Disability insurance: Do the sales people need it?

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PostPosted: Mon Mar 08, 2010 11:13 am   Post subject: Disability insurance: Do the sales people need it?  

I'm 33 yrs of age and my wife is insisting that I get a disability insurance for



myself.



I don't think it's important for me to have such coverage at this age



considering the fact that I'm a salesman and I'd be able to earn my living as



long as I'm able to talk to people ( at least over the phone). What do you



think?


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PostPosted: Tue Mar 09, 2010 7:17 am   Post subject:   

What would you do under circumstances when all your energy drains out following a major disease? What would you do if you need to take a prolonged rest following a severe pain? Just don't ignore the need of disability coverage since you're a sales person.

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PostPosted: Wed Mar 10, 2010 2:03 am   Post subject:   

The odds of a male worker becoming sick or injured and out of work for 6 months or more during his working years (until age 65 because that's how it was measured the last time this statistic was upated) is 1 out of 3.



50% of all mortgage foreclosures and 50% of all personal banckruptcies are the result of an illness or injury that took someone out of work.



You say to can earn a living so long as you can talk on the phone. What happens if you develop vocal pollups and can no longer speak? What happens if you develop Cancer and the treatment drains you of the energy to pick up the phone?



Can you afford to retire today? If not you need disability insurance.



As far as not needing the coverage at your current age. You're not firt person to think of this. In fact, the insurance companies that offer disability insurance, most of whom have been in business for over 100 years, thought of this long before you were born. You'll pay much more for disability insurance the older you get, if you can get it at all.



Listen to yourself and roll the dice on losing everything you have, that'll complement nicelly the emotional pain you'll experience being unable to provide for even yourself, and the potential physical pain your injury or illness (by the way 92% of all claims are caused by illnesses not injuries) will bring to the table.



Or...



Listen to your wife and sleep sound at night knowing that you can continue to provide for yourself and your family because you had the good sense to take a prudent approach to your future financial well being.

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PostPosted: Wed Mar 10, 2010 9:04 am   Post subject:   

Ask any insurance agent and he'll tell you the right reasons..



I'm sure a good amount of your bonuses and incentives are based on your performances. What will happen if it takes longer to recover? A long term disability is a major blow for the sales people.

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PostPosted: Thu Mar 11, 2010 7:32 am   Post subject:   

Quote:
A long term disability is a major blow for the sales people.


Certainly! It might take a while before you could raise your income to that level where it reached before your disability. A disability insurance policy will certainly reimburse you with 60 % of your earnings under circumstances when you can't work.
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PostPosted: Fri Mar 12, 2010 2:44 am   Post subject:   

And let's be clear when we say 60%, we are talking about 60% of GROSS earnings, which typically works out to somewhere around 90% of net earnings (what you get in your paycheck).

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PostPosted: Fri Mar 12, 2010 5:41 am   Post subject:   

Quote:
Certainly! It might take a while before you could raise your income to that level where it reached before your disability.


Many of us would simply ignore the fact that the disability policy would only cover us for the period of our disability. We don't usually consider a probable fall of income once we get back to work. That's the reason so many of us would pick policies depending on the price factor only!


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PostPosted: Sat Mar 13, 2010 3:48 am   Post subject:   

Quote:
A long term disability is a major blow for the sales people.


Why only long term disability! Even a short term disability will affect all wage earners.
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PostPosted: Sun Mar 14, 2010 11:51 pm   Post subject:   

Short term does impact people, but it doesn't make financial sense to insure for losses that one can comfortably handle. People who are living close to paycheck to paycheck may need short term coverage. People who are making smart financial decisions and aren't struggling don't need short term coverage.

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PostPosted: Wed Mar 17, 2010 6:48 pm   Post subject: Disability Insurance  

The younger you are, the more you need disability insurance...and the more affordable it is. Listen to your wife. When you have got kids through college and you're within 5 years of retirement, you may want to re-think it. If you're worried about cost, find something else to cut in your budget and add disability. I don't sell this product, so I don't have a vested interest...but I can tell you that you never know when a catastrophe will happen. You may be hit in the head with a golf ball, or fall off a ladder. Your health ins. will pick up most of the cost of medical, but who's going to bring home the paycheck for 6 months or 6 years, for that matter?







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