Are Your Clients Prepared?
Your clients’ most important asset is not their home, car or other possessions. It’s their income earning ability.
Think about it: their plans for the future depend on their income – from buying a home to putting kids through college to saving for retirement.
What if their income stopped? What plan do they have in place to keep life going? Asking the right questions can help uncover information to create a plan should your clients be out of work due to an illness or injury.
Here are a series of questions that you can ask your clients to see how prepared they would be:
- What monthly living expenses and financial obligations would you be responsible for if your income stopped?
- Do you have enough in savings to pay your monthly expenses? What about your potential out-of-pocket medical expenses, like deductibles and copays?
- Does your employer have a sick pay plan or long-term disability program? Do you know what your benefits are (i.e., when it would start, how much it would pay and for how long)?
- Are there other sources of income you can count on that may help you meet your monthly living expenses and financial obligations?
- If you were out of work because of an illness or injury, what would your family have to give up first?
When your clients add disability insurance to their financial plan, they’re not only taking an important step towards securing their income during working years, they’re giving themselves a plan to keep life going.