Do I Need Disability Insurance? Tips from Financial Representative, Patrick Perkins

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    The root of Patrick’s mission is simple- “I’m trying to help people figure out the right decisions for their money.” As a financial representative, Patrick works with people of all ages and professions to evaluate their financial decisions and how to optimize them. He goes over a variety of topics, from determining whether your home and auto insurance is the appropriate amount, to carefully curating life insurance, disability insurance, living wills, social security disability insurance, and more.

    Patrick has always been a “people person”. A Cleveland local, he attended John Caroll University in University Heights and made fast friends with many of his professors. Growing up in Old Brooklyn, he recognized the financial hardships in his own family and knew he wanted to learn how to work and manage his own money as soon as he was able. “As soon as I got old enough to drive a car, I was driving a car. As soon as I got old enough to have a job, I had three. I’ve made my own money ever since.” His hard work ethic combined with his personality and desire to make a difference in the world led him to a career selling protection, assurance, and best of all, peace of mind. “If they [the clients] listen to the suggestions that I make, I know, and they know, that they’re protected properly in the event that life throws them a curveball.”

    Unprotected and Unprepared  

    Many Americans are confident in their ability to get to retirement on their own, without sitting down with an advisor and planning for the future. Although possible, Patrick states that “A lot of people make a bunch of decisions that lead them to end up with, what I would call, a “junk drawer” of financial decisions. Someone like me needs to come in and help to organize it.” According to, 54% of pre-retirees say they have no clue how much money they’ll need when they retire, and 20% of workers say they’ll NEVER be able to retire. Patrick emphasizes the importance of sitting down with an advisor as early as possible in order to correct any inefficiencies and prepare for the future.

    Patrick’s passion lies in the protection side of financial planning. He wants people to be 100% prepared for whatever life throws their way- whether it’s purchasing disability insurance, helping people build liquidity, or moving investments around so that money is available to withdraw if people find themselves in a rough patch in the middle of their lives. “I like working with certainties, with guarantees. At the end of the day, stocks, bonds, and 401K’s are all fluctuating with the market. I want to make SURE people’s assets are protected properly, I want to add more stability to a financial plan.”

    Disability Insurance – Is it Necessary?

    When discussing the need for disability insurance specifically, Patrick believes it’s an essential part of any financial plan. He expresses that disability insurance isn’t just for older people or those with higher risk, as many people assume. “There’s a statistic that one in four people in their 20’s will become disabled before retirement”, he explains. “People think they’re safe if they don’t go rock climbing, skydiving, or scuba diving. But when you hear the statistic that 90% of disabilities are due to illnesses, it makes you think. You have no control over when illness comes about.”

    Many Americans look at their group disability benefits through their employer and think that it’s enough to cover them in the “unlikely” event that they become disabled. However, group disability insurance through an employer typically covers a person for 60% of their income, taxable. That means that if someone makes $50,000 working, they’ll receive $30,000 BEFORE additional taxes are taken out when they become disabled. This number usually adds up to around half the salary of what they were making when they were healthy and working. That’s why Patrick believes it’s important to buy additional individual disability insurance in addition to the coverage from your employer, allowing you to receive the same amount of money you’ve been used to without making any major lifestyle changes or alterations.

    According to the American Council of Life Insurers, at least 51 million working adults in the United States are without disability insurance other than the basic coverage available through Social Security. That means that if they find themselves unexpectedly disabled, as many Americans do, they’ll be forced to make some tough decisions. Do they move to a less expensive part of town with a higher crime rate? Do they dip into their 401K? Do they sell their car? Without disability insurance, you are not protected or prepared for the curveballs that life could throw.

    Enjoy Your Money

    Although Patrick stresses the importance of protecting yourself, your family, and your assets, he also stresses the importance of enjoying the fruits of your labor. “I think one of the biggest fears people have is that hiring a financial representative will cost an enormous amount of money each month and that they won’t be able to go on vacation or live a certain lifestyle. That’s just not the case, I want you to go out and enjoy your money! I just want to make sure you’re protected while you do it.”

    Patrick Perkins is an Independent Financial Representative that specializes in Disability Insurance. He prides himself on being able to shop the market with any noncaptive insurance companies in order to find the best fit for each of his clients. To learn more about Patrick and the services he provides, contact Liner Legal at (216) 282-1773.

    Are you or a loved one applying for disability benefits? Don’t wait to contact an experienced attorney. Call Liner Legal Disability Warriors at (216) 282-1773 or fill out a contact form for a free consultation.