Why Disability Insurance is Important:
This chart based on Gen Re Research, tells us:
This chart based on Gen Re Research, tells us:
- In a time where people were really worried about getting sick and not being able to work, there was uncertainty about jobs, but advisers weren’t talking about it.
- When You compare DI policies to individual life policies sold in the same period DI is the stepchild, as in 2019 almost 2MM life policies were sold and in 2020 over 2.4MM life policies were sold.
- There was a significant drop in in force policies as people lost jobs, retired, and conserved expenses
- This is an opportunity to reach out to folks today
- Growth opportunities are there
- Total in force individual policies for DI, including BOE, IDI, and Buy/Sell are slightly more after years of selling than what was sold for new policies in life in one year.
- Of the total policies sold, here is the breakdown:
- IDI – 85%
- BOE – 13%
- Buy/Sell – 2%
- Business Owners aren’t covering their business properly
- With only 13% of all DI policies from BOE, overhead is not being covered threatening a business owners’ business if they are sick or injured.
- 58% of all businesses have partnerships, and very few are covered in the case of a disability.
- 51 million working adults in the U.S. with $75,000 or more in income are without disability insurance
- 25% of todays 20-year old’s will be out of work for at least a year because of a disability.
- Around 40% of disability insurance are declined, modified, rated, or only accepted with an exclusion
- Underwriting is different than Life. It is why you need an expert who:
- Knows the different products
- Gets the policy pre-screened
- Can get the medical history upfront
- Underwriting is different than Life. It is why you need an expert who:
- Almost 90% of long-term disability claims are caused by:
- Illnesses
- Only 10% of long-term disability claims are caused by
- Accidents
- 25% of short-term claims are from pregnancies – Mass Mutual now covers that for Long Term Disability
- The Most Common reason for a long-term disability claim to be filed is Musco-skelteal at 29%
- Only 3% of all workers have group insurance, which is not always sufficient. To get them Individual coverage to supplement their group coverage, Use our DI express program. Schedule here to learn how.