With tax season heading down the home stretch, there is no better time to schedule an income protection assessment with your clients. We recommend advisors perform this assessment annually, in a fashion similar to the wellness physical your client receives from their personal physician each year.
This opportunity allows you to address any changes to income, occupation or lifestyle while strengthening the advisor-client relationship. DIS can help you facilitate points of discussion and introduce planning techniques which include:
- Individually Owned Coverage Analysis – Changes to earned income or employer-sponsored benefits occur on an annual basis for some. This is why it’s vitally important to review eligible Automatic Increase or Future Purchase Options to determine if a benefit increase is warranted. Not sure when or if your client has available Increase Options? Contact DIS
Or perhaps this is a newly referred physician who’s seeking an opinion on the quantity and quality of existing coverage. Let the experts at DIS guide you through the analysis or download our DI for Doctors Checklist.
For DIS to perform an analysis, please secure the Declaration Pages of the policy under review. DIS will return a plan design focused on supplementing or replacing this current coverage.
- Employer-Sponsored Coverage Analysis – Does your clients understand all of the benefit limitations and offset provisions found in their employer-sponsored plans? We’ve uncovered numerous policies that calculate benefit payments on base pay earnings only, leaving insured’s with weighted bonus or commission income vulnerable to economic disarray. Another case review revealed an Offset Provision related to military pension income that offset 100% of an insured’s eligible employer-sponsored disability benefit. For assistance with understanding group coverage benefits, submit a copy of the group certificate along with our Quote Request Form.
- Retirement-Savings Coverage Analysis – Are you an industry veteran who has faithfully maximized the individual Issue and Participation limits for your clients? We congratulate your efforts and encourage a discussion surrounding the protection of their retirement contributions as well. Imagine the impact one would face if their contributions (and employer matches) would suddenly end. Utilize this opportunity to present a plan design focused on helping individuals continue saving for retirement if they become too sick or hurt to work. Download our Retirement Security Case Study to help you prepare for your next annual income protection assessment.
This is Part One of a two part series on discussion topics for annual income protection assessments. Stay tuned for Part Two, which will focus on topics for business owners.