7 Questions to Ask Your Clients About Their Disability Planning

Dealing with potential disability is an important part of estate planning. Here are seven questions you should be asking your clients, and the approach to take.

1. How Will You Pay Bills If You’re Suddenly Disabled?

Accidents can happen at any time, usually when you least expect them. If something were to happen, such as a car accident or injury, would you be able to keep up with all of the bills that stack up without being able to work? For the average American, the answer is no.

2. When Will You Create a Plan?

The time to prepare is now. No one knows if or when a disaster may strike, so it’s important to be prepared ahead of time. By being one step ahead with disability insurance, you and your family members are not left with the stress and burden of trying to find out how to make ends meet.

3. Do You Know How Common Disability Is?

One in four adults has a disability and requires financial assistance to survive. For people in the general workforce, three out of ten can expect to become disabled before retiring.

This widespread disability is a harsh reality for those who have not created a disability plan and do not have the financial means to provide for themselves or their families without work.

4. What Extra Expenses Will Appear?

Not only do typical bills such as a mortgage, car payments, and health insurance still have to be paid, but there can be many new bills that arise from a disability. Some new bills include:

• Medical expenses
• Rehabilitation
• Long-term care

Extra expenses can be hard to imagine but become very real should they crop up.

5. Do You Know What Paperwork Is Necessary?

Filling out the applications and forms for disability insurance is an easy step with the iPipeline iGo e-App. It’ll help manage the applications and track the underwriting process.

6. Do You Have Disability Insurance At Work?

Did you know most businesses do not cover disability insurance? If they do, it is typically only covered if the employee elects to pay for it through their paycheck. This coverage is different from health insurance that simply pays for healthcare needs.

To qualify, most employers require the worker to be a full-time employee. But, what happens when you become disabled and can no longer work for the company because of your disability? Are you then a full-time worker receiving coverage? These are essential questions to ask.

7. Are You Eligible For Social Security Disability Income?

Unfortunately, not everyone is eligible for Social Security Disability Income (SSDI). For example, those who are self-employed and have not paid in or have not been in a job paying credit into SSDI long enough do not qualify.

For those who do qualify, the wait time to receive the funding is typically lengthy, and the amount funded is generally not enough to cover all bills. Therefore, it is important to have a backup plan.

Contact Us

Let your clients know that their families can be covered if disaster strikes by having a secure plan for disability insurance. The future is unknown, but having coverage is certain. Contact Pelorus Financial Group today, and we will help you create a plan for your client’s future.