Preserving the Here and Now
What is important to you as an advisor? Selling peace of mind to your clients? Assisting in planning for their economic present and future? Building their families safe harbors in case of unexpected catastrophe? All are altruistic endeavors and purposeful goals for someone working in our industry. But how do you make those intentions a reality, making a real impact on the lives of others, achieving more than just a living, more than just a commission? You become a financial superhero by first developing a real and personal connection with clients and then by making a positive impression upon their lives and livelihoods. In no other financial sector does that happen with such regularity and certainty as in the disability insurance market.
DI does not typically sell itself. It is not a moneymaker for the website wizards out there who think they can sell disability policies online with a landing page and the click of a button. Association sponsored DI programs with digital enrollment drummed up fervent interest with marketers and wholesalers a number of years ago, but most have since fizzled because the uptake was relatively insignificant and failed to outweigh claims volumes. Why such programs tapered off was the lack of personal touch and expertise and guidance of a seasoned insurance agent to help walk prospects through the entire process from the initial sales idea to application to underwriting to policy issuance.
By nature, most human beings have a superiority complex when considering physical or mental disablement. That’s why life insurance is often an easier sale. “I know one day I’ll die, but I’ll never be sick enough or injured enough to keep me from working for very long.” That’s a naïve sentiment and quite a distance from reality. Millions of hard-working Americans become sick or injured every year seriously enough that they are unable to work for a significant period of time and their income is affected.
The sale of disability insurance can take your role as the advisor to another level. The entire process will allow you to shine. From the get-go, you must fully embrace the purpose of DI, its importance to personal economics and the hands-on nature of the entire insurance procedure. Disability insurance is a fundamental financial safeguard and should be prescribed with as much passion and frequency as life insurance because we all live in a world driven by consumerism.
It takes spending money to live. Americans spend on food, shelter, clothing, utilities, transportation, entertainment, education, healthcare, medications, vacations…the list goes on and on. We are dependent on our paychecks. We are dependent on income, but most of us don’t save enough for long term rainy days. DI protects income and should be an imperative asset to every working American no matter age, occupation or income level.
After you have embraced with sincerity the importance of DI, the next crucial aspect of the sales process is the story. A tale you tell that embodies the true possibility of disablement and how to protect against it. The story could be your personal history, the story of one of your dear clients or even the tribulations of a speaker you heard at a convention. Relating a story of disability to a prospective client and how losing one’s physical ability to earn a paycheck, permanently affecting one’s life, one’s family, can really be moving and set perspective on the need for disability insurance and the need to increase protection of one’s income. An appropriately delivered narrative will not only help you make the sale but will certainly promote a meaningful bond and familiarity with the client and vice versa.
Aside from the personal DI sale, business planning allows you as an advisor to make your mark. Cross selling business disability options during a personal DI sale or life insurance sale is a natural progression and typically a good fit. Business owners need disability products like business overhead expense coverage, buy/sell coverage, loan indemnification as well as key person DI to provide business continuity and succession, maintaining corporate interests during moments of despair and disablement. Business DI products allow your clients to look out for their corporate interests without having to dip into policy benefits that are earmarked for personal and familial protection, alleviating the possibility of future financial burdens on loved ones and business partners. Business DI not only allows you the advisor to safeguard your clients’ business entities, but you can also score points for keeping their employees employed and dependent families looked after.
Like life insurance, DI is so integral in many aspects of personal and corporate financial planning. Your clients can’t plan for the future without preserving the here and now with income protection.
–Published with permission from Aspire Magazine.