The real estate business offers a chance for many people to earn a very good living. One way is as a real estate agent. The many benefits of a career as a real estate agent include the opportunity to earn good money, flexible hours, meeting and helping a wide variety of interesting people, developing the skills of salesmanship and the joy of closing a major deal.
What Sets Real Estate Agents Apart
Along with the many positives are a few areas of concern for real estate professionals. The vast majority of real estate agents work as independent contractors, not as regular employees. Although they are generally affiliated with a real estate brokerage or agency, these agents are not always offered a benefit package by the brokerage. These agents are, in effect, responsible for their own retirement savings and insurances. In addition, there can be heightened concern because the agent’s income tends to be more variable than that of a typical company employee, whose pay generally comes in at regular intervals.
Becoming savvy about personal and business finances, taxes, retirement planning and insurance coverage is a requirement for long-term success as a real estate agent. Under the umbrella of insurance are several specific types. Let’s look at just one of these: Disability Insurance.
The Need For Long Term Disability Insurance
The purpose of disability insurance is to provide for lost income if you are unable to continue doing your work because of sickness or injury. Long term disability is commonly offered as a benefit to many employers, particularly from larger firms. Disability insurance is especially important for real estate professionals, who often lack an employee-benefit package that includes this benefit. When a commissioned agent is unable to work, the money inflow stops quickly.
Consider this: Most insurance agents spend considerable time in a vehicle, showing properties to clients, often in urban or suburban areas. Heaven forbid that a serious accident would occur. Additionally, while most people think disability insurance only covers accidents, illnesses such as cancer, heart attacks or diabetes cause the majority of long term disabilities. If an accident or illness does occur, however, and results in the agent becoming restricted or incapacitated, long term disability insurance would cover the loss of work and income.
Real estate professionals notwithstanding, disability statistics for all Americans are quite revealing. According to the Council for Disability Awareness, more than one-quarter of today’s 20-year olds can expect to be unable to work because of illness or injury before they retire. In addition, close to 6 percent of working Americans will experience a disabling situation that keeps them out of work this year. They also cite that over 51 million working Americans are not covered by disability insurance other than that provided by Social Security.
Look To Rosenbaum Financial for your Insurance Needs
Fortunately for real estate professionals, long term disability insurance is available through Rosenbaum Financial, Inc. They offer specialized income protection products to real estate agencies as well as other organizations needing specific insurance solutions.
The 1099 Advantage Plan offered by Rosenbaum Financial was created specifically for the real estate professional community. This plan offers long and short term disability insurance as well as life insurance, wealth preservation, accident coverage, and other coverages. The plan is highly flexible in that it can be specifically customized to the needs of any real estate brokerage or agency.