Disability can happen anytime, anywhere and to anyone. It is a fact of life. Disability insurance for high income earners is critical. If you are properly insured then there should be no problems covering your monthly obligations and maintaining your current lifestyle during your recovery period.
The problems arises when high income individuals are under insured.
Take the following case:
Mr. C, Age 55, who was recently married and now has a new young family.
At the age of 55 it was difficult to secure an adequate level of disability insurance. As the sole income earner for his family, his high yearly income of $200,000 was quickly used for mortgage costs, food, clothing, and private education for his children. Retirement is not even on his radar!
My underwriter was able to secure coverage for this person while other carriers would not even touch the case.
It is a national statistic as well as the recommendation of most financial planners, that you need to have about 65% of your current income in order to pay your monthly obligations and to maintain your current lifestyle. For those that are in a higher income bracket, this is even more critical.
Disability Insurance Plans are available for:
Personal Disability – self-employed, unusual occupations, supplemental to existing plans
Executives – high income executives as a supplemental plan
Physicians and Surgeons – primary or excess coverage plans
Dentists – primary or excess coverage plans
Entertainment Industry – sporadic Income, unusual occupations, monthly benefits from $1,000 – $100,000
Athletes – risk of injury. high limit plans
Brokers/Traders – sporadic income
Legal Profession – primary or excess coverage
Chiropractors – primary or excess coverage
Pilots – corporate, helicopter, charter operations, firefighting, stunt and test pilots
Blue and Gray Collar – special risk, international, unusual occupation.
If you’re in one of these professions and are looking for disability insurance, or if you already have disability insurance and are unsure if it covers all of you needs, contact me today for a confidential review.
My toll free number is 888-636-2310