What should clients consider?

Once clients understand the benefits of securing income protection, it's important to help them navigate how to choose a policy that fits their unique coverage needs. Some questions that can help guide the discussion include:

What other sources of income would they tap into in the event of a disability?
What is largest benefit they qualify for?
How long until they receive benefits following a sickness or injury?
Will they be required to look for work in a different occupation?
Have their employer benefits changed, and how can they supplement them?
How often should they evaluate their coverage needs?

Individual disability insurance as part of a broader financial strategy

Income protection is a critical piece of a protection-first financial strategy, and it can also be a tool to help you develop long-term relationships with your clients. While they may not be ready to buy life insurance or asset accumulation solutions, New York Life's Wealth Watch survey found that Millennials and Gen Zers are expressing interest in working with a financial professional to develop a financial strategy and bolster savings. Helping to guide clients on how to navigate unexpected loss of income and the solutions available to them may open the door to a lifelong partnership as their financial needs change.

Instant Insights /

The Great Reshuffle offers opportunities to protect clients' income

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