In this video: We will walk you through how to walk your clients through some disability planning in Voyant's Global tool.
Transcript
In this training, you will learn how to use Voyant’s planning features to model disability events and incorporate disability insurance recommendations. This allows you to stress-test a client’s plan and demonstrate the impact of disability insurance on their long-term financial goals.
Client Example:
Name: James Monroe
Concern: Potential disability and its effect on long-term retirement plans
Learning Objectives
By the end of this training, you will be able to:
Create a “What If” scenario for a disability event.
Analyze the impact of a disability on retirement goals and cash flow.
Model a disability insurance policy recommendation.
Compare the effects of a stress-test scenario versus a recommended plan.
Use plan settings to optimize excess income allocation.
Step 1: Creating a Disability Stress-Test Scenario
Open your client plan (e.g., James Monroe).
Navigate to Stress Test:
Click on + (bottom right) → Event → select the Disability icon.
Set the disability event:
Start Age: 54
End Age: 57
Click Done to save the event.
Observe the plan impact:
Retirement goal may decrease (e.g., 53%).
Check Dashboard → turn on Details to see withdrawals from investments to cover expenses.
Notice the shortfall in later years due to lost contributions and withdrawals.
Step 2: Reviewing Income Impact During Disability
Navigate to the Income section in the client plan.
Identify the approximate income loss during the disability period.
Use this data to inform a second “What If” scenario for a disability insurance recommendation.
Step 3: Modeling a Disability Insurance Recommendation
Create a new What If Scenario for disability insurance.
Add a Disability Policy:
Enter premium and coverage amount (annual or monthly).
Choose taxable or non-taxable based on your region’s rules.
Set the duration (e.g., from now until retirement).
Click Done.
Turn on Details in the Dashboard to see:
The policy covering the income gap during the disability period.
Any excess income that may result from the policy based on client spending habits.
Step 4: Optimizing Excess Income Allocation
Go to Plan Settings → Calculation Settings.
Select Transfer all excess income to savings.
This ensures that excess funds are captured and reinvested.
Observe the updated plan:
Shortfalls are eliminated.
Client’s long-term financial outcome is stabilized.
Step 5: Comparing Scenarios
Use Chart View to visualize:
Scenario 1: Disability stress-test (without insurance)
Scenario 2: Disability insurance recommendation
Show your client the long-term effects of adding disability insurance.
Emphasize the peace of mind provided by proactive planning.
Step 6: Getting Support
If you have questions or need assistance with a client plan:
Click on the client’s name (top right) → Request Support.
Key Takeaways
Stress-testing for disability helps identify potential gaps in a client’s plan.
Disability insurance can fill income gaps and protect long-term goals.
Voyant allows easy comparison of stress-test vs. recommendation scenarios.
Allocating excess income to savings ensures optimized plan outcomes.