Selling disability insurance? You’re probably not getting everything you can out of birthday marketing. When done right, birthday marketing can actually give you great opportunities at least three times throughout the year. Here’s how to do it.1. Create an urgency to buy before the next birthday.
A person who decides against paycheck protection at age 25 might be singing a different tune five years later. As we age, our responsibilities grow. Hopefully, our incomes do, too. This creates a greater need for disability insurance.
You can estimate a person’s salary and disability risk based on their age. Then use this information to estimate the person’s financial risk. For example, a 30-year-old with a 50 percent chance of becoming disabled for 90 days or more could lose more than a quarter of a million dollars, and a 45-year-old could lose more than half a million dollars. Use the charts here to estimate your prospect’s risk.
Then share the results with your prospects. Show them that their financial risk is increasing, and paycheck protection is more urgent than ever. The ideal time to start conveying this message is sixth months before your prospect’s birthday. Stress that rates go up as they get older so the best time to buy is now, before their next birthday. You may want to send a Happy Half-Birthday message to frame your marketing in a fun way. Remember to follow up at 90, 60 and 30 days before the birthday as well.2. Remind them of the Future Purchase Option at each birthday.
Many disability insurance policies include a Future Purchase Option. This rider lets clients buy more insurance coverage without undergoing medical underwriting. It also results in a nice first-year commission for you.
This is a great opportunity that you do not want to miss, and each year provides another chance. Three months before the Future Purchase Option activates, contact your clients. Discuss how their income has grown and their financial responsibility has increased. Then remind them of the Future Purchase Option, and that it’s the ideal way to step up coverage with no underwriting.3. Wish them a happy birthday – no marketing involved.
Not every interaction has to be directly related to making a sale. It’s important to maintain contact with your clients year-round. This shows that you’re thinking about them. It also reminds them that you’re available in case they have any needs that arise, or if they know anyone who could use some help getting a policy.
A client’s birthday is a great opportunity to reach out. Don’t mention any insurance products when you do this! Keep the message focused on happy birthday wishes.
Although you might be tempted to send an email or text message, physical cards are inexpensive and can leave a stronger impression. Mail the card out so it arrives on the client’s birthday or a couple of days prior.
As always, DIS is your source for marketing ideas and sales assistance. Contact our sales team with any questions you may have.