Be Selfish – Purchase Disability Insurance

I recently had a client who was approved for a disability insurance policy decide not to take the policy he was issued.  This was a policy which was approved as we had applied, which means the benefit amount and all the riders were not changed, nor were there any exclusions for preexisting conditions.  I’m not saying that this is rare, but quite often policies are approved with one or more changes from the original quote illustration.

The client told me that he was hesitant because of the cost of the policy.  As his income was greater than $300,000, his policy came with a monthly benefit of over $15,000 (income tax-free).  The (own-occupation) policy, with a lot of riders (added benefits) was going to cost him about $6,000 annually.  He thought that was too much to pay and he should probably wait until he had a family.  As he is already married, I assumed he meant when he had children.

If he was purchasing a life insurance policy (which I also sell), I would say that his argument might have some merit.  Maybe his wife would do okay with her single income if he should die and maybe she wouldn’t.  This is a moot point, because he already has life insurance (which I agree with).  Purchasing a life insurance policy, regardless of the size of his family, was a selfless act.

You see, when you have a life insurance policy, you won’t ever getProtecting your Loved ones with Life Insurance to personally benefit from the death benefit.  If you have a permanent policy, perhaps you might benefit from the cash accumulation in the policy.  However, most people purchase a policy in order to financially protect their loved ones (or business partners, if the policy is a business policy). Because it is the survivors who will benefit, not the person purchasing the policy, buying a life insurance policy is a very selfless act.  You are doing it for others (mostly your spouse and/or children).

On the other hand, if you have a disability insurance policy and you become disabled, who is going to gain from the disability benefits?  Your family would certainly benefit, because they won’t have to change their lifestyle because you’re disabled, but you would also reap the benefits.  You might be suffering from the cause of the disability, but you won’t be adding insult to injury by also suffering financially, if you were wise – and selfish enough to purchase a policy.

My client is reconsidering his decision because I left him with this question, “If you become disabled and can’t work, will you have enough money to start a family?” As he really wants to have children, buying disability insurance would be a very wise, and selfish, decision.

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