It’s Not Disability Insurance – It’s Income ProtectionJulie Brooks
Over the past couple years you may have noticed we changed the language around Income Protection slightly. Reason being, in an industry sense it’s Disability Income Insurance – but in a practical sense, Income Protection is for clients who want affordable, simple protection that can help cover bills should they be unable to work due to illness or injury.
For the same reason we don’t refer to Life Insurance as Death Insurance – because no one wants to buy Death Insurance.
The word Disability to many is very scary and associates them being Incapacitated or stuck in a hospital bed. When it simply means we just can’t do our job because we got sick or hurt.
So, what is the most effective way to engage your client in a conversation about Income Protection if they got sick or hurt and could not work?
Use these conversation starters:
- How would you protect your income should you be unable to work due to illness or injury?
- How much do you have in savings?
- Do you have enough set aside to make ends meet for a several months if you’re off work?
- Where will the money come from when your savings runs out?
These work great because although clients recognize the need for Disability Insurance (DI), the number of folks who actually get a DI policy is much lower.
I have heard from producers who sell DI as Income Protection that clients are more open to focusing on how they would financially manage a disruption in pay – especially when the majority of Americans don’t have enough in savings.
From there, you can sketch out how Income Protection fits in with their overall financial protection plan and how simple it is to get affordable coverage in just days. (No medical exams or occupation classes are great examples.) And once they see how easy the process is, chances are they’ll be sold.
Simply let your clients know you are in the Income Protection business. Your clients likely want Income Protection, but just don’t know where to get it. They want to purchase protection from someone they know and trust – you. Many clients assume they can only get an employer sponsored plan – unaware they can purchase an individual Income Protection plan if they get sick or hurt.
We have many options for you to use in order to help you get the word out. Contact Insurance Advisors today for options that would be most effective for your business.