Some Added Insight Will Boost Your DI Sales
Among seasoned DI professionals, there is an old adage that disability insurance does not sell itself. This is true mostly because of a general lack of communication and education between advisor and client. Additional guidance and tutelage will tend to increase communication between you and your clientele, leading to a greater understanding of the value and need for the insurance products with which you make your livelihood.
As an insurance advisor, you most likely employ, depending on circumstance, different versions of sales pitches to spark interest in prospective clients. You have probably honed your craft and skills for many years, and after initially speaking to a prospect, you immediately recognize the individual’s level of acceptance to your “pitch” and the likelihood of a sale. Considering usual lines of insurance, many products and benefits are somewhat familiar to the layman; car insurance, health insurance and homeowner’s insurance are viewed as requisites by the American public. Even life insurance is a more common commodity and an easier sale to many of those with families and disposable income. But as some of you know, disability insurance is a different animal, and your usual “pitch” may not be as effective.
The biggest roadblock to a DI sale is in fact the prejudice of the client. Most of us believe we are indestructible or at least impervious to total disability. We understand that we will suffer injuries and illnesses throughout our working careers, but we can’t imagine them standing in the way of our ability to make a living. A commonality among younger generations is a profound lack of acceptance and realization of one’s own morbidity. Many of the youth of today are dangerously unaware or unaccepting of the obvious chances of disablement.
Another hurdle for the DI salesperson is the product itself. Disability jargon and policy structure can be confusing to those outside the industry and even to those with a fair knowledge of the life and health insurance world. Additionally, the multitude of policy riders available and benefit options offered add to the value of the insurance, yet detract from the ease of understanding and overall salability to an average consumer.
So how do you make DI coverage more attractive to your clients? You go the extra mile, you take the extra step and you spend a little time. Set aside your usual sales pitch, and you educate your client. You openly communicate to them that, as an employed person, disability income insurance is the most important product available for their financial protection and for the future of their family. You inform them that their greatest asset, their ability to earn an income, is not properly insured and you intend to fix that problem.
Don’t let a brochure or a policy specimen do all the talking. Provide the prospect with your personal insight and believe in what you are selling – your client will too. It is imperative to pass on your knowledge of income protection. Education is the key to understanding and appreciating disability income insurance.