18. Reality in case of illness or accident DESJARDINS FINANCIAL SECURITY | Revenues Expenses Disability
19.
20. Probability of becoming disabled before age 65 and average duration of disability for 90 days or more DESJARDINS FINANCIAL SECURITY | Age Probability Average duration 25 40% 2 years and 2 months 30 39% 2 years and 8 months 35 37% 3 years and 1 month 40 34% 3 years and 6 months 45 31% 3 years and 11 months 50 26% 4 years and 2 months 55 21% 4 years and 5 months
Through this presentation and with your help, the client will realize the importance of disability insurance. He should also become familiar with different concepts related to disability insurance.
Listing all current expenses that your client must pay on a daily basis, he will realize that if he cannot his earn income, there will be nobody to pay his expenses. Ask following questions: Could you retire now, and stop working? If your spouse has no job, could you maintain the same lifestyle? If your spouse is sick, could you maintain the same lifestyle while paying higher medical expenses that result from disability?
Everyone is a millionaire, except that people are not aware. From this perspective, your lifetime earnings are probably greater than the combined value of your other assets. Therefore, the most valuable asset from a financial point of view is your earning power! It certainly enables you to maintain or even increase the life style you and your family deserve. A prolonged loss of income causes major financial loss if the client has no disability insurance in force. 3% salary increase.
*Inheritance is excluded.
Source: 1985 Commissioners Individual Disability Table A
Explain in simple terms how a disability insurance works.
Explain in simple terms how a disability insurance works.
Explain those four riders. Why do we need them? Example regular occupation: if my client is mechanic and can no longer perform his job, but can do something else related to his experience and education (garage receptionist, coordinator, etc..), the insurer will stop paying disability benefits after 24 months unless the client has regular occupation rider.
Example: the person has a heart attack and is hospitalized. After two months, he returns to work. If the waiting period is 90 days, the client will not benefit from his disability insurance, unless he has first day in case of hospitalization feature (already included in Solo).
You have to master the concepts of integration and coordination in order to explain to the client.
Job B: Solo and other income replacement insurance products generally offer benefit that corresponds to 90% of net income.
Examples of premiums according to age.
Medical requirements depending on the amount subscribed.
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