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I have been in the insurance industry for many years and have seen how life and disability insurance have literally come to people's rescue. It is purely human nature to resist the purchase of adequate amounts of these types of products. "It only happens to the other guy" and "I am in great health" are normal rationalizations of why people resist spending money on these types of insurance. Here are two other favorites: "well, if anything happens to me, we could live off our savings" and "we both work so we would just have to cut back a little if something happened to one of us".
I cannot emphasize enough the importance of a well thought out and designed insurance program. To see someone who can no longer work receive a monthly check to pay real bills that don't stop coming when the paycheck does is greatly satisfying to an insurance professional like me. Delivering large sums of tax-free cash to families that have been devastated by the death of loved ones who were also principal breadwinners has been the defining moment in my career.
Recently, Greg Vermeulen, a good friend and associate of mine, had one of these very meaningful experiences with one of his clients. Greg has also been in the financial services industry for many years. Interestingly, Greg's practice focuses on investment planning, and while he provides his clients with insurance, his real forte is in asset management. Greg has a client who had a first hand experience with both the lack of interest in purchasing disability insurance and the incredible protection that it really does provide. This client wrote to Greg in December of 2004 to express her thanks to him for doing what great advisors do: making recommendations to clients and standing by their guns even if the client resists.
I would like to thank Greg for sharing this experience with me. Furthermore, I also thank him and his client for their consent to allowing Disability-Insurance.com to show a copy of the letter to our clients and visitors to our site. We have deleted her last name to protect her privacy.
It is my hope that if you are thinking about disability insurance but are not sure that you need it, you will read
Roger M. Shorr, CLU, ChFC
Founder, Disability-Insurance.com
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