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The DI Doctor is IN. Second Opinions Are Always FREE.
As many of you know, the physicians and dentists markets are among the most lucrative for disability insurance. After all, doctors and dentists spend a great deal of time developing their earning power, and their incomes are typically much higher than that of the general population. When it comes to income protection, doctors and dentists are ideal clients because they need to protect their paychecks and they already understand the risk of disability. As professionals who treat patients with chronic illnesses and unexpected accidents on a daily basis, doctors and dentists know firsthand that disability happens in a blink of an eye. They also know that a second opinion can be invaluable for accurate diagnosis and treatment.
What doctors and dentists might not know, is that second opinions are also invaluable tools for assessing the best income protection.
If you’re selling to the doctor/dentist markets, make sure to emphasize the importance of getting a disability insurance second opinion. It’s a great way to get your foot in the door and offer something different than the incumbent insurance agent.
Think getting a second opinion sounds like a lot of work? Think again! With DIS’ proprietary Analyzer, every proposal comes with not just two, but with three coverage options. This makes it very easy for you to present the advantages and disadvantage of each product. If desired, you can also compare the existing disability insurance policy as well. Your doctor and dentist prospects will appreciate your attention to detail, particularly if you use the “second opinion” verbiage that resonates with them.
If you ever need help preparing for a presentation, make sure to call us. We offer live telephone support for brokers and can walk you through the options, and answer every question you have. With DIS by your side, you will be well-informed and ready to put your best foot forward.
DI Brokers: Need help protecting your most important clients?
As a DI broker you know that your favorite clients often can be the most challenging to insure due to their unique income and business situations. But, don’t despair. With our wide range of disability insurance carriers, we’re able to help insurance brokers find creative solutions for almost every problem. Below are a few examples.
Income Protection for High Income, High Net Worth, High Unearned Income
- 65% of income (tax-free benefit) up to $100,000/mo. or more
- Most carriers limit issue to 40% of income or less above $500,000
- Not concerned about net worth, investment income or income declared as capital gain
Challenging Disability Buy-sell Circumstances
- Limits above traditional carriers ($2 million) up to $100 million per owner
- Availability at older ages without benefit reductions
- One person Buy-Sell and Buy-in Buy-Sell
Disability Insurance for Key Persons
- Key Person disability up to $100,000 per month or $20 million Lump Sum
- Benefits typical offered based on income of the key person plus Lost Business Revenue
- Coverage available to business owners, including those with more than 50% ownership
Disability Coverage to Protect Business Loans
- Benefits configured to match the loan repayment, up to $100 million
- 1-10 year payment schedule with lump sum available to cover any excess
- Given today’s cautious lending environment, disability protection makes sense
Income Protection for Professional Athletes and other Uninsurable Occupations
- Professional athletes and sportsmen, actors, entertainers, writers and artists, pilots, ship captains, offshore oil workers, commercial fisherman
- Typical employees with unusual avocations
- International travel or foreign residence OK
And by the way, if you have an NBA client who is considering work oversees during the NBA Lockout, we can help protect his income while he works abroad!
An Important Safeguard for Your Business Owner Clients
What happens if a business owner is disabled due to injury or illness, and is unable to meet his or her business loan obligations? In most circumstances, debt builds or the business fails.
But that’s not the case if the business owner has bank loan disability insurance.
When a business owner becomes disabled, bank loan DI makes monthly loan payments on the business owner’s behalf. This product is a great supplement to individual disability insurance, which is designed to help cover personal living expenses.
If you have clients who could benefit from a bank loan DI quote, contact Disability Insurance Services to learn more.
Top 5 Ways to Win a Vacation by Selling Disability Insurance
You’ve probably noticed that Disability Insurance Services announced an amazing DI sales contest this week. The contest generously rewards any insurance producer who writes $30,000 in fully underwritten disability insurance premium (not GSI) during the contest period of October 10 through November 11, subject to contest rules.
What you may not have noticed is how amazingly easy it is to win the vacation of your dreams, just by selling disability insurance. Here are the top five ways to sell paycheck protection and win a trip (or maybe two).
Call each existing client and/or prospect in your database and ask for permission to conduct a paycheck protection review. Ask, “Do you have the new coverage or the old coverage?” Explain that disability insurance rates and products are constantly changing, so if the policy was purchased more than a year ago, it may be overpriced, or the protection level may not have kept pace with changing income requirements.
If a client or prospect doesn’t have paycheck protection, demonstrate the need. Share the “Blink of an Eye” story to help your clients understand that disability can happen to anyone, and it can happen in the blink of any eye. The vast majority of disabilities are caused by disabling illnesses such as cancer, heart disease or stroke.
Remind clients that working spouses and other family members need paycheck protection too! Anyone who relies on a paycheck to cover living expenses needs disability insurance. How about you – do you need a disability insurance policy?
Use the Five Disability Insurance Myths handout to make the case for paycheck protection. Mail it to prospects with a hand-written sticky note on top that says, “Thought you’d want to know about this. Call me for a free disability insurance quote.” Then place a follow up call the next week.
Put a stop to disability insurance price objections. The number one reason prospects don’t buy is because of price. They think disability insurance is expensive. Use the Wealth Preservation Plan DI sales script to show them that disability insurance is actually more affordable than auto and home insurance!
Whatever you do, don’t wait another day because the sales contest clock is ticking. Will you go to Paris, Rome, Brazil or Hawaii? The choice is yours and the time is now. Get serious about selling disability insurance today!
What do rain-makers do when they slip in a puddle?
The business scenario:
John Halen was the top sales person in the company … by far. The revenues generated by John surpassed those generated by three other sales professionals combined. The owner of the company, Bob Zanes, shuddered to think of what might happen to all of them if something happened to John.
The key man insurance challenge:
Bob wanted to protect his company’s revenues in the event that John was ever unable to work due to disability. He also wanted to provide his most valuable employee, John, with a rich added benefit to help sweeten the employment deal. In other words, he didn’t want to take any chances on losing John as an employee, or on losing the revenues that John generated. He discussed the challenge with his insurance agent, and considered purchasing disability insurance, but found that a typical individual disability insurance policy was insufficient.
The disability insurance solution:
Bob spoke with Disability Insurance Services and discovered a new product option. Because John was considered a “rain-maker” and an “essential revenue source,” he was able to secure key man disability insurance for John to protect business revenues. In addition, he secured a disability income policy for himself, John, and few other key employees, taking advantage of a nice multi-life discount. It was a win-win solution that protected the business and provided the entire team with additional financial security.
Would a key man disability insurance policy work for your business clients?
Here are some additional details:
- The policy typically provides a 1 or 2 times multiple of the key man’s income up to $100,000 per month or $20 million lump sum!
- Benefits are payable to the business to use at the business owner’s discretion to bridge the gap in business revenue, hiring and training a replacement and filling temporary staffing needs.
Puddle-proof your business clients with key man insurance
Many of your businesses clients face this same challenge. Don’t leave them without an umbrella. Coverage is available for key persons, including business owners with more than 50 percent ownership.
Posted in Disability Insurance, Key Man Insurance
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