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  • Writer's picturePeter C. Ciravolo

BC May 2023 Newsletter

Updated: May 23, 2023


Hello there, reader!


May is Disability Income Awareness Month! #DIAM


- "I'm covered through work" "I'm young and healthy, I won't ever get injured or sick!" "I found cheaper (worse coverage) disability elsewhere, I'm going with that!"

What else have you heard? There are many misconceptions around Disability Income insurance.

Make sure to keep it simple with your clients, and get them the correct protection for their financial plan. This is different for everyone. We can't tell you how many times someone goes to shop disability by going to multiple agents, and none of the quotes come back to be the same, and they all offer different riders, policy sizes, and more. Very few planners and insurance agents know about disability. We can talk about price all day, but when a claim is made, we want to make sure that the policy pays out! Do good work! Disability is not about price, it is about definition and which coverage you want if something were to happen. We can always build a plan to fit a budget, but the 1st question should always be: what are we trying to cover, and for how long? What risk do we want to transfer to the insurance company, and which risk are we fine living with? Main price levers for disability income insurance include: 1. Occupation 2. Age 3. Benefit Amount and Length 4. Riders We get the question all the time - Where are the disability statistics?


This report presents the results of Milliman’s 2022 annual survey, this year including 13 companies in the U.S. individual disability income (IDI) insurance market. The scope of the IDI market discussed in this survey includes traditional noncancelable and guaranteed renewable IDI policies. Milliman has conducted this survey in for each year since 2007, except for 2015. The report includes data and other information about:

  • New business sold from 2017 through 2021

  • Sales distributions

  • Underwriting requirements

  • Product offerings and pricing

  • Favorable and unfavorable trends

  • Opportunities and obstacles affecting the IDI market



Check out our latest Only Fee-Only podcasts!


We are nearing our 50th episode.


Have you been enjoying the podcast? If you would like to come on and share your story, feel free to give us a shout and we can get it scheduled. Not that anyone in the Fee-Only community needs this reminder, but still pretty funny:


Broc Buckles BC Brokerage

And.... that's a wrap for this newsletter! We will catch you for the next newsletter.


Let us know if we can be of service!




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