May is Disability Awareness month. Every year it seems we talk about the same thing, that while someone is working, their most valuable asset is their paycheck. Why isn’t the message changing much? First – because it’s true. When people think of their most valuable asset, they may list their home, their car, their 401K, but it is really their paycheck. Their paycheck is what allows them to fund all of those other assets. It is also their most vulnerable asset. Sadly, 1 in 4 American’s entering the workforce today will be disabled for at least a year.*
Second – the message still hasn’t reached consumers. Most people do not have adequate DI coverage. The Social Security administration believes that 67% of those working in the private sector do not have DI coverage. How many of your clients does that impact? How about your own families?
At this point, we know many of the stats on disability, 3 out of 10 American adults indicate they can’t pay an unexpected $400 bill without having to carry a balance on their credit card or borrow money from friends, family, or the bank**. And most of us have a story of a friend, family member or client who’s working life changed due to an accident or illness.
So, why offer it to clients in the first place? This door opener can help you push past your competitors. There's very little competition in this arena and it can help foster conversations regarding other needs clients may have that you may be able to serve. You can also avoid liability. One of the things we always stress at UMS is that mentioning the coverage, allows you to show clients you care about their overall financial picture, but also provides you with liability protection from clients who may wonder why you never brought it up to them.
So, how do you bring up the need for clients to protect themselves against disability risk? That's where we come in. Talk to Underwriters Marketing Service about how to let your clients know about this valuable protection. Be sure to follow us on Facebook to see Social Media pieces that are available, then talk to your clients about protecting their most valuable asset - not their home, 401K, or money market accounts, but their income.
* Social Security Administration, Disability and Death Probability Tables for Insured Workers Born in 1999 https://www.ssa.gov/oact/NOTES/ran6/an2020-6.pdf, Table A.
** Federal Reserve, Update on the Economic Well-Being of U.S. Households: July 2020 Results. https://www.federalreserve.gov/publications/2020-update-economic-well-being-of-us-households-overall-financial-security.htm, Figure 2.