Nearly two-thirds of consumers say it’s important to start planning financially for a potential loss of income “in their 20s” or “at any age," but financial advisors perceive consumers “in their 40s” are most open to discussing income protection. That “divide” is just one of several uncovered by the “2011 Disability Divide: Advisor Study,” a consumer and advisor research study conducted by the Council for Disability Awareness (CDA).
The survey reveals meaningful variances between what consumers perceive about the disability risk and advisor assumptions about the consumer mindset. The positive finding is that consumers, even at younger ages, are more receptive to a conversation about income protection.
The research showed that even though nearly all consumers say their ability to earn an income is their most important asset, astonishingly, 37 percent say they’ve never thought about protecting it. Advisors overestimate consumers’ sense of unpreparedness, assuming that as many as 65 percent of consumers would say they have never thought about an income protection plan.