Disability Insurance (tab)

RightCapital includes a suite of tools to highlight the retirement risks associated with being under-insured. The Disability tab demonstrates the exposure of financial loss to a disabling condition and enables a proposal to cover the shortage.

The Disability Insurance tab illustrates any current disability coverage for the selected client and/or propose additional coverage. Access the tab by navigating to the desired client, then select Insurance > Disability.

Key takeaways...

  • Visualize potential loss of income from a disability
  • Determine and propose disability insurance coverage

The default screen displays a graph of current coverage of each client on the Profile. If the client already has a disability insurance card added to their Profile, the value of that insurance will display as a dark blue bar as a percentage of the client's total income. To begin to explore coverage that is needed, open action items.

First, in the Action Items, set the Proposed income replacement ratio for the clients. This value defines the percentage of the client's monthly income that should be covered by disability insurance.  When the value is adjusted the Target monthly income coverage value adjust accordingly. To calculate the monthly income coverage, the client's Salary for the upcoming year is used.

Any information about existing disability policies the client has entered on the Profile > Net Worth screen will display under the Current monthly income coverage. This will include coverage from both individual and group policies.

Finally, propose additional disability coverage by using the slider bar next to Proposed additional coverage.

All of these values will also be reflected in the pie charts above. 

  • The whole pie chart reflects the Target monthly income coverage
  • Any current coverage will be shown in dark blue 
  • Any proposed coverage will be reflected in light blue
  • Any part of the target coverage that is not covered by either current or proposed insurance is shown in orange
  • The percentage in the middle of the chart reflects the percentage of the target that is covered by the total of current and proposed insurance.  

Mouse over the charts to see the dollar amounts of current coverage, proposed coverage, and uninsured income.

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