Sales and Marketing Ideas
As insurance professionals learn of our disability products for the first time, or call to refresh their memory on product details, one question surpasses all others in frequency, intensity, and variation, “Where do I go to sell this stuff?” During the past several months, we have tracked the uses of our disability products. We are sharing this information to help you explore and meet the needs of your clients.
There are two basic uses of our High Limit Disability Products; Business Uses and Personal Uses. Personal Use provides the clients with personal income cash flow when he/she is too sick or injured to work.
Business uses include:
- Buy/Sell Agreement funding,
- Contract Completion Guarantees,
- Key Person Coverage,
- Loan Indemnification,
- Business Overhead Expense,
- Salary Continuation,
- Severance Agreement funding,
- Venture Capital Indemnification
In the Business Owner and Executive Market, 60% of the cases we underwrite are for the Personal Use of the client. Of the Business Uses of our disability products, Buy Sell Funding and Key Person Coverage are tied for the top spot at 16% each. These three uses account for 92% of the placed cases.
In the Physician and Surgeon Market, 65% of the cases involve the Personal Use of the client. Of the Business Use products, Business Overhead Expense dominates at 24% of the cases. These two uses account for 89% of this market.
In the Dentist Market, 58% of the cases are for the Personal Use of the client. Of the remaining cases involving Business Use of disability, Loan Indemnification dominates at 20% followed closely by Business Overhead Expense at 11%. These three uses in the Dentist Market account for 89% of the cases.
Though querying your client to determine the depth and breadth of their needs involves all of the uses of disability insurance, based on our research, it appears that the following combinations of products will be most frequently used.
- Business Owners – Personal Disability coupled with Buy Sell Agreement Funding
- Executives – Personal Disability including retirement account deposits and key person coverage
- Physician and Surgeons – Personal Disability including retirement account deposits combined with Business Overhead Expense Protection
- Dentist Market – Personal Disability supplemented with Loan Indemnification and Business Overhead Expense Protection
For more detailed information on Petersen International Underwriters products or their uses, visit our website at www.piu.org or call us at 800 – 345 – 8816.