DISABILITY INCOME INSURANCE is a key tool in the arsenal of many insurance professionals, though it does have its limitations. However, if leveraged in the right way and aligned with client needs, critical illness insurance can bridge these limitations and provide a benefit to a client at a time when he/she needs it the most.
Consider the DI policy's elimination period. Most if not all DI products have an elimination period of 30-180 days. Unfortunately, living expenses do not wait. During this time, the client may not have income to cover monthly expenses and may have to dip into savings, retirement accounts or cash value insurance. In addition, the illness may require ...