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When is the best time to buy an income protection plan?  Could it be when my client is at the top of their earning years?  Or when they are just starting their career?

The answer is, right now, before any health concerns arise that would preclude them from securing this valuable coverage.  Before the premium is too expenses due to older ages.

Young couples (ages 30 to 50) are very important prospects for income protection.  Start the conversation about income protection with young couples who have bought a home or are starting a family.  This is the best time to build a foundation of financial protection.

Individuals in this age group still have a lifetime of earning potential.  Income is their most important asset.  Their lifestyle and long-term financial plans depend on the ability to work and earn a living.

Example: A 33 year old client earning $60,000 annually will earn $3,463,811 by age 67 with a 3% annual increases.  Many would agree that this is an asset worth protecting.

An illness or injury that keeps your client from working can quickly impact other assets such as savings and retirement funds.

These resources could be depleted depending on the time needed for recovery and return to work.  It could take years to rebuild these assets.

Who to Prospect:

• Single, fulltime wage earners
• New home owners or just started a family
• Primary wage earners in families
• Your current Life Insurance Clients
• Auto policy owners with higher limits

Solution:

• Talk to your clients about the value of their ability to earn an income.  Explain what’s at risk. Potentially a lifetime of earning should they lost that ability due to illness or injury. (whatsmyeiq.org)
• Show how disability income insurance can pay them an income while they recover to help pay expenses and protect their other assets.
• Let your clients know that there is never a better time than now to purchase this coverage.  The premium will never be lower and typically their health will never be better while they are still young.

We have a unique quoting tool (https://cpsinsurance.assurity.com/) and client approved marketing tools to help you prospect your current clients and reach new potential clients.  Contact your Disability expert to learn more about growing this part of your business.