Disability Insurance

The Road to Recovery: Discussing Disability Insurance with Your Clients

During May’s Disability Insurance Awareness Month, it is the perfect time to best prepare your clients for an unforeseen injury or illness with a solid plan in place and a review of their policy to discuss DI with them.”

It was the morning of February 23 when Tiger Woods had to be extracted from his SUV after his single-car rollover accident took place. In the immediate days following, the world learned of his injuries and subsequent trauma.

It was an unwelcome reminder that anything could happen to anyone. After the shocking news of Tiger’s motor vehicle accident, your clients may have reached out regarding their own disability insurance (DI) coverage. Concerned, they turned to you to assure them they are covered or that they have enough to cover their medical bills and any property damage. 

However, when tragedy happens, it is often too late to deliberate these questions. According to the Centers for Disease Control and Prevention (CDC), one in four US adults live with a disability. During May’s Disability Insurance Awareness Month, it is the perfect time to best prepare your clients for an unforeseen injury or illness with a solid plan in place and a review of their policy to discuss DI with them.

The Time is Now

As their advisor, two items you need to focus on and remember continually are:

  • Income is your client’s most valuable asset and needs to be protected
  • Your clients will never be younger or healthier than they are right now

So, now is the time for you to have that proactive conversation with your clients around protecting their income. We must be honest with ourselves — disabilities do happen. They happen every day.

The majority of disabilities are sickness related, but we are all familiar with accidents. Tiger Woods, of course, is the most recent accident that everybody is aware of. And that is a disability event. A vital factor to emphasize in your conversations with your clients is, a DI policy addresses a life altering event, not a life ending event.

Take a moment and place yourself in an unfortunate scenario. Imagine your client may have suffered a tragedy that they will hopefully recover from, but now, how do they get through the financial aspect of this? How do they pay their bills? How do they fund their 401K? Or their 529 program? How do they pay all of the bills that come in on a monthly basis? Your clients may find this all overwhelming to think through.

That is where a DI policy comes into play. The policy allows your clients to maintain their financial and personal dignity during a period of time that is incredibly stressful to them and their families. Palladium Group can help you design that policy to ensure your clients are protected prior to the time of disability.

One important key element is for you to have that proactive conversation with your clients prior to them suffering some form of event that will make it very difficult for them to apply for disability insurance. Palladium Group RIA Consultants are here to get you engaged in that dialog with your clients to protect their most valuable asset — their income.

If you have questions about which DI policy is the right solution for your clients, Palladium Group will ensure your clients’ future — and that of their families — is properly protected. Acting as an extension of your team, Palladium Group’s insurance consultants will partner with you as a trusted resource to provide proper guidance for you and your clients going forward.