Why You Need to Get Your Clients Disability Insurance
Posted By: 
Friday, July 20, 2018

The chances of a client missing months or years of work because of an injury or illness may seem remote, especially if the said client is young, healthy, and tends to work a desk job.

According to the Statistics

More than one in four 20-year-olds will experience a disability for 90 days or more before they reach 67, also recorded by the Social Security Administration or SSA. This is an alarming number, which means almost 25% of the work force needs a minimum of almost 90 days off for disability. Meaning there is no form of income coming in for the duration of those 90 days for your client which can make things very dry for you too.

Risks and Rewards but, These Risks Are Not Worth the Reward

Nobody assumes it’s them but still need to get insurance because chance and fate both are cruel mistresses. One surefire reason people shrug off the risk is that they think about worst-case scenarios, such as spinal cord injuries leading to quadriplegia or horrific accidents that result in amputation, which are rather rare. But back injuries, cancer, heart attacks, diabetes, and other illnesses lead to most disability claims which means people should be tested thoroughly and regularly. This would ensure that your client can better take care of themselves and you can recommend a better and more profitable option to the client. This would ensure you make a client feel safer and more secure.

Educating the Client

A client may or may not know of the underlying risks that can be shown to them if they take out some time to cover the basics so they have a better idea. And you can see for yourself what is more beneficial for the client as it reflects on your practise. A rather important reason is for them to understand what is better for them or what they would opt for to save themselves from a complication or convolution in their plan for the next couple of months.

The most a client plans ahead the more they lean towards a longer term of disability insurance. It is essential to understand that one cannot earn for that duration.

Short-term disability insurance

This typically replaces 60% to 70% of base salary which would be essential for survival if one has not planned on the incident and saved up for it.

Pays out for a few months to one year, depending on the policy.

May have a short waiting period, such as two weeks, after you become disabled and before benefits start rolling in.
  Long-term disability insurance

Tends to cover a 40% to 60% of base salary.

Benefits end when the disability ends. If the disability continues, benefits end after a certain number of years or at retirement age.

A common waiting period is 90 days after disability before benefits are paid out.

Read the Fine Print

Disability policies tend to vary in how they define “disabled”. This mainly leaves your clients in a quandary which would be very convoluted. Some policies pay out only if you can’t work any job for which you’re qualified. Others pay out if you can’t perform a job in your occupation these usually depend on multiple issue and how the world tends to ratify the word disability. Some policies tend to cover a partial disability which in ways helps but this only means they pay a portion of the benefit if you are physically capable of working part time. Others pay only if you can’t work at all.

Please click here to better acquaint yourself with the details concerning your client or policy.

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    • 04/20/2020 - How to speak with your clients
    • 01/07/2020 - Wondering if you should start
    • 10/15/2019 - Combining Life and Disability
    • 09/24/2019 - Disability Insurance Myths
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    • 02/26/2018 - 4 Advantages of Disability Ins
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    • 12/20/2016 - Don’t Put it Off
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