During health benefits open enrollment, employees are more than happy to select what they need off the menu of employer-sponsored benefits — especially when the employer is picking up the tab. However, with the overall impact of health care reform still uncertain, more employers are tightening their health care budgets and trimming benefit offerings.
Unfortunately, some employers will consider disability insurance an “extra” or “optional” coverage. However, the good news is that with more employers having to shift the cost of DI and life benefits to their employees, DI agents have a unique opportunity to fill a gap by offering DI insurance at the worksite.
Key Opportunities For Producers
First, understand that with all the changes in healthcare, employers are more receptive to being able to enhance an employee’s existing benefits. What this means for producers is that they’re less likely to encounter resistance when prospecting at worksites, enabling them to push past the gatekeepers and set up company time to offer disability insurance.
Second, it gives producers an opportunity to educate. An employee study of 1,200 employees from the Consumer Federation of America and Unum, found that only 13 percent of all employees surveyed said they actually knew what disability insurance covered, and nine out of ten said they’d like to have a disability policy, even if it meant paying for it out of their own pockets. With those statistics, having a group of employees together in a single location and educating them on paycheck protection while they’re at work not only solidifies the need for coverage, but presents the opportunity for multiple sales and healthy renewals.
Six DI Worksite Strategies
- Don’t wait until fall to start exploring the possibilities. Many HR teams are already planning for fall open enrollment. Get paycheck protection on their agendas now.
- If possible, schedule your presentation to coincide with the company’s open enrollment period. You can present after the company’s main benefit meeting, then have individuals sign-up for one-on-one consultation times. Consider offering appointments one or two additional days the following week as well for greater accessibility.
- Create additional DI informational packets so HR can provide them to employees who were not able to attend the meeting. Be sure that your contact information is easy to locate and make a note of the times you’ll be available to meet.
- At work, employees have limited time to meet with you, so make sure that you’re ready to quote rates, discuss payment options, and take applications on the spot. Being unprepared will cost you sales.
- Prospects will think of additional questions after their appointments. Consider leaving a Frequently Asked Questions handout with your contact information so they can easily reach you later.
- Ask permission to follow up with employees who show interest but are not yet ready to buy. Offer to meet them again at work, your office, or even at their homes.
With health care reform change, comes opportunity. Now is the time to get out there and fill the supplemental disability insurance gap!
