A disability can strike at any age in any profession. For many people the loss of a paycheck can spell disaster for their family. Disability Insurance (DI) is “income protection” insurance.. DI ensures that your client will still have some kind of income if something happens to them and they are unable to work. Most people can purchase DI through their workplace and some states even consider it a benefit, paid through income taxes.
There are very few disability insurance providers that offer non-cancellable (non-cancellable means the premium can never be changed), contracts. Many won’t offer individual disability policies past the age of 60. Although most policies don’t pay benefits past the age of 65, those that do will have limitations. Some will offer only limited benefits, some might require that you health qualify every year, some only let you keep the policy for 2 more years. There can be other restrictions that aren’t mentioned here. If you already own DI, it is critical that you understand what happens when you turn 65.
Why Agents Offer Disability Insurance
Just as individual disability plans aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Are these plans beneficial for the people in your community and the areas you serve
- Do you offer similar/competitive products?
There are many compelling reasons to offer individual disability plans, such as:
- Most American can’t afford to go without a paycheck for an extended period of time
- You can help families during a difficult time of their lives
- You can provide your clients with peace of mind
- You’ll be serving the needs of your clients and community
- You can offer a profitable product that will help your bottom line
How to Get Started with Disability Insurance
If you decide to offer individual disability plans, we recommend talking to someone from the Medicare Advisors team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
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