disability insurance sales

We all have a few regrets.

If I had studied harder, I might have been an aerospace engineer.

If I had known the market was crashing, I wouldn’t have bought my house at the peak.

If I had realized the reward of selling disability insurance, I would have started selling it sooner.

Yes, for many senior brokers, disability insurance is a “wish I had” kind of topic because it’s a product that enjoys very high renewal and persistency rates. Once you break into it, your income can skyrocket – and you’ll wonder why it took you so long to dive into disability insurance sales.

Do you routinely offer disability insurance to your clients?  Whether you’re a DI broker, an employee benefits broker or a PC broker, it’s smart to add disability insurance to your solution kit.

Disability insurance is a natural sell, both as a stand-alone coverage and as a supplement to group long-term disability policies. If you’re already talking to HR professionals and business owners about benefits, make sure your conversation includes income protection strategies. By offering DI in addition to your other lines, you can build client loyalty, stay competitive and become more profitable.

Below are a SIX MORE REASONS you should start selling DI – before it becomes the opportunity that got away:

  1. Income. Brokers who sell disability insurance enjoy generous commission rates, up to 70%. That means if you sell two “professional” cases each month at $4,500, your annual income could be $75,600 or $891,000 over a 10-year period. And with the highest renewal rate in the industry – between 5% and 15% – those commission dollars really add up.
  2. Client Retention. If your clients determine that they need disability insurance in addition to the products you’ve already sold them, but you don’t offer disability insurance, they’ll need to go elsewhere to get coverage. When that happens, another broker gets their foot in the door, and you could end up losing the client completely. Cross-selling disability insurance is a good client retention strategy.
  3. Easy Underwriting. Both clients and brokers sometimes shy away from disability insurance because they are intimidated by the underwriting process. Selling disability insurance is easier than it used to be with many guaranteed standard issue (GSI) and simplified underwriting options. In many cases, there’s no medical underwriting involved.
  4. Differentiation. We’ve already covered how not offering disability insurance could cause you to lose clients. Well, the opposite is also true. By becoming a disability insurance expert, you can differentiate yourself from other brokers and establish yourself as a convenient one-stop resource.
  5. Career Protection. Have you ever thought about what might happen if one of your clients experiences a disability and doesn’t have the right coverage in place? As a trusted insurance expert, your clients trust you to advise them on the coverage types they need. If you don’t help your clients secure disability insurance, your reputation could be tarnished. That’s why we recommend offering DI coverage and having clients sign a waiver of liability form if they reject coverage.
  6. Support. Don’t believe the myth that disability insurance is too complicated. With our robust educational resources, automated quoting tools and comprehensive personal support, you’ll be comfortable with DI in no time at all!

Stop and think about that income point above. If you let the DI opportunity “get away,” you could be saying good-bye to $891,000 over a 10-year period. Plus you’ll have missed the opportunity to help your clients protect their most important asset – the paycheck.

Don’t wait another day. Download our free DI Broker Opportunity Kit and get on the fast track to the “so glad I figured this out now” feeling.