Just wanted some advice and suggestions on generating new prospects for disability insurance. I feel it is a great market to be in and not too many agents are. Currently I am getting most of my DI sales from existing life ins. clients but I was curious to see what other people are doing to generate leads and prospects for disability. I do some work with direct mail and have seen some results but not exactly what I was looking or hoping for.
"Mr. Prospect, are you in a position financially to retire today?"
"No."
"So, you need your income to acheive your goals. Can I review your current disability coverage?"
"I have it at work."
"Great! What I find, however, is that it won't fully replace your income. If you walked into work and you were told your pay was going to get cut by 60%, could you afford to stay?"
"Well, of course not!"
"That's how group DI works in a lot of cases. It may not cover all your income. Would you like to learn how your group disability really works?"
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Business owners dont' have it in many cases, so you don't have to worry about them having it at work. But they still need their income!
ON THIS FORUM SOME WHERE IS THE BEST QUOTE i'VE SEEN.
" WOULD YOU LIKE A GET WELL CARD OR A CHECK" I THINK ASSURITY LIFE HAS THE APPROVED MARKETING MATERIAL
Death Cab.... with self employed a problem I run into is limits to benefit qualifications from income write down from their schedule C. I usually package with some CI in most cases. What do you do in this scenario?
Also annuityseller, that is a great line.... maybe a good route for some DM. Do you have any personal experience with this?
It really depends on their occupation. For white collar, carriers like Guardian and Mass Mutual offer professionals the ability to buy up to a set amount of coverage without financials. Usually, this is appropriate for those starting out in their own practice.
For blue and grey collar, I'll admit, it can be a challenge. I don't use CI but I wouldn't be opposed to it either. However, I was under the impression CI benefits will coordinate with DI benefits. I could be wrong on that, however.
Ultimately, if they feel income replacement is needed, better to get them the net from their Schedule C than no coverage at all!
It really depends on their occupation. For white collar, carriers like Guardian and Mass Mutual offer professionals the ability to buy up to a set amount of coverage without financials. Usually, this is appropriate for those starting out in their own practice.
For blue and grey collar, I'll admit, it can be a challenge. I don't use CI but I wouldn't be opposed to it either. However, I was under the impression CI benefits will coordinate with DI benefits. I could be wrong on that, however.
Ultimately, if they feel income replacement is needed, better to get them the net from their Schedule C than no coverage at all!
I don't think CI benefits are coordinated with DI at all; there is no income proof required with CI. With guardian and MassMutual, they do not require proof of income on their policies?
I don't think CI benefits are coordinated with DI at all; there is no income proof required with CI. With guardian and MassMutual, they do not require proof of income on their policies?
For new professionals starting out, they offer some amount of coverage without financials. They still have to go through medical underwriting. However, this amount of coverage they can get is limited. I have a family law attorney client who makes well over $200k/year. However, she just started her practice about a year ago. She did not have financials that reflect the health of her practice. She did, however, qualify for a nominal amount of benefit, future income increases, a catastrophic rider, and own-occupation to 65 status without financials. Once she has new P&L's/K-1's/etc., she can re-apply for a larger benefit.
"Mr. Prospect, are you in a position financially to retire today?"
"No."
"So, you need your income to acheive your goals. Can I review your current disability coverage?"
"I have it at work."
"Great! What I find, however, is that it won't fully replace your income. If you walked into work and you were told your pay was going to get cut by 60%, could you afford to stay?"
"Well, of course not!"
"That's how group DI works in a lot of cases. It may not cover all your income. Would you like to learn how your group disability really works?"
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Business owners dont' have it in many cases, so you don't have to worry about them having it at work. But they still need their income!
I hope this helps.
I know nothing about DI, but thinking about getting into it. Based on your post do people get group coverage through work and then can buy more privately(i.e what I would be selling?)
I know nothing about DI, but thinking about getting into it. Based on your post do people get group coverage through work and then can buy more privately(i.e what I would be selling?)
Best thing to do is take some courses on disability. I am taking my CEU on just that and have learned a lot with much more to go.
It is my understanding that group is limited in certain ways where as Individual allows the policyholder design the policy more to their needs.
Re: Group is picked for you and everyone gets the same thing. Group is usually cheaper.
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Excalibur Benefits
Larry Roberts
Larry.Roberts(at)Excaliburbenefits. com
I know nothing about DI, but thinking about getting into it. Based on your post do people get group coverage through work and then can buy more privately(i.e what I would be selling?)
If you are new to DI, you will be wasting your time with most of those that have group coverage, with the exception of very high end staffers, and most of those will purchase from the agent working the group or his accomplice.
Small business owners and independent professionals are the best market for DI. Dentists, Physicians and small dept store owners have been the most receptive to me. A lot of small business owners think about DI for a long time, and wait for the right person to come along to sell it to them.
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No Government can be long secure without a formidable Opposition.
Just wanted some advice and suggestions on generating new prospects for disability insurance. I feel it is a great market to be in and not too many agents are. Currently I am getting most of my DI sales from existing life ins. clients but I was curious to see what other people are doing to generate leads and prospects for disability. I do some work with direct mail and have seen some results but not exactly what I was looking or hoping for.
Any Takers?
Thanks
I too would like to know whats some good DI prospecting methods, so I can cross selling Annuities and life insurance and investments..
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Originally Posted by budfox7
I too would like to know whats some good DI prospecting methods, so I can cross selling Annuities and life insurance and investments..
Have any of you guys selling DI uses your appointments to cross sell annuities/ life insurance ?
Make $
Last edited by budfox7 : 09-24-2009 at 05:35 PM.
Reason: Posts merged
I have a system called " Do you want a get well card or a paycheck" I mainly use it on C.I. but it also works with D.I.
I made this quick video to give you some ideas on how it works. I have an entire training system on this idea and concept.
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Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
Email me for my Free Prospecting MP3 Tapes.
Have any of you guys selling DI uses your appointments to cross sell annuities/ life insurance ?
Make $
I've got 10 bucks for lunch. I go to a Food Court with 20 different stands. How much will I spend for lunch?
Cross-selling anything with anything is never a problem as long as there's $$$$ for cross-buying.
My experience has been that many producers think that a disability prospect is different from a life prospect. When words such as "Getting into DI" this tells me that they think of these as two different markets. They are actually the SAME clients!
Life Sales are sold on the idea of one of the following needs:
1) Estate Planning
2) Personal Financal Planning
3) Having income for the family to survive
4) Business Planning
5) Business Needs (Buy-sell, etc)
The main needs for disability insurance are one or more of the followin g needs:
1) Estate Planning
2) Personal Financal Planning
3) Having income for the family to survive
4) Business Planning
5) Business Needs (Buy-sell, etc)
It is the same sale!
Now if you REALLY want to start a new marketing campaign and design a cold-call, mass mailing, or some other form of led generations for new clients, that is fine, but assuming there is an existing book of business, this is the PRIME marketing place to go!
Generating DI Prospects
Re: Generating DI Prospects
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