Are you keeping your clients’ disability insurance policies up to date? Besides offering good service to your existing clients, this is a great opportunity to increase your sales! Here are several ways to make it pay to schedule those follow up appointments with your clients every year.
- Check the policy for modifications. Many DI policies are issued with modifications or exclusions. Normally when this is done, the carrier will give a time frame for reconsideration of the exclusion or modification. For example, if the client’s policy is issued with a back exclusion, the carrier may review that exclusion after two years, assuming no further back issues. Other modifications can often be reviewed as well. If riders were removed or the benefit duration was shortened, they can be often be reviewed and added back onto the policy. Even if the client still has the health issue that caused the original modifications, have DIS take a look! Underwriting outcomes for certain types of health issues can improve over time. Agents who work to improve the client’s existing policy frequently end up adding coverage or benefits resulting in higher commissions!
- Contact DIS for current carrier and product information. All the carriers are frequently making improvements and changes to their products from occupation class improvements to issue limits and discounts. A simple change form to reconsider an occupation class can end up saving a client thousands! Clients whose benefits were maxed out previously may now qualify for additional benefits.
- Take another look at DI for clients who have been declined for coverage. Have you had clients declined for owning a new business, working less than 30 hours a week, health issues, or their high-risk occupation? Those clients can now very likely qualify for individual DI coverage.
- Continue to build on multi-life cases. Once a multi-life discount has been established with an employer (normally only requires three clients with a common employer), it is available to all employees! Many agents establish a multi-life policy for executives or the highly compensated employees, but the other employees are never offered that discount! Even if the mode of billing is different (billed directly as opposed to employer pay) the discount can still be used by general office workers, nurses, and any other employees! Also, don’t forget to go back and offer the discounted pricing to new employees to the company and make sure the benefits on the in force multi-life policies are keeping pace with increases in salaries and bonuses! There are several marketing pieces available from the specific carrier that can be printed to include your contact information with information about the available discounts.
- Offer additional products. Does the client have individual paycheck protection? Great! But what about their business? Have they thought about how they would keep the business going if they were disabled and unable to work? A business overhead expense (BOE) plan or buy sell might be a great fit for your self-employed clients!
These steps may just seem like common sense but you would be surprised how infrequently they are actually completed! Attracting new clients and new business is often the main focus, but it definitely pays to offer fantastic service to your existing client base. They have committed to work with you before and are much more likely to do so again. DIS is always willing and able to assist you in providing the best service and coverage to your clients. Let us help you get the best possible solutions for your clients. And remember … many competing agents don’t provide this enhanced level of service, leaving the door open for you to provide better value and take their clients!
Need additional advice or coaching? Contact me anytime. Also, make sure to subscribe to the DI Blog in the top right corner of this page and download our latest client handout, “Insurance for Every Life Phase.”