INDIVIDUAL DISABILITY INSURANCE (aka IDI) protects your clients' livelihood in the wake of a disabling illness or injury.
Over 70% of bankruptcies in the US are are because of medical issues. 70% of those who filed for bankruptcy had some sort of health insurance. Most clients and prospects only have half of a health insurance plan. The doctor, the nurses, the anesthesiologist, the surgeon, the radiologist, and the hospital administrators all get paid. Who pays the person going through the hardship?
Most households have life insurance. Term Life is the most popular way to insure against this risk. However, the likelihood of a disabling illness or injury is many times greater during someone's working years. Most clients are in the dark about this and require a guiding light. Individual DI is a great door opener to start the conversation about a comprehensive insurance or financial plan.
Individual DI policies have the unique ability to cover someone on and off the job, 24-hour coverage, unlike workers' compensation. IDI benefits may be payable for both Total and Partial Disabilities. That means most clients don't need to be bedridden in order to access benefits, but simply need to show that they are less effective in their occupation. This is a significant difference from most Group LTD plans and Social Security Disability, which have much stricter definitions and harsher requirements.
Disabling illness and injury is the leading cause of career cessation or interruption. And Individual DI is the best way to protect an income stream against that event.