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Disability Insurance Sales Strategy: Picking The Best Market

Posted by Dan Steenerson on Thu, Sep 15, 2016 @ 08:09 AM

disability-insurance-salesYou’re interested in selling disability insurance. Why wouldn’t you be? It’s an important product that can significantly benefit your clients, who have a greater chance of becoming disabled and losing their paychecks than they may like to think. It’s also a great way for you to boost your own income. At least it can be – if you identify the right market.

Getting started in disability insurance sales requires some serious thought and planning. Some markets are better than others, and different markets require different approaches.

Here are several of the questions you need to consider in order to find a good market:

  1. What is the market trend? Many disability insurance markets are growing – making this a great time to jump in – but others are slowing down. In these markets, carving out your niche is going to be much more difficult.
  2. What are the personality types common in the market? For example, do people tend to be more emotional? Or are they more logical and analytical? Having the answer will help you do two things. One, you’ll know which markets are most likely to buy disability insurance. Two, you’ll understand how to target your sale.
  3. What are the income levels? The average income of the market is obviously essential and deserves consideration. Some professions typically offer high incomes, which means that the people in these professions will have a great need for income protection. The average income will also affect the size of the premiums.
  4. Is there a way to insure multiple people at once? If you can insure three people, you can offer big discounts. Some individuals are well positioned to influence others around them to participate in disability insurance. Identifying these individuals will give you a leg up.
  5. Is employer sponsorship an option? Sometimes, the best way to approach disability insurance sales is to try to add it as a voluntary supplement to employer-paid group benefits.
  6. What is the average age of the market? If individuals tend to be over 55, they are less likely to want or benefit from disability insurance.
  7. What are the main concerns of the market? To settle on the right approach, you need to get into the mind of your audience.

As you can see, there’s a lot to think about. Luckily, the work has already been done for you. To discover the four best markets and the four worst markets, download our “Choose the Perfect Disability Insurance Prospect” resource today!

Topics: disability insurance sales