Why Insurance Brokers Are Selling Disability Insurance

Posted on December 18, 2013 and updated December 20, 2013 in Life Insurance Canada News 4 min read

 

“There is no time like the present.” Over the years, this quaint idiom has meant many things to many people, but perhaps it’s the life insurance broker who has truly exemplified its meaning.

A career trying to sell people on an idea that they’re too scared or sometimes too naïve to face can be a tough living. Ideally, disability insurance is a “get it while you’re young” type of sale. Unfortunately, the very necessity of a disability insurance plan is often lost on the young because they’re unable to imagine a life — their own life — meeting with any type of disability. However, there are many reasons why insurance brokers like selling disability insurance more and more today.

Why Now is Always the Time

For someone who doesn’t have disability insurance, now is always the time. That’s the thing about disability — it’s always unpredictable, but when you consider recent Canadian statistics about disabilities, it becomes more important than ever to always be prepared. According to MoneySense.ca, “A typical 30-year-old has a four times greater chance of becoming disabled than he does of dying before the age of 65. A full one in six Canadians will be disabled for three months or more before the age of 50.” So it makes sense that insurance brokers are selling disability insurance as a part of a comprehensive insurance portfolio.

Why Buy Disability Insurance?

Disability insurance protects your ability to earn an income during a disability. Imagine being involved in an accident or coming down with a serious illness. Now imagine that the injury or illness causes a temporary loss of employment. Often during a disability, the person will be unable to work for a period. If that person relies on their income to pay their mortgage and other bills, they need some way to replace that income during their recovery. A disability insurance plan purchased through an insurance broker can help you make ends meet.

 

Nobody plans a disability which is why agents urge you to consider disability insurance
Nobody plans a disability, which is why
agents urge you to consider
disability insurance.

Three Important Factors to Consider

Although it’s important to seek professional advice from an insurance broker when you’re trying to determine the disability insurance plan that best fits your needs, you must also be prepared to do a bit of research on your own. Some considerations when looking for the best disability insurance plans include:

1. Understand the effects of good health. If the applicant is healthy when they apply, it can help to lower premiums. A healthy applicant means a lower risk for the insurance company.

2. Understand the income amount needed. Applicants need to know their gross and net monthly income, and they also must know how much of that income they need to replace in order to continue living comfortably.

3. Understand what that money buys. An applicant who chooses a policy because it’s the cheapest won’t necessarily be planning for what their needs will be if they become disabled.

For more details on disability insurance to protect your income, please contact us at 1-866-899-4849 or visit our Disability Insurance Quote Page.

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