Self-Employed Consultant Securing Income Protection
His income is entirely dependent on his ability to work, and he doesn’t have an employer to provide disability coverage. Mark is concerned that if he were to become disabled, his income would stop, leaving him without a financial safety net.
Broker's Advice:
The broker suggested an individual disability insurance policy that would replace 60% of Mark’s income if he becomes unable to work due to illness or injury. The broker explained that with the "own occupation" definition, Mark would be considered disabled and eligible for benefits if he cannot perform the specific duties of his job, even if he is able to work in another role, helping him cover living expenses and maintain financial stability during a period of disability.
Why the Client Followed the Guidance:
Mark realized that without disability insurance, he was leaving his finances vulnerable. The thought of losing his income due to an unexpected event was concerning, and he felt reassured knowing the policy would provide him with ongoing income if he couldn’t work.
Key Takeaways
Outcome:
Mark purchased the disability insurance policy, ensuring that his income is protected if he ever becomes unable to work.
Client Scenario
Mark is a 39-year-old independent IT consultant.
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