Broker Disability Insurance
Why You Need To Protect Your Income
As a broker, you can enjoy a professionally rewarding and personally fulfilling career. Chances are that your income falls somewhere between $30,000 and $210,000 per year, depending on your role within a brokerage, or if you strike out as an independent broker. You’ll use that income to meet your financial commitments.
This money goes towards covering your monthly costs. You have a house payment. You have car payments. You have tuition payments and probably student debt of your own. You have credit card payments and the like. However, if you become disabled and cannot work, you won’t be able to meet those commitments. Investing in broker disability insurance can provide the protection you need and protect you against the damaging effects of a disability.
Why Disability Insurance Is Necessary
You have a wide range of insurance products already, so why do you need to pay for another? Simply put, no other insurance coverage you have will provide you with protection if you are unable to work and earn an income.
Your worker’s compensation, health insurance, and auto insurance will only provide limited coverage for your medical costs, but what you will need then is a replacement for your lost income. Only broker disability insurance will provide you with payments based on your actual income that can be used to pay your bills if you’re unable to work.
How Premiums Are Calculated
Every insurance company ranks the factors to determine the cost of a policy – age, gender, income, the health of the individual, location, and specialty. Each factor has specific criteria and formulas that determine the overall cost of the occupational disability insurance, so before you settle for a certain insurance policy, check with all providers to make sure you chose the right one.
How much coverage do you need?
The first step to finding out how much coverage you will need is to determine the minimum amount necessary for your living expenses monthly and your monthly income. The coverage of your disability insurance policy should be close to the difference between the monthly expenses and expected income. It’s the amount that should be replaced by the monthly benefit from your broker disability insurance.
Own Occupation and Any Occupations
Remember how many years you’ve spent to become a broker and how much you’ve worked to get to where you are? Imagine after all those years of honing your skills you get injured and unable to perform your work tasks. The loss of income can prove to be devastating to your family’s budget, but you can prevent this from happening by purchasing own occupation insurance policy. It will provide you with monthly benefits in case your disability prevents you from doing tasks only in your work field.
On the other hand, any occupation insurance policies will pay out benefits in case you are unable to perform any job, not only your own.
Will Disability Happen To You?
Will you become disabled, though? While it’s hoped that you will not, there’s a good chance that you will. If you’re near 40 years old right now, you actually have a one in five chance of being disabled for at least three weeks before you reach 65. In fact, one in three Americans will become disabled before they can retire. If you find yourself among their ranks, you need the protection offered by broker disability insurance.
Compare Different Rates
With disability insurance, you’ll enjoy an ongoing stream of income from your insurer if you experience a qualifying disability. You can use that income to meet all of your financial obligations. However, you need to do more than just study out of pocket costs when you compare broker disability insurance quotes.
When you compare quotes from disability insurance companies, consider things like the stated minimum and maximum benefit percentage, the optional coverage items, and even the company’s reputation for customer service.
We Can Help You
With all of that being said, it can be complicated to choose the right disability insurance policy. Insurance companies, disability definitions, coverage areas and amounts, disability insurance rates – these all vary greatly. You need to make an informed, educated decision based on factual information.
That’s why we work with you to obtain quotes from leading US insurers and then compare your options. We can even provide you with guidance and advice to help choose the policy that best fits your needs. We also make sure to include you in every step of the process, so you can be informed about every relevant choice and select a disability insurance policy that will fit your needs.
Buy a Disability Insurance Policy While You’re Young
The price of your disability insurance policy depends on the risk of you filing an insurance claim. One of the primary factors that contribute to being graded as a higher risk person is your age. Statistics show that the older you are the more likely you are to become disabled, and because of this, the premiums you will pay get higher as time goes on.
You can buy disability insurance today and save money in the long-term. Each year you age is more money you’ll be paying out in premiums.
Look for Unisex Rates
In general, women pay higher disability insurance rates than men as women are more likely than men to develop a disability that prevents them from being able to work full time. Rheumatism and arthritis are the most common disabilities women encounter, followed by cancer, heart disease, mental health, and diabetes.
Women have also reported that experiencing a disability would be “somewhat devastating” to their family’s finances. Many of the participants in the study said they worry that their cash reserves would last less than a month if they couldn’t work. This only highlights the importance of having disability insurance, but it’s also important to find an insurer that will offer unisex rates and not discriminate against you. That’s what we’re here to do.
We look forward to serving you – call us today at 1-877-221-6198, or use the form to the right to request a free quote.
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