John Ryan
speaker
74 appearances
5 recordings
2 series
first heard Nov 2024
last heard 19 Jun
John Ryan’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Jun 2026 with 3.
Appearances
Right. And those critical illnesses are illnesses like cancer, stroke, heart attack, diabetes, et cetera. And critical illness insurance can be easier to qualify for than insurance. a full coverage private disability program. So for someone who has difficulty getting that type of insurance, a critical illness policy can be a good backup plan.
Right.
Normally it can be a lump sum or an installment payment. Lump sums can be as high as $150,000 for cancer, maybe even higher. You do have options when you buy it. For additional premiums, you can get a higher benefit if you'd like. So you can tailor make each policy based on what your budget is. And what kind of condition is most important to you to ensure?
Yes, that's right. Okay.
No, if you already have the condition, it's too late, which is why it's important to get it while you're younger and before any serious problems surface.
Well, there are rules of thumb as to what's reasonable expense. For instance, for an individual disability policy, you generally try to keep the cost between two and 3% of the income that you're insuring.
Yeah. Women sometimes can pay upwards of 4% because the industry perceives women to be a higher risk. But if you're buying individual disability insurance to supplement the employer plan, you're probably looking at about 1% of your income. So someone making 100,000 will spend about 1,000 a year for a good supplemental plan.
I wish you didn't ask that question.
Let's just keep it high level and say that they have a tendency to have more frequent claims and longer lasting.
Exactly.
Well, yeah, someone who doesn't. If they ask themselves the question, if something happens to my income, who does it impact negatively? And if the answer is I can lose my income, but still maintain my financial responsibilities and still support the financial plans that I've outlined with my advisor, and the plan doesn't come crashing down, then they probably don't need the insurance.
But to the extent If you crash test your financial plan and it looks like, well, you might be able to get away with three years, but then after that, things really start to fall apart. Then you're looking at the need for some level of coverage.
Right.
Well, thank you, Liz. And nice to connect with you again. Appreciate it.
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