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HAVE YOU INSURED THE GOOSE???
First Published Spring 1990
If you owned a Goose that laid Golden Eggs, which would you insure first? The Goose or the Eggs? Naturally, you would insure the Goose, because if anything happened to the Golden Eggs you could get more as long as you had the Goose. Unfortunately, most people have only insured the Golden Eggs. The Goose, however, represents your income, your EARNING POWER. The fact is YOUR EARNING POWER IS YOUR MOST VALUABLE ASSET! If your income suddenly slopped because of a disability-where would the money come from?
Most people would not dream of backing their car out of the lane way without adequate insurance on their vehicle nor having adequate household insurance on their homes, furniture and valuable assets. If you multiply your annual income by the number of years until your age 65 this will give you a rough idea of what your earning power is worth to you. For example, if a 30 year old earns $3000.00 per month this would represent $3,251,532.00 assuming an annual increase of 5% per year. Ask yourself .. if I was unable to gel up and earn an income, what would happen? How long would you last before the bill collectors would be at your door? Most don't realize that the odds of being disabled are far greater than the odds of you dying young. Statistics show that the odds of a 35 year old becoming disabled for more than 90 days before his 65th birthday is 439 out of 1000 people or 9 out of every 20. If you had an asset that was worth over 3 million ....would you not insure it from all hazards???? Even if you are an employee and have disability coverage through your employer you need to review your coverage. Most group insurance coverage is based 2/3 of your income, but unfortunately most don't realize that it is usually to a stated maximum. I recently reviewed a group case where there were only 7 employees and the current maximum coverage for disability was $1500 per month. Four of the seven would have had quite a shock if their income level were cut to this amount based on their current incomes. As well, most of the plans only cover total disability, and do not cover a partial disability. If the doctor states that you can work only part time your group coverage would not pay.
You can purchase individually owned disability insurance to guarantee you a monthly tax free income. This means that you normally need only to purchase approximately 2/3 of your current income, which would be like receiving 100 percent of your income due to not having to pay tax. You can choose the waiting period for the benefit to begin. This is referred to as the elimination period and should be based on your individual situation. If you feel that you could use your savings to cover a short term disability then purchase a plan with a longer waiting period and thereby reduce the cost. These plans offer partial coverage if your income is affected due to your illness or you have a loss of time. You can structure the benefit period to be for 5 years, to age 65 or even
your lifetime.
The advantages of owning an individual plans are numerous. Once issued, the contract is non-cancellable by anyone but you. The premiums are guaranteed throughout the contract and it is portable. You can change careers, take a sabbatical and still maintain your coverage. You can also add several different riders to your base plan such as the right to purchase more coverage in the future as your income increases without having to provide future medical evidence. This is one of the most valuable assets, as your health could be
deteriorating and they would have to allow you to increase your coverage. Another popular rider is the cost of living rider, which will allow your monthly benefit to be increased according to the CPI index.
For small business owners and self employed professionals disability insurance provides more than just income replacement. In the event of a disability they can also purchase an Office Overhead Plan which would reimburse fixed business expenses such as rent, leases, salaries, telephone pals, etc. This type of insurance is deductible as a business expense. This coverage usually is purchased to pay expenses for 1 to 2 years. There is also a disability plan that can be purchased by businesses to ensure if one of the partners/shareholders becomes disabled that there will be money available to pay the disabled partner for his/her share of the business. This ensures to each, that a fair price is received for the business and that the healthy partner is not strapped doing all the work and sharing the profits with the disabled partner.
Brenda Nobauer from Crown Life, one of the major disability carriers, states that in the past the major reason for claims was due to back injuries, but now the major reason is for stress. Also, the latest yuppie disease, Epstein Barr virus is accounting for a lot of claims. This disability leaves the person with little or no energy and unfortunately there is no known antidote to cure it. Some have taken as long as 2 to 3 years to recuperate from this illness. Underwriting to purchase a disability policy is twice as difficult as applying for life insurance. Our life expectancy has increased, but morbidity tables show that although we arc living longer, sometimes it is through the use of medical devices such as heart transplants, respirators, etc.
I have found in my experience with the various types of disability plans that the cost of the coverage increases according to the verbiage. The better the verbiage the more costly the coverage. Some plan definitions, of what qualify for a disability are so poorly worded that an elephant would have to back up and stomp on you with his left foot, not his right! You may remember my article approximately one year ago on disability coverage offered through a local bank to cover mortgage payments if you became disabled. This particular client is still off and has not collected one cent under his contract as the verbiage read that his disability had to be terminal. He is unable to work due to a severe back injury, but his illness is not terminal.
Take time today, to review your own coverage, if you have any questions please call for an appointment. This coverage is very difficult to understand and a lot of my peers even shy away from recommending this coverage, due to its technical definitions. Every carrier has different policies, for different types of job classifications. With life insurance it is easy - you are either dead or alive. With disability insurance you need an independent specialist to make the right selection for your needs.
Copyright – www.money-software.com
About the Author
Marie T. Baigent, CFP, CLU, CHFC, RFP. Prior to entering the financial planning profession Marie held a management position with Revenue Canada-Taxation. Her twenty plus years experience with them has proven to be a tremendous asset in assisting her clients to effectively plan their taxes. Marie is also a Certified Financial Planner, a Chartered Financial Consultant, a Chartered Life Underwriter and a Registered Financial Planner.
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