SCENARIO
Most clients do not understand either the cost of a disability insurance policy nor the benefits they would receive if they were to become disabled. An idea that has been used by advisors for decades is Job A vs. Job B.
TALKING POINT
Advisor: "Let me ask you a question. Suppose you had two job offers. Job A would pay $100,000 / year when you are working, but would be you zero if you became hurt or sick and could not work. Job B would pay you $98,000 / year when you are working, but would guarantee you $60,000 / year tax free if you became hurt or sick and could not work. Assuming everything else was the same between the two jobs, which offer would you take?"
RESULT
Now your client understands the type of premium and benefits involved in an individual disability insurance contract. This is a great way to determine how important they feel a continued income is in the event of an accident or illness.
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