. It becomes increasingly difficult just to pay day-to-day bills.

A house built on poor foundations won’t be standing for long. The same can be said for a financial plan. You likely pay for your expenses – mortgage, utilities, car payments, insurance premiums, etc. – with your paycheck – but what happens if your client should find yourself unable to work?

This is what makes disability insurance so important. Our most valuable asset is our ability to earn a paycheck. Just like our homes, our cars, our property, and our life, it should be insured against catastrophe.

Continue the Conversation

Ask your clients:

  • What are your fixed monthly expenses?
  • How is your current health? What do you think will happen in the next five years?
  • How would you maintain your current lifestyle should you be unable to earn your paycheck?

Injury and illness don’t care who you are, what you look like, how much money you make – your wealthiest, luckiest clients – or even you – could be brought down in an instant. We can’t change their fate, but we can change the outcome – financially, at least.


See It ThroughYour clients worked hard to build their financial future (and so did you). But once it’s gone, it’s too late. It’s our job to make sure that everything works when your clients can’t. To make sure their foundation is protected.

Don’t end the conversation before checking the last box. Check out these resources to SEE IT THROUGH – to create a solid financial foundation for paychecks, made possible.

Sign Up Now  



About the Author


Meghan_Cormany.jpg


Meghan Cormany, DIA, DIF
Sales Development Specialist - DI
Office: (260) 478-0674
Cell: (260) 417-9638
meghan.cormany@ashbrokerage.com

Schedule a Call

Meghan Cormany helps advisors add value and protection for their clients through disability insurance. As a sales development specialist, she provides sales concepts, training and solutions to help integrate DI into existing planning conversations. Meghan has been an integral part of the Ash DI team since 2008 and is a leader in disability sales.

DI: An Easy Addition to Your Practice


Protection

I hear the same phrase on a daily basis: “I’m mostly a life producer. I rarely sell DI.”

I get it. Disability insurance isn’t something you focus on every day. It can be an uncomfortable subject to discuss, and if you’re not confident you can answer all of your clients’ questions, it can seem even harder.

DI products are complex, but the conversation can be easy. Start by asking questions that will get clients thinking about their plans:

  • Do you know anyone who has been disabled, and unable to work, due to a sickness or accident?
  • What impact did it have on their family?
  • (If they are married) Can your family sustain their current quality of life with just one income?
  • Are you willing to lose your savings, and possibly have to dip into your retirement account, if you were to become disabled?

Often, and especially if they are young, your clients haven’t thought about the possibility of not being able to work. It’s natural. But no matter what stage of life they’re in, nearly every plan starts with the same thing: income.

Many of us have stories about someone who has been unable to work, even for a short period of time, due to some sort of disabling event. But we never think it will be us. Getting your clients to see that it could happen to them is the first step to getting them to recognize their need for coverage.

You don’t have to have all the answers. You just need to ask the right questions.

See It ThroughYour clients worked hard to build their financial future (and so did you). But once it’s gone, it’s too late. It’s our job to make sure that everything works when your clients can’t. To make sure their foundation is protected.

Don’t end the conversation before checking the last box. Check out these resources to SEE IT THROUGH – to create a solid financial foundation for paychecks, made possible.

Sign Up Now  



About the Author


Meghan_Cormany.jpg


Meghan Cormany, DIA, DIF
Sales Development Specialist - DI
Office: (260) 478-0674
Cell: (260) 417-9638
meghan.cormany@ashbrokerage.com

Schedule a Call

Meghan Cormany helps advisors add value and protection for their clients through disability insurance. As a sales development specialist, she provides sales concepts, training and solutions to help integrate DI into existing planning conversations. Meghan has been an integral part of the Ash DI team since 2008 and is a leader in disability sales.

The 3 Questions You Need to Start Every DI Conversation


Protection

The hardest part of the disability insurance conversation isn’t the products. Or prices. It’s getting started. Face it: If you’ve put off having the talk with your clients, it’s because you’re not sure how to break the ice.

It doesn’t have to be hard. I personally use three simple questions to start things off. The questions are designed to help the client think in real-life terms.

You don’t have to talk about funding. Or insurance plans, for that matter. All you need to do is make them see the importance of planning so you can head down that path – together.

Q1: Do you feel you’re going to become disabled and be unable to work?

Most clients will say no. People are typically unable to fathom the idea that they will ever not be able to work. Truth is, about 1 in 4 of today’s 20-year-olds will suffer a disabling event sometime in their lives.1

Q2: Do you have a plan in the event you do become disabled?

Some will answer that they have savings. Some will reference their employer’s group plan. Most will mention Social Security. While these are all great resources to utilize, they aren’t always a great fall-back plan.

While group disability is a great benefit to have, it isn’t guaranteed. Also, those benefits are taxable and only replace a portion of your income. Are your clients able to sustain their way of living on 60 percent of their income, and lose part of that to taxes?

Social Security … It’s difficult to qualify. That’s a huge understatement. The wait time is long. And the approval rate is only around 34-35 percent, after multiple applications and possibly hiring an attorney. If you do finally gain approval, the benefit on average is $1,300 per month.2 Most individuals will find it very difficult to sustain their quality of life on this benefit alone.

Q3: If a disability did occur, and you needed help, who would be there?

A common thought, especially for younger individuals, is that they would be able to rely on family members for support: emotional, physical and most importantly, financial. This should prompt a follow-up question: Can you name three family members who are willing and able to pay your bills for more than a couple months?

  • An average individual disability insurance claim lasts 31.6 months3
  • An average group long-term disability claim lasts 34.6 months4




See It ThroughYour clients worked hard to build their financial future (and so did you). But once it’s gone, it’s too late. It’s our job to make sure that everything works when your clients can’t. To make sure their foundation is protected.

Don’t end the conversation before checking the last box. Check out these resources to SEE IT THROUGH – to create a solid financial foundation for paychecks, made possible.

Sign Up Now  



1 Source: Social Security Administration, “The Facts about Social Security’s Disability Program,” January 2018: https://www.ssa.gov/disabilityfacts/materials/pdf/factsheet.pdf
2 Source: Council for Disability Awareness, “The basics of the Social Security Disability Income Program.” October 2018: http://blog.disabilitycanhappen.org/the-basics-of-the-social-security-disability-income-program/
3 Gen Re, “U.S. Individual DI Risk Management Survey 2011,” based on claims closed in 2010
4 Gen Re, “U.S. Group Disability Rate & Risk Management Survey 2012,” based on claims closed in 2011  



About the Author


Meghan_Cormany.jpg


Meghan Cormany, DIA, DIF
Sales Development Specialist - DI
Office: (260) 478-0674
Cell: (260) 417-9638
meghan.cormany@ashbrokerage.com

Schedule a Call

Meghan Cormany helps advisors add value and protection for their clients through disability insurance. As a sales development specialist, she provides sales concepts, training and solutions to help integrate DI into existing planning conversations. Meghan has been an integral part of the Ash DI team since 2008 and is a leader in disability sales.