Income Protection – The Time Is Now

Income Protection – The Time Is Now

When is the best time to buy an income protection plan?  The answer is – right now.  It should be done before any health challenges arise that preclude prospects from getting this valuable coverage, or the premium becomes too expensive due to older ages.

Start the conversation with young couples, ages 25 to 45 – they are the top prospects for income protection.

They’re purchasing homes and starting families – it’s an ideal time to build a foundation of financial protection.

Individuals in this age group still have a lifetime of earning potential.  Income is their most important asset, as their lifestyle and long-term financial plans depend on it.  A 33-year-old taking in 60k annually will earn approx. 3.5 million by age 67 with a 3% annual increase.  Many would agree that’s an asset worth protecting.

Remind clients how long it took to build their current savings and retirement funds – assets that can be swiftly impacted and depleted due to an illness or injury that prevents them from returning to work in a timely fashion.

While single, full-time wage earners, new home owners, and families just starting out are top prospects – don’t forget about your current life insurance holders, and auto policy owners with higher limits.

Talking Points:

  • Explain what’s at risk – a lifetime of earning potentially lost due to an illness or injury. (www.whatsmyeiq.org)
  • Lay out how Disability Income Insurance can help cover expenses during recovery.
  • The time to purchase this coverage is now – the premium will never be lower.

Contact Insurance Advisors to learn more about growing this corner of your business.

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