Editor’s note: This post was originally published on 5/31/17 and has been updated for accuracy and comprehension.
Taking advantage of your existing book of business – and upselling products – are two of the keys to your business’ growth.
Your life insurance clients already trust you and see the value that working with you brings to the table.
Sharing the importance of disability insurance is one more way you can promote your value and help protect your clients from risk. Disability insurance is your clients’ safety net. It protects their finances when they’re unable to work due to an injury or illness, and it’s a way to avoid having to dip into their retirement or savings to get through a difficult time.
Here’s how to talk to clients about disability insurance.
How to Talk to Your Clients About Disability Insurance
Share the facts about disability insurance
Many of your clients will already be aware of disability insurance, but most will have objections to the purchase. You can counter these objections with facts.
Objection: It’ll never happen to me. I’m healthy and active!
Fact: No one knows the future, and life brings inevitable curveballs we can’t foresee. It’s likely that an unexpected illness like a heart condition, stroke or cancer will happen.
OBJECTION: I can’t afford it.
FACT: Disability insurance is a low-cost policy that protects big assets. For very little money, your clients can invest in a flexible policy customized to their specific budget and needs. In many cases, a policy will cost as little as they spend on the daily consumption of premium coffees.
OBJECTION: I’m already covered.
FACT: Employer coverage is typically not enough to protect the average consumer. The same goes for social security coverage – which is often very difficult to obtain. Disability insurance offers protection from risk and is a wise supplement to social security or work coverage.
What does disability insurance cover?
Be sure to explain how the policy works and its key benefits, such as:
Rehabilitation benefit
If your client needs rehabilitation from an injury or accident, the policy will help pay for it so they can get back to work quickly.
Death benefit
If your client dies while receiving benefits from the disability policy, the beneficiaries will receive a lump-sum benefit.
Waiver of premium benefit
After the Elimination period, the client isn’t required to pay for the policy. They may, in fact, be reimbursed for any premium payments made over that period of time if they qualify for disability.
Put clients in the driver’s seat
Help your clients see how they can control their future with disability insurance. It provides a solid financial foundation that they can count on. Make sure you convey that these policies typically:
- Let clients lock in the price of the coverage you’ve constructed to meet their budgetary needs.
- Are flexible. You can work together to adjust the coverage as their needs change.
No one is invincible. Help protect your clients with a disability insurance policy that puts control back in their court. With customized, flexible disability coverage, your clients will value your input into their lives, and look to you for help and rely on your expertise.
How to talk to clients about disability insurance
- Give them all the facts.
- Explain what it covers.
- Help them make the right choice.
