Wednesday, July 12 2017 at 3 p.m. ET (2 p.m. CT, 12 p.m. PT)
Presented by: Mitch Nelson, President, MDP
Earn: 1 NAPFA CE; 1 CFP® CE in B - Insurance & Risk Management
Members: Free; Non-Members: $59.00
Financial Planning requires flexibility to changing client circumstances. Therefore, disability insurance coverage should share the same flexible characteristics financial advisors expect from their other financial guidance. Too often, disability insurance is viewed as a static solution provided by an employer, or an added expense if purchased individually. This viewpoint leads financial advisors to prematurely cancel individual disability insurance without exploring cost effective reduction strategies or modifying policy features to fit the client’s changing circumstances.
The insurance industry has done a poor job of communicating the flexibility within individual disability insurance policies with respect to reduction strategies as a client approaches retirement and begins considering the purchase of Long-Term Care insurance. These strategies are used to maximize the client’s insurance premium expenditures, while solving for a transitional period of protection.
Mitchell has been an insurance advisor since 2004 and is the President of MDP Consultants (formerly known as MyDisabilityPlans).
MDP Consultants, a Resource Partner with NAPFA, worked with the association to provide a premium discounted and preferred medical underwritten individual disability insurance program for its membership.
Mitch Nelson will provide a practical guide on how best to reduce coverage as a client approaches retirement without substantially changing the client’s overall disability protection during the very important years just prior to retirement. These solutions may be a complete policy replacement with new insurance or strategic policy changes with the help of a detailed policy analysis.