DIAM May Be Over – The Conversation About DI Doesn’t Have to BeJulie Brooks
It is important to remember that Disability Income Insurance is needed year round. In fact, there is a three in ten chance that you will be faced with a disability that will cause you to be out of work for at least three months. It is important to remind your clients that it could happen to them.
When you ask your clients how they will afford living during a disability, many may state their savings.
According to a LIFE Foundation survey, half of working Americans say they couldn’t make it a month before financial difficulties would set in.
Keep in mind that disabling illnesses or injuries often last for months or even years.
Why clients should not assume the government will protect them during their disability
According to the National Safety Council, 90% of long-term disabilities are a result of an injury or illness that is NOT work-related, and therefore wouldn’t qualify for state-based Workers’ Compensation programs.
And if your client feels Social Security Disability Benefits would protect them, it is important to remind them that about 65% of those who apply are initially denied, and those who are approved receive an average monthly benefit of just $1,065 a month, which would leave them with an income barely above the poverty line.
That’s why it’s important to have Disability Insurance. Remind your clients that it protects their paycheck until they are able to return to work.