I can still picture myself sitting with my wife, Alison, in the upstairs bonus room of our old house in 2000. We were debating whether or not to file a claim on her disability policy. Alison started getting sick in 1993 and became progressively worse with each passing year. You might think that answering the question of when to file a claim is easy; in fact, Alison was such a hard-working person that the thought of filing a claim was synonymous to her giving up. Ultimately, reality was staring us in the face. Alison needed to stop working and focus on getting better; she was on claim for seven years before passing away in 2007.
For us, it mattered whether or not we had enough Disability Insurance. Without the monthly Disability Insurance payments, I cannot imagine how we would have managed. We definitely would have had “more month than money.”
This may sound too simplistic, but when a loved one is out of work on disability, you never think, “Gosh, I wish we had saved some money and bought a smaller policy.” We planned properly and had an adequate amount of Alison’s after-tax income replaced. We were fine financially, with a mortgage, car payments, and two young kids in private school (one with special needs). In fact, we looked a lot like everyone else and we required a certain amount of money each month to stay afloat. Because Alison was properly insured, we were protected from the loss of her income.
So, does it REALLY matter whether you have enough Disability Insurance? The answer is a resounding YES.
I professionally market and administer Disability Insurance plans for large organizations, so you might conclude I am biased in favor of “loading up” on as much Disability Insurance as you can buy. While it may be hard for me to completely remove myself from that bias, my personal experience helps explain why I feel so strongly about the importance of Disability Insurance.
Subsequent articles in this short series will touch on more of what I learned during the claim process and will include my thoughts on insurance options, social security, and when someone may not need Disability Insurance.
David Richter, TCS Insurance Agency, June 2016
TCS Insurance agency is a specialized insurance broker with a focus on working with large law firms, hospital systems, and large corporate clients emphasizing unique and proprietary ways to access high-limits of Disability Income Insurance.
One Advisor lost 51 clients, then delivered 30 checks after 9/11
By: David Buckwald – TCS Agency
Atlas Advisory’s David Buckwald shares how the events of 9/11 shaped his life insurance business.
Responsibilities: Business and Branding Analyst
As a business and branding analyst, I’m constantly looking for new ways to improve our firm’s image and find new prospective clients. When I first started at Mack Financial, we really didn’t have a digital footprint and our website was very outdated. We now have, what I believe to be, the most productive and interactive website among M Member Firms. We also have grown our social media presence with Twitter, LinkedIn, and Facebook accounts. Our recently launched newsletter, MFG Insider, has allowed us to keep our clients and prospective clients informed and updated. Our goal is to use these tools to provide meaningful content to our current and prospective clients.
I was raised here in Indianapolis where I attended Park Tudor School for my high school years, and formed great friendships, relationships and memories. I was fortunate enough to be a part of three IHSAA Boys Basketball State Championship teams and named Captain my senior year. I spent the summer of 2015 in Portland, Oregon at M Financial Group, working under Adam Clough on the Sales Support Team. I helped create different tools that many Member Firms use today and also assisted the test team for eUnderwriting. The M Financial Group team took me under their wing and I’m incredibly grateful for all of their guidance and help.
I currently attend the Lacy School of Business at Butler University in Indianapolis, Indiana, majoring in Finance and planning to graduate in the winter of 2017.
Basketball will always be my first love and I enjoy playing it every chance I get. I also enjoy playing a round of golf, playing the guitar, and listening to a good podcast.
Why do you enjoy being a part of the MFG Team?
Working alongside your family obviously puts a different twist on things, however as I have gotten older, I’ve realized that we are helping people prepare for their future. Working with a team of dedicated professionals only increases my desire to bring my best each and every day. I look forward to expanding my role in the future.
Eric Hieber of BCG Companies shares how life insurance provides liquidity for business succession plans. Succession planning for privately held businesses is one of the most popular planning issues in today’s environment.
M Intelligence Video Update
Watch Matthew Pressler, Director of Advanced Markets, explain the proposed regulations that would impact valuation of certain interfamily transfers of assets under Section 2704.