In the world of financial planning, conventional wisdom often revolves around safeguarding one’s income through disability insurance. At Prevail, we take a distinctive approach – one that aims not just to secure your present but to empower your future. As specialists in income continuation, we’re here to guide you on a path to sustainable wealth, where disability insurance becomes a choice rather than a necessity.
What is disability insurance, how does it work, and why do I need it?
Disability insurance is a fundamental component of a comprehensive financial plan. It is designed to protect individuals from the financial fallout of unexpected life events by providing income replacement when he/she is unable to work due to a disabling illness or injury. Many employers offer group disability insurance that typically covers 60% of an individual’s income up to a capped amount. The difference between actual earnings and group coverage leaves an income gap which can be supplemented with individual disability insurance. Medical costs and loss of income are the top causes for bankruptcy in the U.S., both of which are impacted by disability. By securing disability insurance, individuals mitigate the potential economic hardships that may arise during periods of disability, offering a crucial layer of protection against the uncertainties that life may present.
Breaking the Mold:
Our philosophy challenges the traditional notion of wealth-building, which often fixates on accumulating account balances and asset values. Instead, we emphasize the pivotal role of generating passive income. We recognize that true financial freedom stems from income streams that work for you, even when you’re not actively working.
The Self-Insure Paradigm:
Our wealth management strategy aims to empower you to self-insure your income. Rather than relying on insurance products indefinitely, we work with you to build sustainable wealth. This entails strategic planning and investment in assets that generate income to provide you with the financial cushion needed to maintain your lifestyle if you can’t work, though many of our clients end up keeping their disability insurance after they’ve reached this point as they find the premiums inconsequential to leaving the responsibility in the insurer’s hands for a fraction of the cost. They retain the choice, and that’s the crux of it.
Planning for the Unforeseen:
Disability insurance remains a critical component of our strategy. It serves as a bridge to ensuring your income continues if you face challenges in your occupation. Our goal is to provide you with the tools and resources to navigate through unforeseen circumstances, always with an eye on creating a robust, income-generating portfolio.
Our Team Approach:
While many financial advisors compartmentalize services, we understand the importance of connectivity. At Prevail, we’ve embraced a team-centric philosophy with a team of specialists in-house covering every facet of your financial plan to ensure seamless coordination. This approach is a departure from the norm, where individuals typically deal with different professionals across various companies. Our commitment to comprehensive financial planning sets us apart. We believe every aspect of your financial plan should work in harmony, creating a robust foundation for your future. By focusing on the why behind wealth creation, we aim to instill financial freedom through passive income streams.
Conclusion:
As we steer away from conventional norms, Prevail invites you to embark on a wealth-building journey that transcends the boundaries of traditional financial planning. The aim is not just financial security but financial empowerment. Contact our Prevail Team of advisors today and let’s work together toward your destiny of financial freedom. Your future, Prevailing together in 2024, starts now.
Email: riseabove@prevailiws.com
Phone: 913.295.9500
