We all pay too much for insurance stuff, however what you should really take into account is “What is the potential payout?” If there were a potential $1,000,000 or more payout for about 2% of your income is a good Risk/Reward coverage?
If you could Print Money would you? Most people would say yes!
QUESTION: If you had a Machine that could produce $100,000 (or enter your income here) how much would you pay to Insure that Machine?
ANSWER: You are “that machine”! It typically costs about 1% to 4% of your Income to adequately protect 70% of your income if you cant work (do your “OWN OCCUPATION”). Most people would be willing to pay at least $1,000 to $4,000 to make sure that machine keeps pumping out money.
To be honest, disability insurance is probably the most important insurance coverage, especially if you are a primary income earner in the household. The reason for becoming disabled is also a large issue, as you can see only 7% of disabilities causing someone to be unable to work are from an accident. This means 93% of disabilities are due to an illness or other chronic condition. If you do become disabled, look to the left to see a chart of the “average length” of a disability.
Disability Insurance is more crucial than Life Insurance in my opinion. Because you are still alive, yet unable to earn an income (or reduced income working ‘part-time’) you are at a great disadvantage. My goal is to help you find a Disability Insurance policy that best fits your budget. Typically, this might be obtaining a smaller policy now and upgrading your coverage down the road. If you look at Disability Insurance as “the ability to protect your future Income” it makes the top three of Insurance products you should get! Unless you are independently wealthy (then you don’t “need” it).
EXAMPLE: If you are 40 years old, you have about 25 more years until retirement (at Age 65). Your income potential would be as follows: $100,000 Salary x 25 Years = $2.5 Million Income (if you get a 3.0% annual raise it’s $3.6 Million) Wouldn’t you like to protect your ‘Millions’ you are earning??
It’s Easy to Get Started I work with eight Disability Insurance companies to ensure you get the best value for the coverage. With Disability Insurance you ‘get what you pay for’, meaning cheap coverage equals cheap payouts. However depending on your “Professional Occupation” some companies have better coverages for some jobs than others.
If you have any questions give me a call, it’s easy to get some basic information or a quick quote.
Gary Franke
Independent Broker
Achieve Alpha Insurance LLC
12505 Bel-Red Rd, Ste 106
Bellevue, WA 98005
425-802-2783
gary@achieve-alpha.com
www.achieve-alpha.com