Disability Insurance
If your client loses income for an extended period, how will that time gap affect their home, their family and their savings and retirement? Without a plan or disability insurance product, a family could lose their home and put a strain on their budget to make ends meet. Some people think of disability insurance as “paycheck protection.” AIP Marketing Alliance has disability insurance carriers available for your agents and clients who are looking for the protection of disability insurance.
Disability Insurance
If your client loses income for an extended period, how will that time gap affect their home, their family and their savings and retirement? Without a plan or disability insurance product, a family could lose their home and put a strain on their budget to make ends meet. Some people think of disability insurance as “paycheck protection.” AIP Marketing Alliance has disability insurance carriers available for your agents and clients who are looking for the protection of disability insurance.
Disability Insurance Trends
According to the Council for Disability Awareness, millions of working Americans are facing a growing crisis: a lack of adequate disability insurance coverage. At least 51 million working adults in the United States are without disability insurance other than the basic coverage available through Social Security.
What are the chances that your clients get disabled? Higher than you may think according to the Council of Disability Awareness. Just over 1 in 4 of today's 20-year-olds will become disabled before they retire.
Accidents are not the usual culprit for disability. Back injuries, cancer, heart disease and other illnesses cause a major of long-term absences.
What is Disability Insurance?
Disability Insurance is an income protection policy that provides monthly benefits to supplement the loss of wages during an unforeseen injury or illness. Disability Insurance is designed specifically to help cover those basic expenses while your clients recover from an illness or injury and protect the things that are most important to them.
If your client loses income for an extended period, how will that time gap affect their home, their family and their savings and retirement? Without a plan or disability insurance product, a family could lose their home and put a strain on their budget to make ends meet. Some people think of disability insurance as “paycheck protection.”
Disability insurance functions like many other insurance policies in that your client pays a set amount at regular intervals and in exchange, he/she receives benefits if he/she uses the policy. The monthly benefit can help protect their home since a mortgage or rent payment is often a significant monthly expense.
Each client’s situation is different. AIPMA has an experienced Business Development team to discuss product differences, answer questions, and generate illustrations to help you show life insurance product options to your clients. Contact our Business Development Team at (800) 783-5206, Prompt 2 or marketing@aipma.com.
Facts/Trends About Disability Insurance
- In 2022, over half (53%) of consumers said they need DI coverage, and 22% said they intend to buy DI coverage in the next year. *
- Half (49%) of consumers indicated their households would face financial hardship in 6 months or less.*
- 24% of consumers say they would turn to their retirement savings should a disability befall them.*
- LIMRA research shows the majority of consumers have no insurance against a disability and would need to tap into other sources of financial assistance, which threatens their long-term financial goals.*
- Only 40% of US households have enough in liquid savings to cover at least three months of their recurring expenses, and only 28% can cover at least six months.**
- Three out of ten American adults indicate they can’t pay an unexpected $400 bill without having to carry a balance on their credit card or borrow money from friends, family, or the bank.**
- One in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.**
- Each year around 5% of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy. Almost all of these are non-occupational in origin.**
*Source: 2022 Insurance Barometer Study, LIMRA and Life Happens
**Source: Council for Disability Awareness
Contact us at chrish@aipma.com or give us a call (800) 783-5206
Is Your Agency Selling Disability Insurance Products?
Why not? By adding a new product line, your agents can see how cross-selling to current clients also can attract prospects. AIPMA will work with you and your agents to get them contracted to sell disability insurance. Simply click the button to the right to schedule a conversation with our Vice President of Business Development, Chris Howe.
Contact Us
800.783.5206
2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
About Us
For more than 40 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. Copyright 2023