From the course: Risk Management and Insurance Planning: Designing for Client Needs
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Introduction to disability insurance
From the course: Risk Management and Insurance Planning: Designing for Client Needs
Introduction to disability insurance
Financial planners know that each financial plan assumes that the person or family will continue to earn their regular income. Disability insurance deals with replacing the lost income due to a disability, and this is why you'll often hear disability insurance referred to as income replacement insurance. The Pritchetts want a complete risk management assessment, and that includes risks related to disability. Like most of us, the Pritchett's can't avoid life's risks, and there will always be a chance that they can become disabled, either through an illness or an accident. The best course of action is to make sure that if a disability were to happen, their financial circumstances, including their financial plan, would not be significantly impacted. And to do that, disability insurance is Preetam's recommendation. Let's watch Preetam as he meets with the Pritchett's to discuss risk management as it relates to lost income from a disability. You'll see Preetam adopted a structured…
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