Recently, I was working with a physician who told me that she did not feel that she needed to protect her income from disability. “Interesting” I said, and asked her to provide me with her reasoning.
Her response was “I don’t believe that I am at risk to become disabled, I am young and healthy right now”. I was baffled as she is a doctor who works with sick patients every single day. How could she be so certain that a disability would never happen to her?!
I asked her if she thought her patients knew beforehand that they would have been the ones diagnosed with cancer, cardiovascular disease, depression, etc… I also asked if any of these patients were young and dependent on their income to pay their bills. That got her thinking.
My last question was “Do you think any of your patients who are seriously ill and unable to work would still qualify for disability insurance?” To my shock, she answered yes!
Let’s be clear here, your health is what buys disability insurance. If you have had back issues, your back will likely be excluded. If you are taking medication for anxiety, you would likely have an exclusion for mental nervous disorder. If you currently have cancer, you would likely be declined.
When someone purchases disability insurance from me, I sincerely hope they never need it! Disability Insurance is one of those few products that you hope you never need to use. You hope that the policy just sits in your filing cabinet and you never need to claim. That being said, if a time comes where you need to use the policy, it may just be the most valuable item you have ever purchased.
While you may never need disability insurance, it is a smart decision to protect your income while you are still healthy and insurable. If the time comes when you know you need the coverage, it’s likely too late to do anything about it.
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Has your broker helped you understand how disability insurance can protect your income? I would love to hear your thoughts in the comments below.
By Jeff Romansky
CHS, CPCA Principal, SecurePlan Insurance Solutions
Jeff started his insurance career in 2006 by helping hundreds of insurance advisors grow their business by providing them with comprehensive advice, consultation and training. After nine successful years, he decided to take his knowledge and start his own practice to ensure his clients are getting the best advice. SecurePlan is an insurance advisory and consulting firm specializing in group benefits as well as individual insurance benefits for professionals, executives and owner-managed businesses.