Cross-Selling Disability Insurance
Want to grow your book, earn more commissions and offer your clients better service? If you’re selling life insurance or employee benefits but you’re not cross-selling disability insurance, you’re missing out on lucrative opportunities and leaving your clients exposed to income loss. With our cross-selling support, you can easily add disability insurance to your lineup. You’ll be protecting your clients’ income while boosting your own.
How Much More Could You Be Earning?
A typical disability insurance sale offers a first-year commission of 50% with additional commissions in subsequent years – and individual disability insurance has an average persistency rate of more than 12 years!
By cross-selling disability insurance, you can supersize your income.
Brokers specializing in employee benefits can also boost their earning by selling multi-life and guaranteed standard issue disability insurance products. Employers need cost-effective ways to retain talent. When you provide disability insurance solutions, you can increase your commissions and earn the loyalty of your clients.
Why Sell DI?
Lucrative Commissions
- Finding new clients is hard work. Taking care of your current clients is the smarter, easier way to boost your commissions. Disability insurance sales are especially lucrative because the high renewal rate means that you can keep earning after you’ve sealed the deal, and with the Benefit Increase rider, it’s even possible to earn a first-year commission on previous sales.
Asset Protection for Your Clients
- When people buy a house, have a child, or dream of retirement, they often forget to factor in how the high odds of disability can derail their plans. The CDC says that 61 million adults in the United States have a disability, and the Social Security Administration (SSA) says that one in four 20-year-olds will experience disability before reaching retirement age. Many people don’t qualify for SSA disability benefits and if they do, the benefits are very modest.
- Disability insurance provides important income protection. If the policyholder can’t work because of an injury or illness, DI payments can help them stay afloat, keep their homes, and focus on their health, Some employers provide long-term disability insurance benefits, but your clients may still be interested in supplementing coverage with an individual disability insurance policy, which can provide higher benefit amounts and portable coverage.
Fiduciary Responsibility
- There’s another reason to cross-sell DI. Doing so may help you protect your insurance career. Your clients count on you for insurance advice. If you don’t offer disability insurance and one of your clients experiences a disability that prevents them from working, you could be blamed for failing to offer coverage. You might even run the risk of being hit with an errors and omission lawsuit. By offering disability insurance, you’re giving your clients access to important coverage while protecting your own reputation.
Establishing the Need for Disability Insurance
- To be successful in selling disability insurance, you need to show prospects why they should spend money on paycheck protection.
1. Ask questions.
- Encourage your clients and prospects to think about what disability insurance means for them by asking thought-provoking questions, such as:
- • How long would your savings last if you couldn’t earn a paycheck due to an injury or illness?
- • How would losing your paycheck impact your lifestyle? What costs would you have to cut?
- • How would losing your paycheck impact your future? Could you afford your dream retirement or your children’s education?
2. Share compelling statistics.
- Many people believe that disability could never impact them. However, many of the top causes of disability – such as back pain, heart disease, and cancer – are incredibly common, and no one is immune. You can raise awareness of the importance of disability insurance by sharing statistics on disability.
3. Tell compelling stories.
- Although statistics make a compelling case for paycheck protection, individual stories can create a stronger emotional connection, and that can help you make more disability insurance sales. Share case studies and real-life stories of people who experienced disability and depended on disability insurance to make ends meet.
4. Encourage action.
- When presented with the facts, many people recognize the need for disability insurance, but they may not feel a sense of urgency. As a result, many disability insurance sales are lost to procrastination. To make more disability insurance sales, you need to show why now is the best time to buy – i.e., because you never know when disability will strike, and rates will only increase as a person ages and experiences more health challenges.
- If selling disability insurance sounds like a lot of work, don’t worry. DIS has the resources and support you need to succeed in disability insurance sales.
What to Expect from DIS
If you’ve avoided disability insurance in the past because you weren’t sure how to sell it, you can relax. DIS has got you covered. With DIS you’ll be supported by the best and brightest in the industry. You can count on us for access to top carrier markets, fast quotes, free sales coaching, back office support, case design and advocacy and an impressive library of educational pieces and sales tools. These differences can make a big difference in your bottom line. In the disability insurance industry as a whole, only about 10% of quoted DI policies are placed in force. DIS agents place 25% of quoted policies in force. It’s simple. With DIS, you can sell more and earn more.
The DI Industry
10%
1 out of 10 quotes become policies. that means you get paid for 1 out of 10 submissions.
DIS
25%
1 out of 4 quotes become policies. that means your commission potential is more than doubled with DIS.
The Tools You Need
Expanding into a new insurance product can be intimidating, but it doesn’t have to be difficult. We offer an effective sales script, a quote engine, worksheets, client handouts, videos, training and more. You don’t have to reinvent the wheel and you enjoy instant access to proven strategies and techniques so you can reach the next level faster. Best of all we offer free sales coaching and co-selling so you can advance confidently.
Start Selling DI in Four Simple Steps
There’s no reason to wait. You can request quotes without having to go through the process of getting contracted first. We will prepare a quote and route it to you and then you can present it to your client
If your client wants to move forward with the quote, the next step is to get contracted. Our contracting team will walk you through the process.
Meanwhile, your client will need to complete the application for insurance. Before it’s submitted to the carrier, DIS will review the application to make sure it’s in good shape. If we notice any potential issues, we’ll work with you to address them.
DIS will serve as an advocate between you and the carrier. Once the underwriter approves the application, you can notify your client.
