If you are a highly compensated worker you have a huge gap in your company benefits! The good news is that the solution is straight forward and not expensive. Especially if you are a white collar worker! If you could protect from $1M to $5M of your future earning capacity for about 1% to 3% of your income would that be worth it to you?
Analytical engineers are my favorite type of client, as you are process driven and fact based! At the end of the day you make decisions on rational factors and information for the Pro’s and Con’s of a scenario. Just don’t tell all my non-engineer clients.
For those of you that work at Amazon, Microsoft, Google, or any other large tech company, most of you think you have world class benefits, which is partially true. The one area that your benefits are lacking in is disability insurance. Yes, you probably do have a great base benefit that pays you up to $10,000 max if you are unable to work (doing the “material and substantial” duties of your specific job). However, you probably don’t realize this is calculated ONLY on your base salary. Most companies exclude your bonus, stock options, 401-K contributions and other fringe benefits.
If you are self employed or want to be self employed it’s always easier to get disability insurance set up before you leave your employer! Once you are out on your own you qualify for less coverage and deemed more risky to insurance companies. We can save you money many ways!
For more information fill out the form to your right, call or email me and would be glad to give you an honest quick outline. No BS, just numbers in a quick straight forward manner.
If you could Print Money?
QUESTION: If you had a Machine that could produce $100,000 (or enter your income here) how much would you pay to Insure that Machine?
ANSWER: You are “that machine”! It typically costs about 1% to 3% of your Income to adequately protect 70% of your income if you cant work (do your “OWN OCCUPATION”).
Most people would be willing to pay at least $1,000 to $3,000 to make sure that machine keeps pumping out money. To be honest, disability insurance is probably the most important insurance coverage, especially if you are a primary income earner in the household.
The reason for becoming disabled is also a large issue, as you can see only 7% of disabilities causing someone to be unable to work are from an accident. This means 93% of disabilities are due to an illness or other chronic condition.
If you do become disabled, look to the left to see a chart of the “average length” of a disability.
Disability Insurance is more crucial than Life Insurance in my opinion. Because you are still alive, yet unable to earn an income (or reduced income working ‘part-time’) you are at a great disadvantage. My goal is to help you find a Disability Insurance policy that best fits your budget. Typically, this might be obtaining a smaller policy now and upgrading your coverage down the road.
If you look at Disability Insurance as “the ability to protect your future Income” it makes the top three of Insurance products you should get! Unless you are independently wealthy (then you don’t “need” it).
EXAMPLE: If you are 40 years old, you have about 25 more years until retirement (at Age 65). Your income potential would be as follows:
$100,000 Salary x 25 Years = $2.5 Million Income (if you get a 3.0% annual raise it’s $3.6 Million)
Wouldn’t you like to protect your ‘Millions’ you are earning??
It’s Easy to Get Started
I work with eight Disability Insurance companies to ensure you get the best value for the coverage. With Disability Insurance you ‘get what you pay for’, meaning cheap coverage equals cheap payouts. However depending on your “Professional Occupation” some companies have better coverages for some jobs than others.
If you have any questions give me a call, it’s easy to get some basic information or a quick quote.
Gary Franke
Heffernan Insurance Brokers
Individual Health & Medicare Specialists
1100 Bellevue Way NE, Ste 8A-545
Bellevue, WA 98004
425-802-2783 (call or text office line)
wahealth@heffins.com
www.wahealthplan.org
