For the last several months the economy consistently adds new jobs. Yet despite a declining unemployment rate, 8.5 percent of Americans are working two or more jobs to keep afloat financially. Many of these multiple jobholders may be your clients. These are probably the last people on your list to talk to about disability insurance, or better named, paycheck protection or income protection insurance. One more additional expense is the last thing this client needs.
Clients holding multiple jobs need disability income insurance.
As it turns out, you might want to take a second look. A new study from Liberty Mutual Research Institute’s Center for Injury Epidemiology, reveals that multiple jobholders are 34 percent more likely to suffer an injury than single jobholders, even when factoring in differences in hours work. Multiple jobholders come from all walks of life. A larger percentage works in the service sector or white-collar industries than blue-collar workers. More are divorced, widowed, or never married. And significantly more multiple jobholders have at least some college. How many of your clients fit this profile? Many Americans working less than 30 hours at any one job may not be offered employer-based disability benefits. Yet clearly, their need for paycheck protection is great.
Other impacts of holding multiple jobs.
In other findings, compared to single jobholders, and for the same amount of income, multiple jobholders also:
- Work 2.25 – 2.75 more hours per day
- Work more days per week
- Work odd hours (5 PM to 7 AM)
- Sleep 45 minutes less
- Gave longer commutes
- Have less time for leisure
- Added a second job to maintain a previous standard of living
Use these facts to learn more about your multiple job holding client and open the income protection conversation. Clients in this financial situation are even closer to financial disaster if a disabling injury prevents them from working. Yet this very group has an even higher risk of suffering an injury. The importance of paycheck protection is an easy case to make.
The next step is to work with your DIS representative to find an affordable disability insurance policy that provides the safety net your client needs at a low cost they can afford. Call us today for a quote. You may also want to review the Disability Stat Pack, 15 facts to help your client understand the likelihood a disability will happen to them.