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Protecting Your Income

If you are in business, you probably insure the components of your business against loss beyond your control. You insure your premises against fire, accidental injury, and theft of property. Your equipment is probably insured. You probably have business interruption insurance to compensate you if your property is rendered unusable due to accidental damage. Whether or not you own a business, you probably insure your car so you can be sure that you'll always have the means to get to work. You probably insure your dwelling so you can be sure that there will be a roof over your head in the event of a catastrophe.

Life, homeowners, and other types of insurance policies provide important kinds of coverage, but they will not safeguard you from financial impact if a disability prevents you from working. The stark reality is that without disability income insurance, a serious injury or illness could be financially devastating to you and your family.

You may believe you're less likely to become disabled than to die prematurely, but statistics show exactly the opposite is true. According to tables prepared by the Society of Actuaries in 1985, at any given time in your career, the chance that a long-term disability will occur is several times the likelihood of death. For example, at age 37, the odds of a long-term disability vs.death is 3.3 to 1. At age 42, the odds are 3.5 to 1, at age 47, they are 2.8 to 1, and at age 52, they are 2.2 to 1.

Before you read further, please get a piece of blank paper and a writing utensil. On the paper, write the names of 20 people that know each other. Some examples are members of your family or members of a club, service, or religious organization. Once you have finished, circle the ones who have had a disability lasting 90 days or longer. My experience has shown that more than 90 percent of you will have circled at least 1 name on your lists.

If you earn $50,000 per year, in 20 years you will have earned 1 million dollars. Without you in it, will your car earn you that kind of money? Will any of the other things you insured enable you to continue receiving your income? Disability income insurance, also known as disability income replacement insurance, is an important vehicle that will help replace a portion of your income in the event that you become disabled due to accident or illness.

There are several types of disability insurance policies. A properly licensed agent or financial representative can explain what may be appropriate for you.

The opinions expressed in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your representative, attorney, or accountant with regard to your individual situation.

*Like most insurance policies, Disability Income Insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in-force. Your agent or financial representative can provide you with costs and complete details.

This article appears courtesy of Bryan K. Davis. Bryan Davis is a Registered Representative offering securities, including variable products through MetLife Securities, Inc.(MSI) (member FINRA/SIPC), New York, NY 10166. Insurance and annuities issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166. MSI and MLIC are MetLife companies. He focuses on meeting the individual insurance and financial services needs of people in Richmond, VA and surrounding communities.

You can reach Bryan at the office at MetLife Mid-Atlantic Financial Group, 6641 West Broad St., Suite 404, Richmond, VA 23230. (804) 282-7522 ext 189 L1210150435[exp0112][VA]

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  • MetLife

    MetLife

    Company Profile MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Through its subsidiaries and affiliates,More >>
    MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries.More >>
  • Bryan K. Davis Bio

    Bryan K. Davis Bio

    My goal is to be an excellent resource and educator in the broad spectrum of Financial Services for my clients.  I take a broad approach by viewing my client's complete financial picture.More >>
    My goal is to be an excellent resource and educator in the broad spectrum of Financial Services for my clients.  I take a broad approach by viewing my client's complete financial picture.More >>

About the Expert: Bryan K. Davis
Financial Advisor
Investment Advisor Representative
Financial Services Representative

Richmond Financial Group, an Office of MetLife
6600 West Broad Street, Suite 102
Richmond, VA 23230
Phone (804) 282-7522 ext. 189
Fax (804) 282-6370

BUSINESS PHILOSOPHY

My goal is to be an excellent resource and educator in the broad spectrum of Financial Services for my clients.  I take a broad approach by viewing my client’s complete financial picture.  I will partner with other financial services representatives to bring my clients the best information available.

PRODUCTS AND SERVICES

  • Fixed Annuities / Variable Annuities
  • Stocks and Bonds
  • Charitable Giving Strategies
  • Disability Income Insurance
  • Estate Conservation Strategies
  • Education Funding Strategies
  • IRA Consolidation/Rollovers
  • Mortgage Protection (through life insurance and disability income insurance)
  • Medicare Supplement Coverage
  • Pension Payout Alternatives
  • Pension Transfer/Rollovers
  • Mutual Funds
  • Tax Sheltered Annuities, 403(b) Plans
  • Term Insurance
  • Universal Life Insurance
  • Variable Universal Life Insurance
  • Whole Life Insurance

QUALIFICATIONS

  • Licensed to sell Life & Health Insurance in Virginia
  • Registered to offer securities products in Virginia
  • Registered Representative for 17 years 

PERSONAL

  • Born and raised in Hampton, VA
  • Over 10 year resident of the Richmond area
  • Graduate of Virginia Tech
  • Married to Elizabeth Blair who has joined me at Richmond Financial Group
  • Two children, Carleigh and Tanner
  • Hobbies include golf, sailing and exercising

ORGANIZATIONS

  • Member of Stonehenge Golf and Country Club
  • Member of Richmond Chamber of Commerce
Metropolitan Life Insurance Company,(MLIC) New York, NY 10166. Securities and investment advisory services offered by MetLife Securities, Inc.(MSI) (member FINRA/SIPC) and a registered investment advisor.  Some health insurance products offered by unaffiliated insurers through MetLife’s Enterprise General Insurance Agency(EGA) Somerset, NJ  08873.  MLIC, MSI and the EGA are MetLife companies.  I will work with you and your tax and legal advisers to help you select the most appropriate product solution to suit your specific needs and circumstances.  
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