What were Anthony and Candice’s options?
Anthony and Candice have been married for 15 years and have two children in grade school. Anthony is an executive for a startup company and earns about $100,000 annually while Candice is a stay at home mom. A friend of theirs was recently paralyzed due to a stroke and could no longer to provide for his family. Their friend’s situation made Anthony and Candice consider how a serious illness or injury would impact their them and their family. As the company that employs Anthony doesn’t offer any long-term disability insurance and so they decided to speak to their advisor about their options.
Independent Planners Group worked with Anthony and Candice’s advisor to find the best possible solution. We recommended a disability insurance policy that guaranteed an income to age 67 of $5,000 monthly, or 60% of Anthony’s current salary with a 3% cost of living adjustment. This policy would go into effect after a 90-day elimination period and could potentially pay Anthony $1.6M in benefits if he becomes disabled immediately after the policy is put in force. Not only will this policy replace his income, but if he has a catastrophic event where he is no longer able to perform two activities of daily living without assistance, the policy will pay an additional monthly benefit of $3,335 monthly, helping to ensure he and his family are protected. The question Anthony’s advisor asked: “What’s more important to you and your family, having zero dollars due to no income protection; or, $60,000 in annual income (higher if claim qualifies for catastrophic benefit), with the assurance that if something should happen, he and his family will remain financially secure”. The answer was clear.
Contact one of our disability insurance specialists to learn the details today!
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