You’re a disability insurance pro – but are you selling like a pro? Finding leads can be a constant challenge, but the biggest obstacle really comes from sealing the deal. Use these tips to reach the big leagues.
Make the right comparisons.
Leave the latte comparisons in the minor leagues. Lattes and insurance have nothing in common, so talking about the daily cost of a cup doesn’t prove much. The right comparisons can be very helpful, however. According to Psychology Today, studies have shown that comparisons are an important part of explanation and learning.
The goal is to help people understand what they’re getting for their premium dollars. Most people understand the value of insurance – they just might not understand the value of disability insurance. A couple of comparisons can help.
Start by comparing the highest denomination value to the lowest denomination price. For disability insurance, this means looking at the lifetime value of coverage (highest denomination value) to the daily cost (lowest denomination price).
- The lifetime value of coverage is the annual payment limit multiplied by the number of years of potential benefits, which could be until the client reaches 65.
- The daily cost in the annual premium divided by 365.
Because the lifetime value is so high, this makes for a great comparison. It looks even better when compared to auto insurance, which has a relatively low lifetime value but is generally considered essential.
Show compelling visuals.
Every pro knows an image is worth a thousand words. According to 3M, visual aids can improve learning by up to 400 percent, and people process visual information 60,000 times faster than text. When you’re trying to explain something as complex as disability insurance, a visual aid can make things easier.
With the right charts and infographics, statistical information becomes much easier to digest. This comes in handy when you’re trying to show the odds of disability or the income gap left when a regular paycheck stops.
Prevent defaults to inaction.
When people are uncertain of the best course of action, they often default to inaction. This means that prospects who aren’t sure whether they should purchase disability insurance may decide not to get it simply because this is the path of least resistance.
Change this with the pro strategy of risk reversal. When your clients decline disability insurance, have them sign a waiver of liability. This accomplishes a couple of things. First, it protects you from future claims of errors and omissions. Second, it shows your clients how important disability insurance. Instead of being able to do nothing or put off making a decision, turning coverage down now requires an actual action, and this will make them think twice.
Be prepared.
As a kid, you got in trouble if you showed up for class without your homework. As a professional, the stakes are even higher – and you can’t blame your dog when things go wrong.
Don’t go to a presentation or client meeting without doing your homework first. Be prepared with the right knowledge, materials, strategies and scripts.
Have someone in your corner.
The most successful disability insurance pros have the right support. DIS is your partner for disability insurance. See how we can help you.
Our most popular sales script, The Wealth Preservation Plan, includes a chart for making comparisons and a Waiver of Liability Template. Our Stat Pack Infographic and our Medical Bills infographic provide compelling visual support.
