Selling Disability Insurance: Why and How
A person’s paycheck is often their most valuable asset. Unfortunately, many people are forced out of the workforce early due to illness and injury. Disability insurance is an important source protection against this risk. Also called DI, income protection and paycheck protection, this coverage replaces part of the insured’s income if they can’t work because of a disabling condition.
Why Sell DI?
First, brokers can earn an excellent commission, which can be as high as 70%. 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 Future Purchase Option rider, it’s even possible to earn a first-year commission on previous sales.
Important Disability Income Insurance Coverage for Your Clients
Selling disability insurance can also benefit 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.
Protect Your Career
There’s another reason to sell DI. Doing so may help you protect your insurance career.
Your clients count on your 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.
What to Expect from DIS
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.
Its simple. With DIS, you can sell more and earn more.
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.
How to Get Started
DIS works with both new insurance agents who are just getting started and established insurance professionals who want to expand into DI or streamline their sales process. We also work with agencies and IMOs. If you want to sell DI, we want to be