If you’re not offering income protection insurance quotes, you may be missing out on some of your easiest commissions. You may also be leaving your clients unprotected.
Most people wouldn’t be able to make ends meet for long without a regular paycheck. Income protection insurance (also called disability insurance) protects people against the financial impact of an illness or injury. It’s an important element of any financial plan. Securing income protection insurance quotes is often one of the first steps people take when looking for disability insurance coverage options. Financial planners and insurance brokers who offer an easy income protection quote process are in a good position to win more business and help more people secure the coverage they need.
Easy Insurance Quotes Have Become the Norm
The internet has changed the way people shop for insurance. When they want to buy auto insurance, they can go online to get quotes and compare costs. When people who lack job-based coverage want to buy health insurance, they might go to the online Marketplace to buy coverage. People also frequently purchase, or at least research, products like life and disability insurance online.
A poll from LIMRA found that 41% of Boomers, 42% of Gen Xers, 46% of Millennials, and 49% of Gen Zers like to research online and then buy from an insurance agent or other financial professional in person. Additionally, 17% of Gen Zers say they would research and purchase entirely online.
These stats are eye opening. The insurance purchasing process frequently starts online and sometimes stays online. If you’re not providing online tools to help modern consumers research and purchase coverage, you’re losing out on a huge share of the market.
The online market will likely continue to grow. Gen Zers show the greatest preference to online shopping for insurance, and this generation is growing up fast. LIMRA says more than half of Gen Zers have reached adulthood, with the oldest members turning 27 in 2024. As Gen Zers launch their careers and start families, they’ll need income protection insurance. Many of them will look for quotes online.
How Do Quotes for Income Protection Insurance Work?
There are two basic ways to provide quotes to prospects.
In the first, you meet with prospects to learn about their coverage needs and budget. Then, you obtain several quotes and present your prospects with the options. This is ideal because you can craft quotes that are perfectly suited for the individual. Learn more information about building irresistible quotes.
In the second, consumers request a quote on their own. This may not be your preferred method because you can’t learn about prospects before crafting a quote. However, since many people prefer the DIY method of insurance research, especially early on in the process, some consumers insist on doing it this way. Here’s how it works:
- The consumer clicks a button on your website or in your email signature and follows the instructions to provide all the information required for the quote.
- Once the consumer has submitted the online form, the information is processed and the quotes are prepared.
- As the insurance broker, you receive quotes to present to the consumer. If the consumer is interested in pursuing one of the quotes, you can move forward.
Either way, when you present quotes to a prospect, it’s smart to take time to explain differences in coverage. Otherwise, consumers might think the cheapest option is always the best, even if one of the slightly more expensive quotes provides much better value. Learn more about best practices when providing disability insurance quotes.
How Offering Income Protection Insurance Quotes Improves Your Sales Funnel
Converting a lead to a client tends to require multiple touchpoints. When selling disability insurance, one of the most critical touchpoints is often the quote.
To see why online quotes are so critical, consider the following scenario. A woman named Karen sees one your posts about disability insurance on her social media feed. Intrigued, she clicks the link to your website to learn more. She reads some of the information about income protection on your site and wonders if she should buy disability insurance. From here, things could play out in one of two ways.
- One – The only way to learn more is to send an email or make a phone call to request an appointment. Karen doesn’t feel ready for an appointment and is unsure when she could fit one into her busy schedule. She decides she’ll think about coverage for a while and make an appointment when she’s less busy. Unfortunately, she ends up forgetting about your website and never returns.
- Two – Your website includes a way to get a quote. As Karen wants to see what types of coverage she could get and what the costs would be, she completes the form to get a quote. The next day, the agent responds with the quote. Karen is pleasantly surprised with the options available and decides to move forward with buying income protection insurance.
This demonstrates just one of the many ways offering income protection insurance quotes improves your sales funnel. The following examples demonstrate some other ways offering online income protection insurance quotes may help you build your business:
- Someone who is interested in buying disability insurance may specifically search online for a quote. If you offer easy quotes, you can win that person’s business. If you don’t offer easy quotes, you’ll lose the sale to an agent who does.
- Offering quotes is a good way to establish a connection. Someone who requests an online quote may not be ready to buy. However, now you’ve provided a quote, you have that person’s contact information and have established yourself as a resource. The prospect may reach out to you later. Plus, you can reach out periodically to follow up.
- Providing disability insurance quotes helps you cross-sell. You could include an offer for disability insurance quotes in your email signature. Every time you communicate with your clients, you’ll remind them of the need for disability insurance.
How Much Income Protection Coverage Do Prospects Need?
When comparing income protection insurance quotes, it’s important to consider how much coverage a prospect needs.
Most people are already used to doing this with other types of insurance. For example, auto insurance that provides the minimum liability coverage required in your state will be a lot less expensive than full auto insurance that includes comprehensive and collision coverage as well as uninsured motorist insurance. Likewise, a high-deductible health insurance plan will cost less than a plan with low deductibles, but you could end up paying more out of pocket.
Income protection insurance also has different levels. Some people want barebones mortgage protection insurance to avoid losing their homes due to a disability. Other people want more robust long-term income protection that provides them with the monthly income they need to maintain their lifestyles. When comparing quotes, you’ll need to consider the following:
- Definition of Disability – Policies have different ways of defining disability. An own-occupation definition of disability provides benefits if the insured can’t perform the duties of his or her regular profession due to disability, whereas an any-occupation definition of disability only provides benefits if the insured can’t work in any suitable profession.
- Elimination Period – This is the amount of time a policyholder needs to wait before receiving monthly benefits. A shorter elimination period may be desirable, but it may raise the monthly premium.
- Benefit Period – This is the maximum period of time a person will receive income protection payments.
- Benefit Amount – The maximum monthly payment is typically a percentage of the person’s pre-disability income, subject to a monthly cap.
- Riders – Many income protection insurance companies offer riders that provide additional benefits. Riders create a stronger financial safety net but also increase the total income protection insurance cost.
Learn more about how to compare disability insurance quotes and what to look for.
Do You have a Disability Insurance Quote Engine Yet?
The DIS Disability Insurance quote engine is easy to use and free to install. Since it doesn’t include any DIS branding, it blends in seamlessly with your own branding when you add it to your website or email signature. Download it today.
