Simply by taking the time to review his existing client files, broker Bob wrote a 5-life DI case generating $8,320 first-year commission and vested renewals and more future business – all guaranteed issue with substantial discounts. The client was very pleased. So was he.
Want to replicate Bob’s success? Follow the simple strategy we will outline below to:
- Generate a significantly higher commission income (possibly replacing lost group health commissions)
- Increase the lifetime value and customer satisfaction of existing clients
- Resolve reverse discrimination issues within your clients’ benefit plans
- Protect your clients’ incomes – an essential foundation of financial planning
- Offer hassle-free, no medical underwriting and guaranteed issue solutions that you can update annually
I know what you’re thinking … All this sounds impossible. Trust me … it is not impossible, and it’s actually quite easy with Disability Insurance Services on your team.
In spite of the elimination in commissions by many product lines, many brokers are prospering by merely taking a new look at their existing clients. To help you, we have developed, refined and enhanced the Multi-Life Employer Executive or Top Tier Employee Income Protection Plan strategies.
Keep in mind that employers need your suggestions. They are being increasingly hurt by more regulations, higher administrative burdens, increased taxes, more employee HR costs and less ability to favor the best employees in their business – themselves and their key people.
Case in Point
The client:
- A small company with 25 employees
- Offers team group disability of 60% to $6,000/Month
- The top five owners/managers $135,000 to $250,000/year
- This means that the bottom 20 employees are all insured for a full 60% of their salary with the group plan, however the top five owners/managers are insured for an average of 40%, with the owner getting a paltry 29%, (not counting bonuses). This is nowhere near enough coverage, and a typical example of reverse discrimination in benefits.
The solution: An owner/manager only income protection plan in addition to the group plan:
- Highest quality individual disability income coverage with a top carrier
- Non-Can, Guaranteed Renewable, Own Occupation
- Could cover bonuses and 401k contributions
- Designed to supplement the group coverage, up to 70% of total income.
- Premiums discounted 25% and fully portable
- Guaranteed level premiums to age 65
- Guaranteed Standard Issue up to $6,000 per month benefit with no medical underwriting – just a census
- Benefits can be either taxable or tax-free, up to you and the employer
- Much higher quality coverage than the group benefits
- Option to also offer voluntary employee disability coverage that would increase the guarantee issue amount for the top managers.
The result:
- The Employer has a badly needed disability income plan exclusively for himself and his top employees
- You have a protected client and you’ve made $8,000+ this year and $1,000/year for the next 9 years plus services fees on business with very high persistency
Count on DIS to help you improve service to existing clients with this underused multi-life strategy. You’ll help employers eliminate reverse discrimination and protect their executives’ most important asset – their ability to earn an income. Multi-life works best with 5 executives or owners, but can be done with as little as 3 and up to 350 executives.
Ready to pursue this opportunity? Download our multi-life DI client flier for employers and our “DI Sales Multiply with Multi-Life” guide. Also, download this case study that outlines how a Vegas Casino used multi-life to protect its executive team. You can also contact us anytime – we love to collaborate!
