No one plans for a tragedy to strike...
...but if one should, having Disability Insurance ensures your clients are covered, allowing them to focus on their road to recovery, while having the means to pay the bills. May is Disability Insurance Awareness month. It's the perfect time to open up the conversation about having disability income.
Speaking to your clients about DI (Disability Income/Disability Insurance) is a conversation worth having. Having insurance that insures the beneficiary's earned income will be provided should they become disabled not only gives one peace of mind, it's just good common sense. Nearly 18.5% of Americans currently live with a disability. One out of every four Americans will suffer a disabling injury before retirement. Statistics like these are hard to ignore.
Life Happens poses this question:
"Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch?"
"If you’re like most, it wouldn’t be long at all: 7 in 10 working Americans couldn’t make it a month before financial difficulties would set in, and one in four would have problems immediately, according to a Life Happens survey.¹"
¹”What Do You Know About Disability Insurance” survey, Life Happens, 2018
When it comes to financial planning, we all could use a little help. The importance of saving (not only for a rainy day) but for higher education costs, retirement and even possible illness and long-term care are crucial.
Not all of us are star pupils when it comes to the financially fit class, but with the right tools and some planning, you can assist your clients, and help them save for the future.
If your clients are asking you about long-term care, disability insurance and life insurance, you can be the one to assist them if you’re already writing Medicare Supplement policies for them. If you’ve already established a rapport and a good relationship with your clients, it’s only logical to offer to help them with other needs they may have.
If your clients are saddled with credit card debt, this convenient tool will help them figure out how long it will take to pay off that balance, and find financial peace. The stress of revolving debt is something no one wants, and this tool will put them on the right track to eliminating that debt.
If your clients are still in the workforce and have yet to retire, this calculator asks for some basic math and will give them a plan in the making to realize their retirement dreams. There are even tools to help them figure out how long their money will last once they’re no longer working. This one allows you to enter the proposed withdrawal amounts and will calculate how long your client has before their money runs out.
Investing in life insurance is not just smart, it can be very cost effective. Clients with young children and without the resources to provide for their children, should something happen, are best-served by investing in life insurance. Clients often ask “How do I know if I have enough life insurance?” This tool will calculate your client’s needs and his/her spouse’s needs as well.
Many people wonder if they need DI, and if they can afford it, then yes. It not only provides monies at a critical time of need, but offers peace of mind knowing that if something should happen, they’ll have a way to cover their day-to-day expenses. This tool can help you show your client the costs for disability insurance and how much they’ll be able to afford.
“Money is what makes the world go ‘round”, as they say. And it’d be fantastic if we didn’t have to have it, use it, or worry about it. As daunting as it may seem to try and create a fiscal plan that fits your clients’ needs, it is indeed do-able. And with the right tools, you can make it happen for them.
Help your clients get fiscally fit, and help them prepare for their retirement and long-term needs.
By Carolyn Portanova
What do your clients want? Let's face it. You're in Sales. It's what the insurance industry is about. As independent agents, you sell. You sell Medicare Supplement policies, Life Insurance policies, Long-term care solutions, Disability Income Insurance plans. They're all products. But what sets you apart from Joe down the road who is also selling similar products to an ever-expanding senior market?
I recently read an article published by Life Health Pro, regarding what seniors wish their advisors knew. Some of it may seem like common sense, yet some of it is clearly lost, and some of the key points in the article should be taken to heart. You would think that 'Trust' would have been #1. It sure would have been on my list, if I had been asked to participate in the poll. Trust is of utmost importance when it comes to a retiree looking for a solid solution for healthcare. At a time in their life when they're now on a fixed income, and they're relying on your expertise to guide them to the best solution (and albeit most of it is cost-driven, give the fact that they're no longer working) is of paramount importance. Trusting your advisor to research and explore numerous options, all this, after asking important, probing questions to find out what the client needs, is how one earns and gains trust. Right? Well, apparently not everyone does that. And I'm here to tell you, that it's important.
You may ask how I know that it's important, given the fact that I'm not an insurance agent. I'm in Marketing. What could I possibly know about Sales? In another life, I managed a team of sales agents for Apple, Inc. Different industry. Different type of sales, you say. Yes and no. Sales is first and foremost about selling yourself. You sell yourself to the client. First impressions are what count. And we all know, you only have one time to make a first impression, so it better be a good one. But after that, after you've sold yourself to your new, prospective client, you are now in the process of earning their trust. How do you do this? You listen. You become an active listener and you take an active interest in your client.
At Apple, you have to relay the benefits to a customer about the products you're introducing them to. Makes sense, right? Afterall, benefits are what actually sell a product. And you sell the benefits to the solution you've provided AFTER you've probed and asked important questions about your client's life and lifestyle, and you've listened. In the Apple world, this is called creating a complete solution. The Mac user that renders high-def video and who needs a tricked-out MacBook Pro is completely different from the high school student who needs a basic MacBook for fundamental needs. Apple creates successful sales people, they do not churn out order takers. There is a big difference. And it all comes back to listening and asking questions, which is part of the customer engagement model.
Back to the insurance industry. Some examples of questions you should be asking:
The list of questions can go on and on. It may seem obvious, but yet somehow, so many agents don't do this. They don't ask, and they don't listen. They don't show interest in their client. By taking an interest and showing that you care, and that you genuinely want to find the best solution for your client.....you have then earned their trust.
By Carolyn Portanova
Carolyn Portanova is the Director of Marketing at The Brokerage Resource and has been with the firm since 2012.