What is another name for Income Insurance? The answer is Disability Insurance. Unlike the terms “car insurance” or “health insurance,” “disability insurance” does not make clear what it is protecting… your income!
If you were to guess which is more likely to happen during our working years, being injured or ill and not being able to work, or dying, most would rightly guess becoming disabled is more likely. What many do not realize is that an individual is three and a half times more likely to become disabled than dying during their working years. Sadly, less than 30% of people have disability income insurance compared to 44% that have individual life insurance.
Why is this? Well, historically, disability insurance was primarily marketed to high income individuals. Buying disability income insurance was a long, drawn-out process that included medical exams, bloodwork, and a paper application process that could take several months!
Those days are behind us. Thanks to AI (artificial intelligence) and the latest technology there are new types of income insurance that may be purchased online in about 15 minutes. The same can be said for Arizona life insurance with no medical exam.
Online income insurance and Arizona life insurance carriers have underwriting engines that use, in real time, over 300,000 data points from authorized sources to determine eligibility and issue policies to those that qualify in mere minutes. Many of the online applications use health and lifestyle questions to determine eligibility as well. The end result is that approximately 95% of applicants are approved for instant coverage in minutes, not months.