New Insurance Products 2009
New Insurance Products 2009
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Disability Insurance: Not Sexy – Very Important
Paul Sullivan of the New York Times in April of 2009 wrote an article in the Wealth Matters section titled “Never Mind your 401(k). How’s Your Insurance?“ Mr. Sullivan starts his article with a very simple yet powerful sentence, “Insurance is the least sexy asset in most portfolios.” Why is this simple, straight-forward sentence so powerful? Because it is true and drives the sub-concious perception of insurance in almost every American’s mind.
When you purchase insurance you are buying an intangible product, you are buying a promise. So when the average American thinks about insurance their first thought is going be a tangible object, something they touch or hold that they can picture in their mind being replaced after an accident (i.e. Home & Auto). Similarly most people understand that death is an inevitable event and thus can wrap their brain around the idea of their family being financially reimbursed after death (i.e. Life).
However, in the case of Disability insurance, many Americans struggle to understand the significance of the coverage this product represents. Unlike death people have a hard time imagining the scenario that renders them disabled. What these individuals do not understand is that one in seven US workers will be disabled for five years or more before retirement (from the Health Insurance Association of America, published in the New York Times). Look around your office, count yourself and six co-workers. One of you is going to be disabled for five years. If you are the one that becomes disabled, can your family sustain that type of long-term reduction in income?
So, if these statistics are true, why don’t more people have a disability insurance policy? Easy, Price! Relative to the most popular Life insurance product, term insurance, Disability insurance is expensive. Its much easier to play the, “Its not going to happen to me” card than it is add an expense to the household budget. However, if you are the one in seven, that monthly expense becomes your greatest asset!
There are ways to to mitigate the expense. A traditional Disability policy covers an individual for 60% of monthly income, starting three months after the disability occurs up to age 65. Each one of these factors can be adjusted to make the policy cost more manageable. If you could survive on 40-50% of your monthly income instead of 60% then decrease the benefit you would receive. If your employer offers Short-term Disability extend the waiting-period out 6-12 months. Lastly, most Disability policies will allow you to choose how long you would like to receive the disability benefit. It may be a good idea to look into policies that offer a benefit for 5, 10, 15 years or till age 62 instead of the standard age 65.
For more information read this laundry list of Disability statistics that will blow your mind at ProtectYourIncome.com.
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Thank you,
Ryan H.
About the Author
This article is brought to you by the Albany Insurance Professional blog located at www.ryanhanley.com where we drop crucial insurance knowledge on the consuming public.
why are we responsible for the Global economy? Just because AIG Owed Billions $ to?
many businesses over the world!
Here is the article summed up:”They were selling an insurance type product that isn’t called insurance so it wasn’t regulated like insurance,” Andrew Barile, a California insurance consultant. “By calling it a credit default swap, you have invented a new product, but it’s no different than insurance.”
This smells Rotten to me!
Here is the web link
http://money.cnn.com/2009/03/18/news/companies/aig_primer/?postversion=2009031812
You’re not responsible for the Global economy however, since all currency’s are based against the Dollar, your Economy tends to be a leading indicator for the Global economy. Your economy has been the leading economy since the end of the First World War and even now although we have a the Euro which broadly speaking is a larger economy the threat of it breaking apart still keeps the Dollar at the forefront.
AIG is a global company and as long as its policy’s running in a multitude of economies are open to the vagaries of those individual markets. The fact that they’ve named certain vehicles credit default swaps is just a name to define the spreading of risk and no different than insurances or the secondary markets around the world.
One assumes when AIG was making the money in those markets no one was moaning. Pretty much the same as the banks.
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