Over the past couple years we’ve slightly modified the language around Income Protection.
The word disability is somewhat alarming and often evokes thoughts of being incapacitated or laid out in a hospital bed – it’s the reason we don’t refer to Life Insurance as Death Insurance.
Put in a more positive light, DI Insurance is really Income Protection for clients who want affordable, simple protection that can help cover bills should they be unable to work due to illness or injury.
Here are a few conversation starters you can use to help engage your clients in a conversation about Income Protection:
- How would you protect your income should you be unable to work due to illness or injury?
- How much do you have in savings?
- Do you have enough set aside to make ends meet for a several months if you’re off work?
- Where will the money come from when your savings runs out?
Why should you use these conversation starters? They’re effective in closing the sale – although many clients recognize the need for Disability Insurance, the number of folks who actually get a policy is much lower.
Rather than trying to convince clients that they may be unable to work due to illness or injury (“spitting in the wind” as your grandpappy may say), selling DI as Income Protection focuses clients on how they would financially manage a disruption in pay – especially when the majority of Americans don’t have sufficient savings.
Lay out exactly how Income Protection fits in with their overall financial protection plan and how simple it is to get affordable coverage in just days – no medical exams or occupation classes are great selling points. Once they understand just how easy the process is, chances are they’ll be sold.
Simply let your clients know you are in the income protection business – they likely already want income protection but just don’t know where to get it. Plus, they’ll want to purchase a policy from someone they know and trust – You!
Also, many clients are probably unaware they can even purchase an individual Income Protection Plan – as odds are they’re under the impression they can only get an employer sponsored plan.
We have numerous options available, and can help you get the word out. Contact your Income Protection Specialist today for more information.