| Individual Disability Insurance (IDI) is arguably the most important insurance your clients can own. IDI is a way to provide a means of replacing your client's most important asset, their ability to earn an income, in the event of a long term disability. Disability insurance, in fact, is so important that it is believed no working individual should be without coverage.
In the United States,
- Three in ten working Americans will experience a long-term disability during their working years.1
- According to the U.S. Census Bureau, more than 50 million Americans are classified "disabled."2
- Nearly half of all home foreclosures, 48%, were the direct result of a long-term disability.3
With statistics as staggering as these, it is vital that you provide your clients with a means to safeguard them against becoming one. During the process of discovering your clients' needs, you and your clients should consider:
- Monthly Benefit Amount - The amount the IDI will pay your client per month during the benefit period.
- Benefit Period - The length of time the IDI will pay your client while out on disability.
- Residual Disability - May provide your client with the option to return to work on a part-time basis and still collect a portion of his/her IDI benefit.
- Inflation Agreement - Will ensure that the monthly benefit amount will keep pace with inflation.
Make sure to remind your clients that more often than not, the only time people think of purchasing IDI is when they actually become disabled. Protect your clients by advising them on the importance of purchasing Disability coverage.
- Social Security Administration Fact Sheet, 2007
- Americans with disabilities: 2002, U.S. Bureau of the Census, May 2006.
- Finance Agency of the U.S. Government, 1998
Business Overhead Expense Insurance
One of the most charming traits of America is the entrepreneurial spirit it embodies. With hundreds of thousands of small businesses owners throughout the United States, it's important that we help protect them and their businesses in the event they become disabled.
Business Overhead Expense insurance (BOE) can help these small business owners pay some of the daily operating expenses their business need to operate, such as employee's salaries, rent, utilities, etc. without having to take out loans. BOE benefit periods are shorter than IDI periods because typically the business owner will return to work, or will be forced to sell the business.
Help protect your small business owner clients and provide them the level of protection they need and seek with BOE insurance through Master Financial.
Disability Buy-Out Insurance
It's vital for every business in which there are multiple owners to protect themselves in the event of a death, disability, or early retirement of any of its owners. Disability Buy-Out insurance provides the funds to buy-out an owner's interest of the company in the event that owner experiences a disability and is unable to carry out his or her daily operations.
Master Financial is able to work with you to ensure that all of your business owner clients are well protected from the expected and the unexpected.
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