DI-Jimmy Buffett Style

DI-Jimmy Buffett Style

by Ray Phillips CLU, LTCP President at The Brokers Source, Ltd.

“Answers are the easy part – questions raise the doubts”. from
Off To See The Lizard.

Think of the questions you can ask a prospect that might help get the clients off that island of procrastination:

• -“Would you be able to maintain your lifestyle if you got sick or injured and couldn’t work?”
• -“If you couldn’t work – would it be hard to fund your health insurance premiums?”
• -For two income families – “Are you saving one of the paychecks or do you need both in order to pay your bills?

“I rounded first, never thought of the worst as I studied the shortstop’s position/Crack went my leg like the shell of an egg, someone call a decent physician” – from Growing Older but Not up.

Let’s face it. We’re all more fragile and brittle than we once were. Have clients who are active in tennis, running, cycling, etc? That’s great – ask if they know of anyone who’s been injured lately…Knee damage, bike wreck header, shoulders…I’ll bet they know SOMEONE who’s been busted up! Might even be them. It’ll help them realize, they’re not invincible and some protection from their own calamity is prudent. According to the Integrated Benefits Institute, 2016, Musculoskeletal Disorders of the back, spine, knees, hips, etc as well as Injuries such as fractures and sprains accounted for 27.5% of disability claims.

“Is it ignorance or apathy, I forgot those lessons taught to me. Some say life isn’t fair, well, I don’t know and I don’t care” from
I Don’t Know and I Don’t Care

Ignorance and apathy are the bane of proper insurance planning. Many people don’t know – dare I say most small business owners – about their exposures; or the risks to their business and family should they become disabled. Often they don’t know about all the products available! Not only are there “paycheck protection” options, but also coverage for Business Expenses; Loans; even protection for Pension contributions. ACLI’s study in 9/2017 suggested that 51 million working adults relied solely on Social Security benefits for their DI plan…

And they won’t address these without proper suggestion, advice and direction from a professional to help craft the appropriate disability income plan. Is it ignorance of the exposure or apathy in implementing the plan?

“Please bypass this heart, until I’m well again/Let’s not even start to fall where we fell again/The cheating was sweet but my heart is beat/Don’t tear it apart/Please bypass this heart” from Please Bypass this Heart.

Disabilities occur mostly from diseases – not from accidents. Coronary Issues; cancers; etc. cause the majority of claims according to the Council for Disability Awareness website.

Do you get the point – or are you “stranded on a sandbar”? As professional advisors, while we watch the sun bake all the tourists covered with oil, let’s use the words of the Prince of Constant Summertime to fuel our efforts to properly inform, alert and help our clients plan for the worst case scenario. Proper planning will help client’s maintain some of their lifestyle, think of how to change their attitude as you bask in a different latitude this summer.