In today’s competitive job market for educated, trained workers, employers who offer strong benefit packages have an advantage. They are more likely to retain key employees, and attract new ones. Today, producers have an opportunity to provide a value-added service and educate their employer groups about the value of income protection for employees. The need is there!
Consider these facts:
- 43% of employers ranked protecting financial assets due to an unexpected event as a main concern. (Principal Financial Well-being Index, 2009)
- 61% said good employee benefits encourage them to work harder and perform better. The same percentage also said good benefits keep them working for their current employer. (Principal Financial Well-being Index, 2010)
- 66% of executives surveyed believed that providing financial advice at the workplace is more important than it was a year ago. (Charles Schwab & Co. 2009)
These facts show that employers and employees are concerned about their income. Brokers who offer disability income in addition to other lines are providing more value to their clients, increasing their own profits, and making sure they remain competitive.
Here’s a few reasons why brokers not traditionally in the disability income market might want to consider selling it:
Easy second sale. You are already in front of professionals and business owners talking about benefits. These are the individuals who most need income protection because employer sponsored group LTD plans are capped and often taxed, leaving high income earners underinsured.
Easy differentiation. By offering your employer groups income protection, you can set your self apart from other producers and make yourself more valuable to your clients.
Easy Income. One sale, multiple policies.
Easy way to diversify your sources of income. It’s never good to put all your eggs in one basket. Disability income is an easy way to diversify your earnings, and insure against downturns. First year commissions on disability income sales are 50% with 5-10% renewals, depending on the carrier.
Easy to Sell. Don’t believe that disability insurance is too hard to sell. That’s a myth, especially if you partner with Source Brokerage, Inc Our disability income specialists can educate you, provide you with quotes, and assist you with the sale. You don’t need to be the expert when you partner with an expert.
Easy Underwriting. When disability insurance is written on a guaranteed issue basis, there’s no medical underwriting, minimal financial underwriting (group census), no modified offers.