Disability Insurance for Mortgage Brokers
Jan 25, 2024
Jamie Fleischner

Jamie Fleischner

25 Jan, 2024

Protecting Your Future: The Essential Guide to Disability Insurance for Mortgage Brokers

Securing Your Greatest Asset: Your Income

As a mortgage broker, your ability to generate income is your most valuable asset. But what if an unexpected illness or injury impairs this ability? This is where disability insurance steps in, acting as a financial shield, ensuring that your earnings are protected, and your lifestyle remains stable, even if you’re unable to work.

Understanding Disability Insurance

Disability insurance is specifically designed to replace a significant portion of your income if a disability prevents you from working. As mortgage brokers, your job is not only demanding but also relies heavily on your continuous active involvement. Without the ability to work, your financial stability could be at serious risk.

Group Discounts: More Coverage, Less Cost

Here’s some good news: if three or more individuals from the same workplace opt for a disability insurance policy, they can avail themselves of group discounts. This not only makes the insurance more affordable but also fosters a sense of collective well-being within your workplace. Encourage your colleagues to join in, and secure a financial safety net for everyone.

The Determinants of Your Insurance Rates

When it comes to disability insurance, one size does not fit all. The premiums are influenced by several factors:

  1. Occupational Class: The nature of your work as a mortgage broker and the associated risks play a crucial role. The occupational class will determine your rate.
  2. Income Level: Your current earnings are taken into account to ensure that the coverage is proportionate to your standard of living. If you have an income of over $100k for at least 3 years, you may qualify for a more favorable occupational class and pay a lower premium.
  3. Industry Experience: Longevity in the mortgage industry can work in your favor, potentially leading to more favorable rates. If you have at least 5 years of experience and have an income of over $100k, you may qualify for a more favorable rate.

How to Get a Tailored Quote:
Requesting a quote is the first step toward securing your financial future. At Set for Life Insurance, we simplify this process for you. We compare various policies, negotiate the best rates, and recommend the most suitable options, tailored just for you.

The Set for Life Difference

We understand the unique demands and risks associated with being a mortgage broker. That’s why we don’t just offer policies; we offer peace of mind. Our team of experts is dedicated to finding you the best disability insurance coverage that aligns with your specific needs and budget. As independent brokers, we shop around and provide a customized quote comparison to ensure you are getting the most suitable product at the best rate.

Your Action Plan

  1. Assess Your Needs: Consider your current income, lifestyle, and how much you would need to maintain your standard of living if you couldn’t work. Typically you can insure about 80% of your after-tax income.
  2. Talk to Colleagues: Discuss the benefits of group discounts with your peers.
  3. Request a Quote: Contact us at Set for Life Insurance. We’re here to guide you through every step, ensuring you get the best possible coverage.

Disability insurance is not just a policy; it’s a promise – a promise to safeguard your income and future, no matter what life throws your way. As a mortgage broker, it’s an indispensable part of your financial planning. Don’t wait for uncertainty to knock on your door. Contact Set for Life Insurance today and take the first step towards securing your most valuable asset – your ability to earn.

 

Related Posts

How To File a Disability Insurance Claim

How To File a Disability Insurance Claim

After applying for individual disability insurance and paying premiums over time, a lot of people ask, "how do I file a disability insurance claim?" The first thing to think about is the definition of disability on your policy. This will determine eligibility for a...

We’re here to help

Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!