Are you reviewing your current clients disability insurance policies? If not, your missing an opportunity to provide good service to your existing clients and increase your DI sales. Here are several ways you can make it worth your while to schedule a meeting with your clients:
- Check the policy for future purchase options. Many DI policies have an option to purchase additional benefit without medical underwriting on the policy anniversary date. If the client’s income has increased, this is an opportunity to talk to them about purchasing additional benefit to insure they have maximum income protection. Request a quote from Source Brokerage for the maximum increase for which the insured is eligible.
- Contact Source Brokerage for current carrier and product information. All disability income carriers improve and change their products. There are many ways that this might effect your client. For example, clients whose benefits were maxed out earlier may now qualify for more coverage because carriers have raised their issue and participation limits.
- Review the policies for modifications. Often times DI policies are issued with modifications because of pre-existing conditions. After a period of time–two years or more–with no further treatment or good control, the policies can often be reviewed and the modifications can be removed. For example, if a client had a back exclusion placed on his policy because he was being treated for a back sprain. After two years of no further treatment, he may be eligible to have the exclusion removed, and additional riders added such as the future purchase option or the inflation protection rider. So, you not only improve the client’s DI policy, but you also add riders and benefits resulting in higher commissions!
- Offer business owner clients additional products. Business owners are eligible for business overhead expense to keep the business running in the event of a disability; in addition, they are eligible for disability buy-out protection, which funds the buy-out for a disabled partner. Does the business have key employees who are critical to sales and management of the company? Key person DI will pay a disability benefit to the company in the event the key employee becomes too sick or injured to work.
- Make the most of multi-life discounts. Perhaps you have written three or more cases with one employer, and they received a multi-life discount. Other employees in the company can still get the discount, even if the company is not paying the premium. Find out if there are new employees in the company or other employees who may be interested in pursuing disability income policies with a discounted premium. Review policies already in-force to make sure they are keeping pace with salary increases and bonuses.
- Offer to review your clients employer group LTD benefits. Clients with group LTD plans and no supplemental individual DI, may be under-insured. Higher earning executives may have salaries and bonuses that exceed the group cap. In addition, the terms of the group LTD benefit may have weak definitions of disability, and short benefit periods. You’ll find many of your clients do not know the terms and conditions of their group LTD plans through their employer. By reviewing their group LTD plan, you have the opportunity to provide an important service to your clients, making them fully aware of the disability benefit provided by their employer, and adding supplemental individual disability protection to cover the gap.
It’s important to attract new clients, but its just as important to offer fantastic service to your existing clients—after all, that will bring more referrals. Let us help you get the best possible solutions for your clients. You’ll both reap the rewards.