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Topics in Disability Income
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Understand the Difference between Long-Term Care and Disability Insurance
Clients can become easily confused when a financial advisor starts talking about insurance options. This is especially true when explaining the differences between long-term care insurance and disability insurance. There are some important distinctions you can help clients to understand.
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Multiply Your DI Sales with Multi-life!
There is a strong trend in the industry towards selling groups of policies in one setting, rather than selling single policies one by one. This trend makes good business sense for carriers, who benefit from the high quality business generally associated with multi-life sales. It also makes good sense for you, in terms of improved persistency, higher commissions, and add-on sales as new employees enroll in the program.
As with any profitable venture, learning to make the multilifesale takes some effort. You may need to rethink yourentire sales presentation, from start to finish. To get started, keep in mind that there are many variations on the multi-lifesale, including association endorsements, employersponsorships, and guaranteed issue plans.
One of the most effective approaches, appropriate in awide variety of situations, is the combination sale, whichblends group long term disability with individual non-can tocreate an insurance plan that is customized for the specificneeds of your clients. The objective is to create a costeffectivepackage that maximizes the benefits and minimizesthe limitations. The right combination provides portabilityand flexibility for key employees and simplicity andeconomy for other employees. The first and mostimportant step to creating the right plan is to get your clientinvolved.
Client involvement gives clients ownership in the program,which makes it difficult for competitors to come in andcriticize the work that’s been done. In addition, clients areoften reluctant to take apart an insurance plan that they’vepurchased as a package. Best of all, when clients share inthe responsibility for creating their plan, you can be sureyou are delivering what they really want.
The key to getting the client involved in the plan designprocess is to identify the needs. It is crucial to ask questionsand to listen to what your client is telling you. Listening laysthe foundation for identifying the needs and designing theappropriate plan. You can add on benefits andunderwriting concessions as the case develops, but youmust first lay a strong foundation by understanding whatyour client really wants. Otherwise you risk losing your saleto a competitor who listens better.
Another important aspect of client involvement is to becertain that you know with whom you’re dealing. Toomany sales fall by the wayside because the agent couldn’tget past the gatekeepers. Don’t spend your time withpeople who don’t make decisions. You have to get theowner or key decision-maker involved early on.
Another way to get clients involved in plan design is toeducate them. Many clients can’t identify what they wantbecause they don’t know what is available. Don’t assumethat your clients are clear about the benefits and limitationsof their current coverage, or of the ways their coverage canbe upgraded. Approach them with the attitude that you’regoing to educate them and help them develop a programthat works in their best interest.
Once they understand the fundamental concept of acombination plan, many employers are anxious to upgradecoverage for key employees. As companies stressproductivity and streamline their processes, they take acloser look at who is key, whom they need to keep. Andthey’re more willing to do some extra things to tie valuableemployees closerOf course, in order to educate the client about what’savailable and how different combination plans work, youmust have a thorough understanding of the products andprograms. Take the time to educate yourself beforehand.
Work with reps who know and understand both groupand individual products and work with a good carrier —one who will work with you before you discuss plans withyour clients to help you develop the best possiblecombination plan.The right combination plan can be developed only afteryou understand the unique make-up and requirements ofyour client and then match those with appropriate benefitsand underwriting concessions. Then make sure you deliverthe proposed plan in a format that is attractive and easy tounderstand.
By working closely with your client and your carrier, youcan create an insurance plan that provides the best possibleprotection for your client at the best possible price —watch your DI multi-life sales multiply!
JUMP-START your DI sales today!
Call Robert Ridgway at (800) 359 - 5102 x 342
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Disability Income Quote Request Sheets and Underwriting Information
Individual DI Quote Request Sheet
Standard Occ Class and Income Documentation Requirements
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Business Overhead Expense DI: A Must-Have for Small Business
How to explain the product:
A Business Overhead Expense (BOE) policy pays overhead expenses if an insured business owner or employee becomes disabled. The policy is typically short-term, from 12 to 24 months, and is designed to keep the business running until the insured recovers from a disability.
BOE policies typically cover rent, interest payments on some types of debt, utilities, salaries, office equipment expenses and maintenance, both payroll and property taxes, professional membership dues and subscriptions, accounting fees and insurance premiums for employees. In some cases, BOE policies also cover the salary on any temps hired to do the job of the disabled person.
BOE policies typically do not cover income taxes or the cost of inventory.
How to explain the need:
Stop and think. How long could your business sustain itself if you were unable to work? For many small business owners, the answer is “not long.” That’s why BOE disability insurance is a must for anyone who owns a small business or whose business relies on a few revenue producers. In the event of an unexpected injury or illness, a BOE policy can be the difference between sustaining an operating business and sliding into bankruptcy.
Your small business is the culmination of your hopes, dreams and countless hours of hard work. You may even aspire to pass your business on to future generations. Don’t let your dream deteriorate due to an unexpected disability. Be ready for anything with affordable BOE protection. Isn’t your dream worth protecting?
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The Advisor’s Quick Guide to Individual DI
If you find yourself struggling with the plethora of disability terms, don’t worry! You’re not alone, and we’re here to help. Today DI Joe is going to give you a quick tour of the individual DI world. It’s easier than you think!
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