A Unique Idea for DIAM
Most of you disability insurance purveyors out there are independents or general agents who specialize in individual benefit (IDI) marketing. That’s your comfort zone. That’s what you know best. But to help stir-up sales and enlarge your insurance business footprint, Petersen International poses the following novel approach to conducting your business differently this Disability Insurance Awareness Month (DIAM).
Multiply your eventual sales by focusing on marketing to employers instead of individuals. The month of May and DIAM provide great openings to the conversation with prospective clients about the plausible shortfalls of disability insurance programs offered by employers. The Guaranteed-Issue market has many options for employers who are not offering their employees benefits with a full 65% of income replacement.
If an employer doesn’t want to incur the cost of providing additional benefits, suggest a voluntary enrollment. Voluntary plan premiums are entirely paid for by the employees with no insurance costs falling on the shoulders of the employer. The employer can take credit for offering fantastic, “own-occupation”, discounted supplemental benefits without incurring the additional costs of paying the premium. Voluntary plans start at ten (10) eligible lives with no benefit minimums and monthly benefits as high as $100,000 per month or more per person.
However, if you find an employer is willing to incur the costs of rewarding key employees or improving employee retention with the addition of supplemental disability benefits, suggest a mandatory platform. Based on census data from thousands of companies, we have found that most rank-and-file employees are fully covered by Group LTD plans, but highly-paid, marquee employees usually have benefit shortfalls. By implementing a mandatory multi-life guaranteed-issue policy, the employer can easily and dutifully enhance the benefits provided to key employees. Mandatory plans can be offered to nearly any size firm with coverage requiring just three (3) lives. Enrollment couldn’t be easier, requiring a simple census and a single signature from a corporate officer.
May is the perfect time to start or re-visit the disability insurance conversation. Our team turns around quotes the same day, and they are ready to assist with any questions or help you overcome concerns. Give us a call today to learn about this rapidly-growing market – (800) 345-8816.