Paycheck protection is essential for anyone earning more than $50,000. However, those who earn between $50,000 and $100,000 annually may be budget sensitive. Recent data shows that 17.2 percent of American citizens earn an annual household income between $50,000 and $74,999, and 12.5 percent earn between $75,000 and $100,000.
The good news is that the budget-sensitive DI market is huge! The bad news is that prospects in this market won’t buy unless you can show them that the risk is real and that you can deliver an affordable product. In other words, it’s time to get creative and DIS is ready help! Always remember that giving clients some protection is a much better option that having them go without any protection at all.
Many business owners have partners or employees upon whom they rely. If one partner suffers a long-term disability, Disability Buy-Sell helps the other partner or partners buy them out. Key Person coverage provides payment to the business owner should disability prevent an essential employee from working. This helps the business recover from the financial loss that can result from the absence of a key worker as well as the cost of recruiting new talent.
This individual disability insurance market includes a wide range of occupations, such as blue-collar trades, businesspeople, dental hygienists, physical therapists and the list goes on. It also includes younger workers and millennials who are just getting established in their careers.
Look for prospects who:
- Have invested in their education, skills or earning power either in college or at a trade school
- Are reliant on their paychecks
- Have responsibilities (such as spouses, kids, mortgages or student loan debt