Disability Insurance:  Protection When Illness or Injury Strikes - podcast episode cover

Disability Insurance: Protection When Illness or Injury Strikes

May 20, 202016 min
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Episode description

When asked to list their most valuable assets, many people would place a home, car, or 401K at the top of the list. And they’d be wrong. While those are important - even vital - pieces of living life, a person’s most valuable asset is actually the ability to make a living, working to pay their mortgage, fuel their vehicle, and fund that retirement account. If unexpected illness or injury derails those efforts, life quickly begins to unravel on all fronts. Research indicates that millions of Americans lack adequate savings to handle a medical emergency, even as healthcare costs continue to skyrocket. As a result of rising expenses, employers are often eliminating or reducing benefit offerings, creating a perfect storm of financial distress when employees cannot work due to illness or injury. Fortunately, private disability insurance is available to help meet financial needs when adversity comes knocking.

Guest:
Chris Peterson
President
Hanleigh Insurance, a CRC Group Company

Topics Discussed:

  • Popular Perceptions of Disability vs. Actual Disability
  • Why a Savings Account Doesn't Take the Place of Disability Insurance
  • What Your Most Valuable Asset Is
  • Typical Disability Claims Scenarios
  • Why Your Employer-Sponsored Disability Policy Is Not Enough
  • What The Disability Pyramid Is, the 3 Layers
  • Disability Awareness Month

Links:
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Transcript

Disability-Hanleigh

 

[00:00:00] Dan Wentz: what are the perceptions of disability insurance, popular perceptions versus how you feel people should view disability insurance?

most people when you look at it as an aggregate, would have some sort of savings to fall back on. Should they have some sort of disability? What would you say to someone who makes that 

argument?

So let's talk about what the definition of disability is, right? So what are common disability claims versus. 

What people's perception of disability claims are.

, so let's talk a little bit about what exactly longterm disability insurance is and who needs it.

Maybe you can give us the rundown on that. 

 

So let's talk about the difference between a private policy and employer sponsored, or, you know, an employer, possibly an employer policy. Uh, so, so what's the difference there? 

 

Okay. So is there anything we haven't touched on before we wrap the whole thing up 

Chris Peterson: that we should mention. [00:01:00] I think that, um, it's important to know that may is disability awareness month that has a whole host of, um, caveats to it.

It's not about a product or insurance. It's really more about understanding what the world of disability means, either from a person who is born with it and, and, and manage his life with a disability. Somebody who suffers a disability at some point during their life. And then it's impact on their life or really three, how is we as a society can be better custodians of all of the individuals who, um, whose lives we impact and really what it means to live amongst a society and a society that cares about people with disabilities.

Certainly. Certainly there's a component about the how to solve for with product, but really may is about disability awareness. One and to take a, take a step back. And think about people that may be around you and think about how we as society address it and we help them, we move forward together. 

Dan Wentz: Well said.

I like it. Um, okay, so Chris, if someone wants to get started with [00:02:00] Hanley, they fit into that third tier of the pyramid where they're not being served properly by the foundational or the second layer that you're referring to, how do they get started? What's the best way to reach out to you guys? 

Chris Peterson: Certainly through our, um, our parent organization.

CRC. If you land on the CRC insurance homepage, you can navigate and you can find Hanley's name there under the category of just searching disability or directly to hanley@handlinginsurance.com. H, a, N, L, E, I, G, H insurance.com. Very simple or happy to help. 

 

 

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