Are you worried about your financial stability? Guess what – your clients are, too. By offering disability insurance, you can get the additional revenue stream you need, and your clients can get the paycheck protection they need.
Offering disability insurance alongside other products provides many advantages, including:
- Automatic raises: If you add a future purchase option (FPO) rider to disability insurance policies, clients can increase coverage levels every year without additional underwriting. When your client exercises the future purchase option, you receive a full 50% commission in the first year of increased premium. If 25% of your DI clients take advantage of the future purchase option each year, you’ve uncovered an unbeatable income formula!
- A lucrative revenue stream: Commission is up to 70% with the highest renewal rate in the industry, between 5 and 15%
- A recession-resistant product: In tough economic times, many consumers realize that paycheck protection is more important than ever.
Getting Started Isn’t Hard with the Right Support
When it comes to preparing a disability insurance quote, many experienced agents feel tentative. It’s not something they do often, so they’re uncomfortable and fearful that they won’t be capable of answering questions. That’s natural. DI discomfort isn’t a barrier — it’s an opportunity to stand out in an underserved niche. Most agents avoid uncomfortable situations and therefore don’t offer a disability insurance quote. This makes it easier for you to rise to the top.
All you really need to know is how to start the paycheck protection conversation, ask some thought-provoking questions, and gather information. After that, the experts at Disability Insurance Services can figure out the disability insurance quote details – like the best case design, the best carriers and how to fit within the client’s budget parameters.
Where to Find A Ready-to-Buy Audience
A large percentage of your existing clients are ready and willing to purchase disability insurance — you just have to ask the right questions. Here’s how:
First, go through your files and make six lists:
- Clients who do not have DI
- Clients who were previously uninsurable
- Clients who purchased DI from you in the past
- Clients who purchased DI from someone else in the past
- Clients who have declined DI because they have an employer-provided plan
- Clients who own businesses or professional firms
Once you have your lists complete, the action plan is easy.
If a client doesn’t have any disability insurance, contact them right away. Explain that as an insurance advisor, you would be remiss if you didn’t provide a disability insurance quote to protect their most important asset — the paycheck. You can start the conversation by emailing the Top Five Reasons for Disability Insurance handout and then follow up with a phone call. At your appointment, use our tried-and-proven disability insurance sales script.
If a client was previously uninsurable, ask permission to take another look. New products may have entered the market since your last attempt. DIS has relationships with multiple carriers, including high-risk occupation carriers, and we can usually help you find a solution.
If a client already purchased DI from you, explain that it would be smart to review the old policy to determine if better options are now available to improve coverage provisions or rates. Get a copy of the existing policy and partner with Disability Insurance Services to build a solid plan.
If a client purchased DI from someone else, explain that you may be able to improve the provisions or rates based on recent changes in paycheck protection. Get a copy of the existing policy and partner with DIS to explore the new possibilities.
If a client has employer-provided group disability insurance, say, “You should feel proud to be working for a company that cares about its employees so much. Your disability income plan probably covers 60% of your income, right?” When the client agrees, say, “Well, let me ask you a question… do you know when 60% does not equal 60%?” The client will ask, “When?” Then you’ll say, “When it’s an employer-provided plan. Employers deduct the cost of disability insurance premiums from their taxes and because of that, your DI benefits are taxable. Therefore, instead of 60%, your net benefit amount will be around 42%. Can you maintain your lifestyle on 42% of your income? If not, it’s smart to consider a supplemental disability insurance policy.” Get details about the existing coverage and partner with DIS to build a smart supplemental plan.
If a client owns a business or a professional firm, he or she has unique income protection needs. Ask us about how to prepare a quote for a business overhead expense policy, a buy-sell policy or key person insurance.
Take a look at your own situation. Is your paycheck protected? If your spouse works outside the home, does he or she have an individual disability insurance policy? If your spouse stays at home, does he or she have a critical illness insurance policy? It’s much easier to sell DI with conviction if you believe in the product enough to buy it yourself.
There’s never been a better time.
There’s never been a better time to offer a disability insurance quote than right now. Consumers and business owners have all seen friends struggling in the difficult economy and are acutely aware of the need for paycheck protection.
Why not let a disability insurance quote change the course of your career? Get started today with the DIS Quote Engine.
