Advisors working with young professionals have a built-in client base for disability income, yet many do not focus on this product. The reasons they give are it is too difficult to underwrite, and premiums are high. Follow these 5 steps and watch your disability placement percentage increase:
- Fact gathering—Establish expectations with the client that this a tough, but fair process. Gather the client’s biographical data, as well as income, medical history and medications.
- Request a proposal from Source Brokerage either online or via email or phone. Present the proposal to the client. Feel free to call Source Brokerage with client questions or to teleconference with you and your client.
- Take the application. Secure appointment paperwork. Pay careful attention to answer every question on application. Request income documentation and schedule a paramedical exam. Compete appointment paperwork, and send to Source Brokerage, along with a copy of insurance license and E&O at the time you send in the application. . Call Source Brokerage with any questions regarding carrier appointment, income documentation, or application questions. We can walk you through the process.
- Expect 4-6 weeks for underwriting, depending on the applicants medical history. Watch for Source Brokerage Case Memo status updates in your email. Call us with any questions you may have regarding the underwriting process.
- Policy issued. Deliver the policy to the client. Get policy delivery requirements and any policy amendments signed. Some carriers have automated policy delivery–very convenient and much faster turnaround. Collect your fy commission–40-50% of premium. 5-10% renewals.
Source Brokerage, Inc is your disability income partner. We are with you every step of the way. Your success is our priority.