As “Generation Y” or “Millennials” as they are now so commonly referred are flooding the American workforce, their more seasoned counterparts, the “Baby Boomers”, are becoming stacked at the opposite end of the career timeline. Boomers came into adulthood during the Vietnam War and saw this country through many political and socioeconomic changes. They worked hard through financial-market ups and downs, and as a generation have achieved great success.
Yet in their early days, retirement savings vehicles and retirement planning were less sophisticated and widespread than they are today. A common lack of long-term financial security through wealth accumulation/saving as well as concerns for Social Security futures have forced many Boomers to remain working longer than they anticipated in their youth. Professionals are now remaining employed well into their sixties and seventies, and they are in need of income protection in excess of the dainty LTD plans or the antiquated individual DI policies they purchased decades ago.
Their bodies have grown more fragile over the years, and they are more susceptible to becoming disabled than younger versions of the workforce. And because of those obvious factors, they face great discrimination from traditional disability insurance carriers. Common age limitations in the general DI market tend to land in the early sixties, so many insurance agents aren’t aware that their older age clientele have options for significant income protection.
Personal and business disability insurance plans with specialty-specific, true “own occupation” definitions of disability are offered by Petersen International to active, working persons into their mid-seventies. Professionals of normal retirement age can now acquire comprehensive, high-limit disability insurance on their earnings at protection levels up to 75%. Personal insurance is a must for anyone who continues to work past the age of sixty, but business insurance to indemnify the funding of succession platforms should also be heavily considered.
Unlike buy/sell insurance through the traditional market where benefits begin to decrease at the age of sixty, the funding provided through a Petersen policy remains wholly intact throughout the policy term, no matter the age of the insured business owner. Key person and business overhead expense disability plans are also crucial to companies whose futures rely on older age personnel and figureheads.
Don’t let age or health history get in the way of you finding the appropriate disability income and business protection insurances.