Everyone likes to feel like they are getting a great buy- especially on disability insurance. Are you aware of the significant cost savings that are available with discounts on disability insurance? Take a look at the cost savings available for this client by taking advantage of multi-life discounts!
- Client Profile: A 45 year old female pediatrician.
- Plan Design: A policy for $5,000/mo. benefit with a 90 day elimination period and benefits to age 65, residual, non-cancellable, and own occupation.
- Annual Premium: $3,126.60
- Annual Premium with a multi-life discount: $1,914.85
Yes, it’s the exact same plan design, but the multi-life version costs $1,200 less! I know what you are thinking … the cost savings is a great selling tool, but trying to get three doctors to sign up for a disability policy with the same carrier all at the same time is just about impossible. However, I have good news! With this particular carrier, you have an entire year to get the three clients required for a multi-life discount to apply for coverage. Once the third policy is put in force, they will go back and add the discount to all of the policies that have already been issued, back to the original effective date. Wow!
And, there is still MORE good news. You don’t have to solely focus on clients with the same occupation. The multi-life discount could be added for this pediatrician with a nurse and office manager applying for coverage- they just need to have the same employer. And it would not have to be billed or managed through the physician practice, all three policies can be billed and paid individually. Some carriers, under certain circumstances, will even offer a multi-life discount with just two clients applying.
A multi-life case is the most commonly available discount, but do you know about all of the discounts available out there for DI products?
- Business owner discounts
- Multi-policy discounts: encourage clients to protect their individual income as well as their business
- Discounts to AMA members
- An association discount to any member of a professional association within certain occupation classes
- List bill discounts