Affordable Income Protection For Any Budget

The need for an income protection plan is not limited to the Executive, Doctor or Attorney earning in excess of $150,000.  According to the U.S. Census Bureau the average annual income in the United States was $51,017 from all occupations.  Average everyday working people (Middle America) are just as dependent on their income to provide for themselves and their families as anyone in the higher tax brackets.

The opportunities are endless – reach out to your clients, friends, families, fellow club members and co-workers.  Ask if they have an income protection plan in place should they get sick or hurt.  Offer them an affordable plan to protect them and their family.

Of the advisors I speak with every day, Life Insurance Agents, Health Insurance Agents, and P&C Brokers – 92% are not talking to their clients about income protection and how affordable it can be.

You can differentiate yourself as an advisor just by offering valuable coverage to your clients that likely no one has ever spoken with them about.

Did you know?

The premium for a 45-year-old Office Clerk for $2,500 monthly benefit is only $51 per month?  There are affordable plans even for part time Dental Hygienists and Registered Nurses working as little as 24 hours per week.

Talk about opportunities, there are over 192,800 Dental Hygienists in the US earning an average annual income of $70,000 http://www.bls.gov/ooh/healthcare/dental-hygienists.htm) and 2.7 million Registered Nurses earning approx the same income. http://www.bls.gov/oes/2011/may/oes291111.htm

Never let premium be the reason your client’s income is left unprotected from an injury or sickness.  The new affordable DI plans can fit most any budget.  The premium for a 35-year-old Dental Hygienist for $2,500 monthly benefit is only $54.20 per month.

You are at the frontline to educate your clientele about the vital need for income protection in the event of an injury or sickness.  Your clients want to buy Income Protection, but they need someone they know and trust to ask them about it.

Discuss income protection insurance with all your prospects and clients, because they may not understand the risk of losing their income should an injury or an illness strike.

For marketing tools and sales ideas, contact your Disability Income Sales Expert today.

DI Marketing & Sales Tips For Attracting Young Professionals

The millennial generation (also known as Generation Y) is defined as people ages 18-35.  Today they represent over 25% of the US population.

Many of them entered the workforce during a time of economic uncertainty and are more risk averse and mindful of their money than previous generations.  They face student loan debt as they start their professional careers post-college.

The young professional market is largely untapped.  With their future earning potential and conservative approach to finances, they make good candidates for income protection and other financial products.

Below you will find unique sales and marketing tips to help you generate significant sales and grow your practice in 2020:
  • Emphasize the portability and convenience of having personal income protection coverage. It’s estimated that millennials will change jobs every three years.  Explain how they are in control to make decisions about their coverage.  Plus, individual disability coverage goes with them – no matter their location or occupation.
  • Ask your existing client base about their children and their financial needs.
  • Make sure you become part of their financial conversation by asking pertinent questions.  Millennials rely on recommendations and their parents are great sources for information.
  • Use social media and videos to communicate the need for income protection.  It’s important to build a presence on websites that millennials frequent.
  • Seek out volunteer opportunities in your community.  Young professionals are looking for ways to connect with their local community and businesses.  Volunteering is a great way to connect and make a difference.
  • Focus on the affordability of income protection.  In many cases, the cost for a 28-year-old can be less than $40 a month.  Yet it protects people’s greatest asset – their income.  Explain that monthly premiums are often less than they spend on other expenses, such as a cell phone or gym membership.
Here’s where to find young professionals:
  • Large employers that boast flexible work schedules and local community involvement.
  • Young professional groups.  TIP: Start with a YNPN (Young Nonprofit Professionals NetworkTM) local chapter.  Find a listing of local chapters at www.ynpn.org
  • Local chamber of commerce events.  TIP: Many chambers now have Young Professional sub-committees.
  • Graduate programs for Select Professionals, such as engineers, architects, pharmacists and attorneys, etc.  Find schools near you at www.50states.com.

Get started working with young professionals today.  There is a large percentage of Millennials that want to purchase income protection but do not know where to buy it.  They want to turn to someone they know and can trust.  They will not go to the internet to buy DI protection.

Ask Your dedicated Disability Income Sales Manager about our Brochures and Marketing pieces you can use to help attract Millennial clients.

Insurance Solutions For Professional Sailors: A Case Study In America’s Cup

We’d like to share a unique and fun case study of a professional sailing team which highlights some of the unusual protection we can help you provide to your clients.

Client:

Owner of an international professional sailing team, racing in the America’s Cup.

Situation:

The racing team, consisting of 12 sailors and 18 support crew members, was gearing up to participate in the upcoming America’s Cup, the prestigious match races between two sailing yachts.

