As a financial professional, you know your clients should have paycheck protection. You understand that the risk of disability is high and that most people are financially unprepared to sustain their lifestyles if they are unable to work.
You don’t want to leave your clients exposed to the risk of disability, but you just haven’t found a way to work disability insurance into your practice. Does this sound familiar? If so, here are four ideas to make it happen.
One of the easiest and fastest ways to offer disability insurance to current clients is through a co-selling arrangement. As the trusted advisor, you introduce the importance of disability insurance to your client and suggest a follow-up conversation with your DI expert. Your DIS partner will work with your client to design an affordable disability policy that reduces the financial impact of an income-interrupting disability. We are always mindful that the client is yours. When we close the sale, you will receive part of the commission. Everyone wins. You continue to focus on your specialization, while ensuring your client is protected. Learn more about our co-selling service.
2. Start with a niche
Maybe you prefer to deal directly with your clients. Kickstart your DI career by focusing on a specific industry. At some level, just about all industries are candidates for disability insurance. Rather than dive in to the general market, focus on a specific industry, perhaps one that is common within your current clients. For example, your client list may have several physicians, dentists, or business owners. Each of these are favorable disability insurance prospects. Download Choose the Perfect Disability Prospect for advice about industries that may be good fit. We have several tools to support your niche marketing efforts including our Doctors Coverage Checklist, the Dentists Coverage Checklist and the Business Owners Coverage Checklist.
3. Go voluntary
Voluntary employee benefits, sold in the workplace, is one of the most successful ways to enter the DI market for several reasons. Employers are aware of the precarious financial position of many employees. Adding voluntary disability insurance gives the employer the opportunity to address the issue with employees without adding to their benefit expense. Employers may also be interested in supplementing an existing group insurance program for the more highly compensated employers. A guaranteed issue disability program is designed for just this situation. Underwriting is much easier; enrollment and administration is easy and produce compensation is very attractive in part due to the number of policies sold. Check out our new Guaranteed Standard Issue Guide for details.
4. Recruit a new agent
Disability insurance can be an attractive income stream. An agency owner looking to expand services to clients should consider asking a junior producer to develop some expertise in disability insurance. DIS has two tools to help a new producer get started. DI Marketing Boot Camp proves a step-by-step plan for marketing disability insurance, and our DI Crash Course is a quick read primer in the terminology and concepts of DI.
Choose any of these approached to disability insurance and DIS will be there to support your efforts at every turn. The tools suggested here are just a few of the ways we can help you get up to speed with DI. Call us today to get started.