Anyone who depends on a paycheck can benefit from the paycheck protection provided by individual disability insurance. You know it. Your clients probably know it, too. Nevertheless, you keep getting price objections.
It’s not just you. Everyone gets price objections. But if you keep losing sales over price objections, you might need to rethink how you frame the individual disability insurance conversation.
Why Price Objections Happen
The case for disability insurance is pretty clear. The Social Security Administration says that one in four of today’s 20-year-olds will experience a disability before reaching retirement age. Add the fact that the average monthly SSA disability benefit was only $1,234 in early 2019 – and most applicants get rejected for even that – it’s easy to see why individual disability insurance is a smart purchase.
But people still turn it down, often for the same reason some people might skip expensive medical tests or car maintenance. They know they should have it, but they don’t think they can afford it.
In reality, disability insurance can provide a good deal, and many people will find that they can’t afford NOT to have it. The following two strategies can help you demonstrate this.
Strategy One: Put the High-Low Method to Work
DI insurance presentations can involve a lot of numbers. How you present those numbers makes a difference. Sometimes, it could be the difference between sealing the deal and losing a sale.
The high-low sales method works by emphasizing the true value of disability insurance. Get an explanation of how to use the high-low strategy and start putting it to work for you.
Strategy Two: Give Them the Right Options
It’s true. Disability insurance can be expensive. But here’s the thing that a lot of people forget – there are many coverage options, and some of them cost more than others.
If your clients are working with a budget, you won’t be able to make a sale unless you find a way to work within that budget. You can do this by presenting the options that make the most sense for your clients.
For example, some professionals need disability insurance with an own-occupation definition. These policies tend to be more expensive, however, and not everyone needs them. If disability insurance with an any-occupation definition suits your client’s needs and budget, that’s what you should offer.
You can adjust the policy’s details, including the elimination period, the benefit period and the benefit amount. For example, some of your clients might need maximum income protection, but others might be happy with just enough to cover the mortgage. Use the Disability Insurance Quote Options Worksheet to give your clients the options they want. When they tell you they can’t afford coverage, ask what they can comfortably afford, and find the solution.
Finally – be sure to enlist the help of your DIS Sales Team. If you let us know your clients’ requirements and budget, we can help you find a policy they can afford. Request a quote today or email us for personalized assistance!