There cannot be financial security unless you first protect your income. Income is what makes everything in your life possible. It is often described as your most valuable asset. Many agents will shy away from Disability Insurance sales because it is not an “easy sell,” as most people do not seek out Disability Insurance like they do other types of insurance. So here are 6 tips for you to consider when it comes to income protection.

1.  Use a professional insurance agent. One who knows and understands the necessity of income protection with the use of Disability Insurance.

2.  Ask yourself the tough questions. How much income replacement would you need if you could no longer work? The Council for Disability Awareness has an excellent tool on their website called the Personal Disability Quotient Calculator. (www.disabilitycanhappen.org) 

3.  Believe the statistics. The vast majority of people secure Life Insurance before Disability Insurance, even though you are 5 times more likely to become disabled during your working years than you are to die prematurely.

4.  Listen to experience. There are numerous stories of how Disability Insurance saved a family from financial ruin, but more stories of how a disability led to bankruptcy. The LIFE Foundation has captured several realLIFEstories as videos on their website. (www.lifehappens.org) 

5.  Do not overestimate your sources of income. So many are denied Social Security Disability benefits and the time it takes to receive benefits if you are approved is typically about a year. Could you live without income for a year?

6.  Buy as much as you can! Only 65% of income replacement is sufficient for one to maintain a lifestyle should one become disabled, though sometimes it is still not enough. When you are sick or injured, there is never enough money.

Petersen International Underwriters is here to assist producers with securing the incomes of their clients. For more than 30 years, we have been creating insurance products for those hard-to-place cases. When the traditional carriers can’t or won’t offer coverage, call us. Because proper income protection for your clients is the most important part of your business.