Assessment:

With the average team spending over $100 million on the competition, the team owner needed to protect the sailors and supporting crew members in case of death or disability caused by an accident of any one member on the team.  The biggest challenge in this case was protecting the risk that comes with competitive ocean sailing.

Solution:

A plan was designed for custom accidental death with an accident only permanent total disability solution for the racing team for a 12-month period.  The coverage ranged from $250,000 for crew members and up to $2,600,000 for sailors with a $20,000,000 cap of coverage.

Result:

The accidental death with an accident only PTD coverage gave the owner and team peace of mind knowing that during the period of training, trials and throughout the race they would be covered should the unthinkable happen to anyone on the team.  The premium for this case was roughly $75,000 plus taxes and fees.

Contact your Disability Insurance Specialist for more information.

Three Questions That Lead You To The DI Sale

Selling Disability Insurance (DI) is a delicate process. You know your clients need the protection, but the ‘hard sell’ angle can be too aggressive.  Today, we are working in an environment where a subtle approach has proven much more effective when opening the conversation about Disability Insurance.

Instead of drilling your clients with horror stories about the difficulties they will face without having a DI policy in place, ask them the right questions in order to make the DI sale.

Three Questions That Will Start The Income Protection Conversation

Do you have an income protection plan, if you were to get sick or hurt and couldn’t work?

“No,” will be the response you will most likely hear, leading you to question two.  However, you will have a percentage of clients that may have an Employer funded group plan – and most employees with Group Long-Term Disability couldn’t tell you what their employer sponsored plan would pay if they went on claim.  Simply suggest they send an email to their HR dept for an electronic copy of their benefit book.

Most group plans will pay 60% of their earnings and is fully taxable to maximum benefit.  After taxes, that monthly benefit plummets to around 43% of their earnings – a substantial pay cut, and many aren’t able to sustain their standard of living at only 43%.  The opportunity is to have them buy a small personal policy to bring their income up to 65 to 70%.

How long would you be able to make your monthly bills if you couldn’t work?

This is where we would use the subtle approach to start painting the picture of what it is going to look like after an illness or accident.  Ask your client how long their Savings, Retirement Plan, and Credit cards would carry them.  3 months?  6 Months?  1 year?

And where is the money going to come from after that?

Wait to let them answer.  You are still painting the picture.  Let your client know that you have an affordable plan that would protect their income if they got sick or hurt.  Simply ask if they would like to learn more about it.  You will have a percentage of clients who ‘get it’ and will want to learn more, and you will have those that don’t care.  And that’s okay – as long as you make the effort to provide them the protection, when they are ready to buy, they will come to you.

These three simple questions will paint the picture for your clients and help identify their need for an Income Protection Plan.  Please contact your DI Sales Rep for support with your Income Protection Business.

Discover A New Benefit For Physicians And Dentists

Business Overhead Expense (BOE) Disability Insurance is a cornerstone of a well-managed corporate financial plan.  The coverage financially indemnifies the regular monthly overhead of a company in case of the partial or total disablement of the business owner.

BOE coverage allows a business to stay afloat while the owner is on the mend with the goal of getting him/her back to work.

Most plans provide 12 to 24 months of benefit after a short elimination period which can be the saving grace of business owners whose firms employ fewer than 50 employees.  BOE plans are important insurances for small to medium business owners along most industry lines. However, there is a concentration of this type of coverage among medical and dental practices in the United States.

Physicians and Dentists find BOE coverage imperative due to the operational nature of their firms which have disproportionately-high monthly overhead expenses.  Their overhead includes expensive equipment loans and professional staffing costs that most small businesses don’t usually encounter.

A common shortcoming of most BOE disability plans is that coverage excludes the salary of any employee with the same profession as the insured person.  For physician and dental practices, this means that salaries of any other doctor or dentist on the owner’s payroll will not be covered even if the medical or dental professional is an employee.

We can provide a brilliant solution that will change the coverage scope of most physician/dentist BOE policies

Now available is a Salary Replacement Benefit Rider which, in addition to the monthly overhead benefit, pays the monthly salary of the business owner’s replacement while the owner is disabled.  The rider is an incredible benefit for your physician and dentist clientele as it allows all expenses to be covered as the business runs normally under the watchful eye of the replacement before the owner is able to return to work.

Hopefully you recognize how amazing this scenario is.  The BOE policy, with the Salary Replacement Benefit Rider, covers the overhead as well as the salary of a replacement professional, allowing the business to run without the overhead costs.  This translates into extra income for your client while he/she is disabled.  Technically, if your client has personal DI in place in addition to the BOE plan, he/she could earn more while disabled than while at work!

Please contact your Disability Income Specialist to learn more bout the extra benefits of our Business Overhead Expense Insurance.