di done right IT pros

market snapshot

Looking for a new segment for disability insurance marketing? The facts make a strong case for concentrating on the IT industry. It is one of, if not the largest, industries in the nation today. According to the latest data from the Bureau of Labor, the entire U.S. labor force is 62.9 million. Of that, more than 11.5 million people work either for an IT organization (6.1 million) or are engaged in an IT occupation in other industries (5.4 million), making the IT industry accountable for more than 18 percent of the workforce. Of the 388,000 IT businesses operating in 2016, 97.8 percent have less than 100 employees.

opportunity overview

There are two paths to take when prospecting this industry—one is to approach IT companies, that specialize in delivering an IT service. The second is to target individuals working in IT occupations employed by non-IT businesses. Either way, LinkedIn tools and filters are very helpful to identify businesses and individuals in the IT industry in your community.

Bring your prospect an affordable solution to this problem by proposing a voluntary or employer-paid individual disability plan to help firms shift the focus of salary levels to robust benefit packages without increasing expenses. IT professionals are often well-compensated. Typical group LTD plans covering only 60 to 66 percent of salary, and benefits are taxed, leaving a critical gap in replaced income. A guaranteed standard issue plan offering benefit levels of 70 to 80 percent of the salary closes that gap, simplifies the implementation and increases enrollment numbers.

Selling individual disability insurance plans to supplement work-sponsored plans or selling business owner plans to IT firm owners are also smart choices.

Start by creating an awareness of the likelihood of incurring a disability and the potential impact to the household budget. Our worksheet, What is the Right Age to Buy Individual Disability Insurance?, can assist with the conversation, helping the client evaluate the major considerations, such as earning potential, risk factors, and impact of lost income.

Many IT professionals have earned bachelor’s degrees and incurred student loan debt, a top financial concern of 30-somethings. Responding to the market, carriers have added student loan repayment options to individual disability products making IDI especially attractive to this age group.​

disability insurance