First it is a perception problem. Agents sometimes look at the premiums and think I can’t afford this thus my client can’t or I might be able to survive without it base don spouses income and so on. Clients and advisors both think that disability means in a wheelchair and we don’t think this will happen very often and in fact if hard pressed we would not be able to come up with one person in a wheelchair for the average person. However, this is not true, we all know someone that has been disabled for a period of time or a long period of time. Do you know someone that couldn’t work because of a sickness or injury? Yes, everyone does. My wife suffers from chronic migraines and someday can’t leave the house. She is disabled however, someday you would not know it unless you really knew her. She can’t work because anything can set off the migraines, stress light, noise or anything else. Thus she would not be someone you would think is disabled but by definition is. Or how about the person with cancer? Sick or injury keeping you form work can be limited or permanent but a disability is always permanent which is why we always think it won’t happen.
This leads us to the second issue, language. How we talk about a disability policy confuses clients and makes it a logical sale verses an emotional sale and does not help people identify what is going on. Here are some language changes that you can use to increase disability insurance sales.
- Refer to it as a Sickness or Injury policy
- Come up with a personal story to introduce it, you can use mine if you don’t have one.
- Figure out what the toll would be on the client and the family
- If dealing with business owners, ask about their business overhead policy and is their buy/sell policy covered for disability?
- Ask questions to build a mental picture.
- How would you want me to answer the question would be all right if the doctor told the client you’ll be fine but you won’t be able to work for 4 years?
- Buy one yourself
- Be simple in its discussion, don’t get complicated.
Rodney Mogen, is the president of solveurpuzzles, a business focused company. Helping financial advisors and insurance agents solve their case troubles and issues. Rodney is also a small business advisor focused on developing financial strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want. He is focused on creating proper financial strategies for Advisors and business owners to assist them in their day to day duties by solving their financial puzzles. Rodney is also the Director of Financial Strategy for The Evans Group. Check out more information at www.solvurpuzzles.com and the financial strategy work for The Evans Group at www.financialselectservices.com.