It’s common for advisors to jump to the solution before making sure their clients comprehend what is at stake should they get sick or hurt and not be able to work and provide an income.
The first step, and the most important, is conveying the necessity for income protection to your clients.
Start by finding out what’s paramount to them. The things your clients value the most require the most protection: Family, Home, Financial Plans, Secure Futures – help clients identify what they can lose should something happen to their ability to earn an income, and acknowledge that it’s a problem needing attention.
Financial Security: If the paychecks stop, how will they pay their monthly bills?
Few middle income families have enough savings to make ends meet if they should lose their income for more than a few weeks. When the paychecks cease, monthly bills will begin to deplete savings – setting back plans or priorities, perhaps even for years. For these clients, the definition of income protection is about knowing they can meet their financial obligations and protect their future plans.
Supporting the Family: What changes will they face?
On top of losing a paycheck, a disabling illness or injury can mean changes for the whole family. Plans are put on hold, routines are changed, family members must pitch in more – and the calendar fills with doctor’s appointments, which leads to more medical bills, and the urgent question becomes, “When will things get back to normal?” It’s important for them to know there’s a way they can still support their families and keep life as normal as possible if they become unable to work.
Focus on Recovery: How will they recover if the stress of finances is haunting them?
The last thing someone needs when they’ve experienced a disabling illness or injury is the stress of worrying about bills and other financial obligations while they recover. It’s difficult enough to be facing an uncertain future without the constant worry of financial set-backs – it’s important to know they’ll have a plan in place and monthly Disability Insurance benefits which will help keep things on track, so they can focus on getting well.
Sales Tip: Be sure to thoroughly cover the need before jumping to the solution.
Consumers must understand the consequences of losing the ability to make an income if they get sick or hurt. To better identify possible challenges for your clients and create a personal profile go to: www.whatsmyeiq.org.
Contact your Disability Income Sales Rep for guidance – we’ll help you identify the best solution for each of your clients’ needs.