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
The 2024 Insurance Barometer Study, conducted by LIMRA and Life Happens, shows that 46% of U.S. adults say they need some sort of disability insurance. Yet, currently, less than 1 in 5 consumers (18%) say they have it — and LIMRA estimates that true individual ownership may be far less. This does not include coverage they may have obtained through work.
Lack of knowledge about disability insurance could play a big role in the lack of protection. Just 16% of adults say they are very/extremely knowledgeable about disability insurance. This signals a significant need for education about disability coverage not only on the individual level but within the workplace as well.
What are the chances that your clients get disabled? The Social Security Administration reports that 1 in 4 adults will become disabled before reaching age 67. To many that may seem unlikely, however, it’s better to protect your income now than risk a financially insecure future.
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.
Disability Insurance Statistics
- The Centers for Disease Control and Prevention notes that 27% of American adults currently live with a disability.*
- According to 2024 Insurance Barometer Study data, consumers without disability insurance coverage say their families would resort to tapping into personal savings (48%) or retirement funds (26%) to meet their day-to-day expenses.*
- According to LIMRA’s Consumer Sentiment survey, more than 7 in 10 workers rely on — at least to some degree — their employee benefits plan to meet their disability insurance needs.*
- The 2024 Insurance Barometer Study shows that 20% of adults say they intend to purchase disability insurance coverage within the next 12 months.*
- 4 in 10 Gen Z adults worry about paying for basic living expenses should they become disabled.*
*Source: LIMRA, Disability Insurance Awareness Month: Protecting Your Paycheck and Your Future, May 2024
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), an Integrity Company, 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. NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR THE MEDICARE PROGRAM. Copyright 2024