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Action Plan for Income Protection Sales Success

Posted by Tom Helbing on Wed, Jul 6, 2016 @ 13:07 PM

income-protectionImagine if one third of your customer base acknowledged they would purchase an income protection plan from you if they had a better understanding of how the coverage works.  What actionable steps would you take to introduce and educate your clients on the value of this coverage?

Three Key Facts to Comprehend
The Council for Disability Awareness (CDA) recently published “America’s Income Protection Study” which revealed three key findings:


#1 – 57% of working adults have no private disability insurance

#2 – 33% would consider purchasing coverage if they knew more about it

#3 – 41% would consider buying if the coverage were less expensive

If your customer base mirrors the average working adult surveyed by the CDA, let’s pool our resources to educate and secure affordable disability insurance coverage for your clients.

Don’t Delay…Act Today
With a minimal invest of your time, DIS will help you engage your clients with income protection focused e-blasts. The blasts arrive with your agency brand, look and feel, promoting the importance of income protection while educating your clients on the functionality of the coverage.

A quote engine link in the e-blast allows your clients to securely transfer personal data in exchange for their custom Disability Insurance Analyzer. As an added benefit, each quote engine page emphasizes your agency logo to further promote your agency brand and income protection capabilities.

Finally, their DI Analyzer compares the major policy provisions of the top three carriers in the marketplace positioned to provide coverage at the greatest value. Taking the 3rd Key Finding (Pricing) into consideration, DIS will design an affordable income protection plan excluding the costly Riders that dramatically increase disability insurance policy premiums. Since the average disability claim extends just beyond 2 ½ years, we’ll illustrate a 5-year benefit period to keep the plan design affordable.

Story Time
Let’s assume your client averages $100,000 annual earnings and the proposed annual premium for their DI coverage is $1,250. After reviewing their DI Analyzer, throw out this scenario to your client:

If you were presented job offers from two separate employers next month with the parameters below, which offer would be more appealing?

Employer #1’s Offer:
A $98,750 annual salary offer with a condition built in that provides $60,000 in annual tax-free benefits in the event a sickness or injury prevents you from working. The $60,000 annual benefit is payable for five years and allows them to earn unlimited income in another occupation while collecting the $60,000 annual benefit.

Employer #2’s Offer:
Provides a $100,000 annual salary offer, but if a sickness or injury prevents them from working, no disability benefits are available. Expenses will most likely increase with additional medical costs, while their income decreases or dissipates altogether.

Closing Time
After sharing the scenario above, a large majority of respondents typically chose Employer #1’s offer. They also recognize that the scenario presented is realistic to their current employment situation with ownership of an individual disability insurance policy.

Ready to Get Started?
Contact a DIS Representative today to place your income protection prospecting on auto-pilot mode. Or Download our no-cost e-blast program brochure for greater detail on the how the program operates.

Topics: income protection selling