Why your client’s income is important enough to protect

Is there anything more important than family? If you are like me, then the answer is absolutely not, and there isn’t anything we wouldn’t do for them. As a spouse or a parent, we work hard to provide for our family, pay the bills, take vacations and plan for the future. But what if the next paycheck was the last paycheck for nine months, four years, or forever? Do you have a plan?

To answer the question, “Why would someone want to purchase disability insurance?” ask yourself or your clients the following questions:

• Do you use your income to provide shelter and a home for your family?
• Do you use your income to purchase groceries to feed your children?
• Do you use your income to pay for your car, your auto insurance, your health insurance or your home insurance?
• Do you use your income to buy work clothes for you or your spouse or school clothes for your children?
• Do you believe your family would still need an income coming in if you are unable to continue to work?

If the answer to any of the above questions is “yes,” that’s also the answer to the last question, “Is your income important enough to protect?”

Income allows us to provide for ourselves and our families. It allows us to live for today and to invest in the future. Income protection keeps us from having to worry what to do should a disability occur. Disability insurance can provide monthly benefits while on a qualified disability claim and reassurance is something you can’t put a price on. Providing for our families is stressful enough when everyone is healthy — but without a plan, even the best of intentions can lead to unmanageable circumstances.

Financial professionals and their clients commonly assume that clients will have enough in savings or investments to use if something happens, or that health insurance or disability coverage through work is enough. But most people are unaware that there is a solution to help when an accident or illness prevents them from working for a period: income protection in the form of disability insurance.

If you agree that there isn’t anything more important than family and that your income is important enough to protect, then I encourage you to discuss income protection. Even if your client already has a plan, such as relying on your group coverage through work, having a discussion is important as you can more accurately guide a plan to cover their needs, especially when considering what their income provides and allows for their family.

The best plan design and disability product is the one that is in force if your client needs it. Don’t wait until it’s too late to make sure your clients or your loved ones will have money coming in for important expenses if an unfortunate illness or accident occurs. Plan now to protect your clients as well as your loved ones.

Kenny Russell is director, disability sales, Crump Life Insurance Services. He may be contacted at [email protected].

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