If you’re looking for a disability market that is both lucrative and under-penetrated, consider the corporate executive market. Many of the nation’s millions of small to mid-size businesses offer employees no disability income protection whatsoever. And, of those that do, the coverage is often inadequate, particularly for middle- and upper-management.
As a result, numerous opportunities exist in the corporate executive market — opportunities that you can take advantage of through creative, expert plan design. A good disability insurance plan design is one that is custom-tailored to fit the unique needs of your client company. Usually, it will include a blend of group and individual features that provide the most coverage at the best price. Such “combination plans” emphasize the strengths of group long term disability insurance and individual disability insurance while minimizing the drawbacks of each, and are excellent door openers in the corporate executive market.
To begin, approach prospective employers with questions: What are their problems? What do they want to accomplish? How much coverage would they like to provide? Do they want upper-level executives to have more favorable treatment than others? How much money are they willing to spend?
Questions help clients clarify their needs and enable you to explain many of the options that are available. Often, you will need to take an educational role. Group insurance is the only disability product that’s been introduced to many employers. The concepts of combination disability insurance plans, underwriting concessions, and discounting are new to them.
Combination plans are especially attractive because of their flexibility. They can be structured to meet a variety of needs, thereby giving employers great control over their benefit programs.
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