Disability Insurance
For most people, their largest asset is not a home, good health or a retirement plan. If they are still working, their largest asset is their ability to produce an income. Insurance is intended to protect a person's valuables. Three in 10 workers entering the work force today will become disabled before retiring. Social Security Administration, Fact Sheet January 31, 2007 It makes sense that a person would want to protect their most valuable asset with disability insurance.
Individuals face risks to their ability to produce an income every day. While many people have money saved, it is highly unlikely those funds replace their earnings. It is common for someone facing a disability to turn to their personal savings and quickly deplete their resources. Disability insurance helps protect against that sort of financial risk by providing benefits at a level proportionate to their pre-disability earnings. People are willing to insure their cars, their homes, their lives, but have a tougher time agreeing to insure their income.
Specialty High-End Disability Insurance Policies-
Necessary for Doctors, Business Owners, Executives, Athletes and Entertainers
Many high level executives obtain this to supplement their company plans. A VP or CEO of a corporation may have a company disability plan that covers them up to $10,000 per month. If they make $500,000 or $1,000,000+ per year that only helps so much. We are able to acquire for them special policies to cover their income for an extra $15,000-$25,000 per month if they are partially or totally disabled. For our athlete and entertainment clients we can put in force policies that pay lump sums of $500,000-$20,000,000 for permanent disability.