The three most common objections to purchasing an individual disability insurance policy are: No Need, No Money, No Hurry.
Take “No Hurry” as an example. The answer to this objection is a simple statement of fact… health can change. We never plan for an accident, they simply happen. Life is unpredictable. From insurance salespeople to famous actors, health can change. Michael J. Fox experienced the first signs of Parkinson’s Disease at the age of 29. Superman’s Christopher Reeve did not plan for a horse-riding accident to change his life forever. Tiger Woods had an automobile accident that required months of recovery. Visit www.lifehappens.org and read the stories of people from all walks of life that would have had their financial lives ruined had it not been for an individual disability insurance policy.
An individual disability insurance policy is like having a parachute… better to have and not need, then need and not have. Unless you have a finely tuned crystal ball, no one knows how long they can wait before insuring oneself. An individual disability insurance policy is not a luxury item like a diamond, it is a necessity.
Need motivates action. Once we understand the need, the other objections to disability insurance diminish. Disability insurance is asset protection. Our ability to work is typically our greatest asset. When applying for a mortgage or leasing a vehicle, what’s the number one question on the application? What is your income!
We now understand the need for disability insurance, but maybe we think it best to mull it over before purchasing, possibly discuss it with a spouse before applying. “Applying” is the operative word. You must first be accepted for coverage by the insurance company before coverage can begin, the application is the first step to that end. It takes more than money to buy disability insurance. In addition to the application, a medical exam may be required depending on plan and insurer. If we see the need for coverage, applying for coverage is the logical next step. If approved for coverage, it is at that time that all interested parties can sit down and discuss the coverage in detail and whether to purchase. The application process can take some time depending on the applicant’s health and how much information the underwriter requests.