“I have coverage through my work.” While this may be a common objection to purchasing Income Protection, many people wouldn’t know the amount of time they have to wait before their benefits kick in.
In addition, many would also have trouble keeping up with their living expenses during the elimination period of their employer’s Long-Term Disability (LTD) plan.
Long-Term Disability policies commonly have elimination periods of 3 to 6 months. Waiting 180 days to receive any benefits could have a long-term financial impact on your clients.
- An accident only or short term disability plan would be a cost effective solution to helping employees meet financial obligations during an elimination period.
- Employers can make this coverage opportunity available to employees on a voluntary basis, with no cost to the business.
- Coverage can start as early as “day one,” with benefit period options up to 24 months. The benefit period of the accident only or short term disability policy should match the elimination period of the LTD plan.
The solution provides income protection during the critical early weeks and months of a disabling injury or illness.
- A 35 year old employee at an accounting firm can purchase short-term DI for a $2,000 monthly benefit beginning after 14 days – payable for 3 months for $28 per month.
- A 41 year old Mechanic at the local garage can purchase $2,700 of monthly accident protection beginning after 14 days – payable for 6 months for $38 per month.
With no competition for this product, there are plenty of prospects to have the DI discussion with.
Contact your Disability Income Specialist for marketing support and client brochures to help with your DI sales efforts.