DISABILITY INCOME
Warming things up DI Discussion points
The biggest difference between those who sell DI and those who don ’ t is those who sell DI bring it up with every prospect and client . The agents who sell DI point out the common ingredient in every successful financial plan : having sustainable cash flow . Here are some talking points to warm things up .
One simple question can turn a fully underwritten application into a minimum of five employer-paid DI policies .
Conversation starters If your cash flow was disrupted because you were sick or hurt and unable to work for 30 , 60 or 90 days , what would you do ? What if you were unable to work for 12 months , 2 years , 5 years or longer , NOW what would you do ?
If the client already has DI coverage through a group plan , ask whether it ’ s enough . Most clients do not know what their group plan covers , so this is an opportunity to discuss the benefits of a supplemental DI policy .
GSI to employers
Now let ’ s look at guaranteed standard issue ( GSI ) DI plans sold to employers . Again , the difference between brokers and benefit specialists who sell GSI and those who don ’ t is the sellers mention it to every new face . You will be surprised how one simple question can turn a fully underwritten application into a minimum of five employer-paid DI policies .
Small business If your client is a small business owner , have the cash flow disruption conversation as you would with any individual . Then lay out the options : You can go through full underwriting , which will involve health assessments and financial records like tax returns . A DI policy could be issued within the next few months , either as applied for or with certain exclusions and limitations . Or you can include four or more key employees , and all of you can have coverage quickly , as applied for . This type of policy would not have exclusions or limitations .
Which option sounds better ? Now imagine you ’ re a small business owner in a target occupational market . Quick and easy is the solution they like best .
Patty Ball is disability sales director at Ohio National Financial Services . She can be reached on LinkedIn at https :// www . linkedin . com / in / pattyballnashville /
42 Perspectives Q4 2021
Large groups For larger groups , GSI is a way to equalize long-term DI benefits for executives . Many long-term plans have a benefit cap , resulting in higher earners having a lower percentage of their income protected . Providing a supplemental GSI plan over the company ’ s existing long-term plan can provide key employees and executives with the same percentage of income protection as other employees . Executive GSI plans can be employer paid or voluntary , depending on the size of the group .
When talking benefits with the company owner or HR representative , don ’ t forget to ask : Would you like to provide an executive DI plan for some or all of your key employees ? Do all of your employees have the same percentage of their income protected under your long-term disability plan ? If not , are you interested in correcting this ?