There are more than 310 million people living in the US and 160 million of them earn a living in the workforce. Of those 160 million, 120 million do not have any form of Income Protection Insurance other than Social Security.
Odds are that your next phone call or meeting will be with someone who needs DI.
It all starts with asking them who they have their current coverage with.
What impact has the economic downturn had on the DI market?
Many in the industry believed claims would increase, and they have, but nowhere to the level insiders expected. Many thought DI would be harder to sell due to the premium costs, but in comparison to Life sales, Disability sales have been number one over the past few years. Perhaps the fact that unemployment peaked around 10% heightened the concerns for income protection.
Who do you see buying DI currently?
The easiest markets to sell to are those in professions that deal with people who are sick or hurt. They are understandably more receptive to the fact that Disabilities can and do happen. Doctors have always been believers in DI, and the attorney market has increased significantly. However, the middle market remains devoid of real help and offers a fantastic sales opportunity for professional agents.
What are some resources available to producers who aren’t experienced in the DI realm?
- The International DI Society (IDIS)
- The Life & Health Insurance Foundation for Education (LIFE)
- The Council for Disability Awareness (CDA)
- The American College
What are some tools that can be useful with clients and prospects?
Personal experience plays a big motivator, whether it be the client’s or the producer’s story. Getting the client to relate to Disability can make the difference. Visual media, like printed materials and videos, can paint a vivid picture of the importance of DI. Interactive devices such as online applications and Insurance needs calculators can illustrate a client’s options for budgeting and purchasing.
What are the risks that producers who do NOT sell DI face?
They could lose clients because another producer informs their clients about income protection with the use of Disability Insurance. Do you want to have to explain to a newly disabled client why you never discussed DI with them? Keeping these points in mind will lead you to a prosperous 2019.
Contact us for assistance with any of your Disability Income Insurance needs.