Exploring Loan Possibilities in Indexed Universal Life (IUL) Policies Indexed Universal Life (IUL)...
Accessible Income Protection Solutions for Every Financial Plan
The importance of having an income protection plan extends beyond high-earning professionals such as executives, doctors, or attorneys with incomes exceeding $150,000. According to the U.S. Census Bureau, the average annual income in the United States across all occupations is $51,017. Everyday working individuals, representing Middle America, rely just as heavily on their income to support themselves and their families as those in higher income brackets.
There are abundant opportunities to make a difference. Reach out to your clients, friends, family, fellow club members, and coworkers. Inquire about their existing income protection plans in case of illness or injury and present them with an affordable option to safeguard themselves and their families.
Surprisingly, among the advisors I engage with regularly, including Life Insurance Agents, Health Insurance Agents, and P&C Brokers, 92% are neglecting to discuss income protection with their clients, overlooking the affordability it can offer. By providing valuable coverage that others may not have addressed, you can set yourself apart as an advisor.
Consider this: the premium for a 45-year-old office clerk seeking a $2,500 monthly benefit is only $45.96 per month. Affordable plans are also available for part-time dental hygienists and registered nurses working as little as 24 hours per week.
Think about the vast opportunities in professions like dental hygiene and nursing. There are over 192,800 dental hygienists in the U.S. with an average annual income of $81,400, and approximately 2.7 million registered nurses earning around $89,010 annually.
Don't let the premium become a barrier to protecting your client's income from potential injury or sickness. New, affordable disability insurance plans can accommodate most budgets. For instance, the premium for a 35-year-old dental hygienist seeking a $2,500 monthly benefit is only $45.08 per month.
As an advisor, you play a crucial role in educating your clientele about the vital need for income protection in the face of injury or illness. Your clients may desire income protection, but they rely on someone they know and trust to initiate the conversation. Therefore, discuss income protection insurance with all your prospects and clients, as they may not fully comprehend the risks associated with losing their income due to an unforeseen event.