What would you say your most important sale has been? Would you say it was your biggest sale – the one that netted you the best commission? Or would you say it was the one that led to the most referrals and cross-selling opportunities?
While sales like these are important, they’re not the most important sale you can make.
Does that surprise you? It shouldn’t. Here’s why. The most important sale is the one you make to yourself.
Protect Your Income and Your Future
There are many reasons to buy paycheck protection for yourself. One of the most obvious is that you need it.
Even if you like to think of yourself as invincible, you know that you’re not. According to the Social Security Administration, approximately one in four of today’s 20-year-olds will become disabled at some point before they reach the age of retirement.
Most people are unprepared for this. Many like to avoid planning for a potential disability by assuming they could survive on Social Security disability benefits if anything were to happen. Unfortunately, this doesn’t usually pan out. Many Social Security disability benefit applications are denied, and even for those who get approved, the average monthly Social Security disability insurance benefit for disabled workers is only $1,198.44 as of June 2018.
Even employer-paid group disability plans can leave major income gaps.
If you lost your ability to work, how long could you survive on a very reduced income? Or on no income at all? If the answer is not very long, then individual disability insurance is the way to protect yourself.
Prove the Value to Yourself – Then Prove It to Your Clients
There’s another reason to get paycheck protection for yourself – doing so is a great way to demonstrate the value to your clients.
Think about it. Would you trust a chef who didn’t eat his own food? Or a car salesman who wouldn’t drive one of the cars from his own lot? Probably not. So ask yourself – why should your clients buy insurance products from you if you don’t even use them yourself?
You need to show your clients that you believe in the insurance products your offering. With disability insurance, one way to do this is to explain that you use it yourself. Your clients will see how genuine and passionate you are.
Have the Most Important Conversation … With Every Client
We’ve looked at why you and your clients need disability insurance. Now let’s look at flip side of the issue – why do many agents avoid telling their clients about disability insurance products? Often, it comes down to one of two things: cost or complication.
Perhaps you think that your clients won’t want to spend the money, or you think that your clients won’t want to go through underwriting. These are assumptions, and there’s a good chance that they are wrong assumptions.
- Cost: If you think that disability insurance is too expensive for the average person, you might be surprised to learn that there are actually a number of lower-cost options. And disability insurance isn’t just for doctors – although they certainly need it. These days, there are policies that are suitable for a wide range of professions. Even if your clients only gets enough coverage to protect his or her mortgage investment, he or she is better off than before. Use our DI Quote Options worksheet to help clients navigate their options.
- Complication: Perhaps you’re worried that disability insurance is too complicated. While it may seem easier to avoid the product, this plan can backfire big time – like when one of your clients becomes disabled and hits you with an errors and omissions lawsuit for not advising them on the important coverage. If you don’t feel confident, ask the experts at DIS for help. If you’re worried about underwriting, ask us about Simplified Issue and Guaranteed Standard Issue options.
Don’t take the risk. Get paycheck protection for yourself, and then start offering it to your clients. If you’re not convinced, download our report, “The Bare Facts About Paycheck Protection.” This eBook includes a Waiver of Liability form you can have clients sign if they decline coverage. This is a very effective tool to help them understand the grave importance of paycheck protection.