And so here ’tis:
Ted is a barber, and a long-time client (life and health insurance). He came to me recently because he thought it’d be a good idea to have some disability insurance in case he had to miss work due to an illness or injury. Of course, being self-employed means that this is particularly important. I did my usual pre-screen (just to make sure things were more or less the same health-wise) and confirmed his income. There are several carriers that do well in this market, but the plan design I got from Illinois Mutual was really top-notch. For one thing, they offer a special occupation class “bump” for folks in Ted’s position, which meant he could qualify for more coverage at a reduced rate.
He qualified for about $2,000 a month of coverage, at a cost of about $65 per month. That was a good deal, but he was concerned about what would happen if he had a bad month (or three) and couldn’t swing the premium. I explained that he didn’t have to apply for the full amount; a lower amount would be more affordable, and since I like to include a guaranteed insurability rider on plans I sell, he can always bump that up down the road, regardless of his health at the time. As I often do with clients, I urged him not to let ‘the perfect’ be the enemy of ‘the good.’
He liked that. A lot.
So we settled on $1,200 a month benefit, with a $43 per month premium, completed an application, and the policy was approved in under a week (which is fantastic!). It was in my hands a few days later for delivery and review.
So here we have someone who understands both the need for this kind of coverage, and the value of a professional, independent agent who can help guide one through the process (not to mention a great carrier that was happy to work with me on getting appropriate quotes).