Do you really need disability insurance?
Disability insurance might seem like a deluxe perk of insurance jobs, but it can be very valuable to you if you suffer from a serious illness or injury. As an insurance agent or broker, there are a lot of things you can control. Unfortunately, the future does not fall into that category.
Why Disability Insurance is Important
While working in an insurance agency might seem like a lower-risk occupation, the fact is that anyone can be injured on the job. Whether you trip on the stairs or pick up a box of heavy paper in the wrong way, any job site can be dangerous. If a disability causes you to miss work, will you be able to manage bills and other expenses? Will you be able to 'keep the lights on' without depleting your retirement fund? Will your recovery be spent worrying about loss of income?
According to Forbes, disability insurance can "provide for your family when you can’t work because of an injury or an illness like cancer." It provides the knowledge that bills can be paid even while dealing with a serious illness or injury. Although social security disability is an option, these benefits are very low; disability insurance helps fill in the gap.
Disability Insurance Is Less Common Today
While disability insurance is very important, today's employers are more likely than past agencies to include this as a voluntary benefit rather than as a part of the standard benefits package. If you're looking for disability insurance for yourself, we have you covered.
At American Agents Alliance, we have partnered with CPS Insurance to develop two individual disability insurance options for our members in case of serious illness or injury. It's one of the many ways we serve the needs of independent agents and brokers.
Members 60 or under can choose Principal Life Disability Income to insure their earnings, DI Retirement Security to insure retirement savings, and/or Overhead Expense to pay the fixed business expenses. In addition, members and clients under age 65 may also want to consider the supplemental offering of $1,000,000 lump sum disability coverage on a modified guaranteed issue basis (and up to age 69 with medical underwriting).
Disability Insurance Adds Peace of Mind
Disability insurance prepares you for the 'what ifs' in life. It adds peace of mind in knowing that if you should become medically disabled, bills can continue to be paid and life can go on.
Disability coverage makes it possible for you to focus on recovery, instead of stressing about money. At American Agents Alliance, we're here to empower independent agents and brokers. With programs such as E&O insurance and other membership benefits such as disability insurance, you know that you can count on us to help you become a stronger insurance agency.