Developing rapport and listening are two skill sets successful brokers utilize in their daily operations. Understanding their clients’ income protection needs helps to strengthen the bond and prioritize the unique policy provisions offered through our various carriers.
For example, I recently met a broker whose prospect is a single mother with a school age child diagnosed with Leukemia. Surprisingly, more than 65 million people care for an ill, disabled or aged family member for an average of 20 hours per week, according to Family Caregiver Alliance 2012. While reviewing her DI Analyzer, The Standard’s Compassionate Care Benefit piqued her interest and was a major focus of the discussion. Compassionate Care provides a monthly benefit for a period of time, if an insured is not disabled, but loses earned income while taking time away from work to care for a loved one. While the premium for this plan was slightly higher, the propensity to collect benefits through this built in provision sealed the deal.
Another example involves a researcher in the highly volatile oil and gas market. This prospect’s main concern was covering his family’s health care costs since they have six children and very high health insurance premiums. Introducing Met Life’s Cobra Premium Reimbursement Rider was the solution for this instance. If you lose your job due to a total disability for which you are receiving benefits from Met Life, the carrier will reimburse you for COBRA premiums that you have paid, up to the monthly maximum shown on the policy schedule page. This prospect was able to cover his monthly living expenses through the base benefit and indemnify his major concern through the Cobra Premium Reimbursement Rider.
The last example comes from a prospect whose family history had an abundance of cancer occurrences. Principal’s Supplemental Health Benefit Rider was of major interest. For no additional premium, this rider provides a one-time lump-sum benefit that is equal to 6 times the ultimate Maximum Monthly Disability Benefit and the SIS Benefit. The Supplemental Health Benefit is available if disabled under the policy and the insured is diagnosed with either a coronary artery bypass, cancer or stroke. This benefit is in addition to any other benefit provided by the policy or any other attached riders and is payable one time in the insured's lifetime.
In conclusion, the best investment you can make is to understand the personal needs of your prospect when implementing an income protection strategy. Contact your local DIS office today to assist you with plan design strategies and solutions.
Also, if you haven’t already done so, download our most popular DI sales script, The Wealth Preservation Plan.