Statistics show that people are more likely to become disabled than to die during their working years. When financial professionals and insurance brokers help their clients plan for their futures, it’s important that they discuss income protection, in addition to life, auto, health and homeowners insurance. Disability insurance insures clients will have an income source in the event they are unable to work for a period of time because of an accident or illness. Given the statistical odds of a disability happening, it’s prudent for clients to buy disability insurance coverage to protect their incomes.
Definition of Disability
Insurance brokers and financial professionals should understand and explain the definition of disability in the disability insurance policy to their potential clients; the definition of disability in a individual disability policy and a business overhead expense policy is critical because this is what determines the insured’s claim. In some disability insurance contracts, if the insured is not able to perform his or her job but he or she can work in another capacity, he or she may not be considered disabled. Disability specialists at Source Brokerage, Inc. can explain the different definitions of disability to you and ensure you provide a contract with the best definition of disability available for your client’s occupation.
With skilled lawyers from big and small law firms alike working on these profitable cases, there is an opportunity for insurance brokers and financial professionals to jump in and offer small law offices small business disability insurance plans provided by Source Brokerage, Inc. Disability income insurance can provide surety to high-income attorneys that in the event they are knocked out of action—whether by accident or illnesss—their income is protected and their future is secure.
As a broker, how would you sell the idea of disability insurance to a lawyer? Whether the lawyer is just beginning his career or already a senior partner in the firm, he will always feel confident that he will be able to maintain his high income. A broker who understands the unpredictability of fate can raise the possibility of a disabling illness or injury and the loss of income that could occur from this type of unexpected event.
Doctors are among the most frequent buyers of individual disability insurance, so if you want to be a successful disability insurance adviser or agent, you have to tap this market.
Selling physician disability insurance may require some creative selling on your part, because medical professionals are often too busy to sit down long enough to listen to your extended sales pitch. Nonetheless, if you think about it, you could actually use it to your advantage.
Many workers have group long term disability plans through their employer, and this is certainly advantageous for most occupations. However, some occupations require a disability income policy that offers stronger protection, such as individual disability insurance for doctors. Doctors live by their skills and abilities and a disabling illness or injury can make it impossible for them to carry out the duties of their occupations, which can jeopardize their earning potential. A disabling injury or illness can lay waste all the years of education, training, and experience physicians worked so hard to build, leaving them unable to earn an income.
Nevertheless, even with the clear benefits of a DI policy, many people are still hesitant to purchase one. As their trusted advisors, your job is identify and overcome the obstacles that keep them from buying disability income protection. Whatever the obstacles may be, peace of mind is a strong motivator for everyone, without exception.
Establish a Reason to Buy
Throughout your pitch, firmly establish the reasons your client needs the product you are offering. Why should anyone need disability insurance? Ask him or her how long he thinks he or she can live without a paycheck before he or she would fall into deep in debt, and perhaps later need to depend on others. Accidents and unexpected illnesses happen in a moment’s notice; it makes good sense to prepare for them.
Source Brokerage, Inc. can help you design individual disability insurance plans to meet the specific needs of your clients; however, it’s your job to sell the need for disability insurance to your professional clients. Disability insurance is a necessity that many still take for granted until it’s too late. Insurance brokers with strong presentation skills can help their clients realize the wisdom of having disability income protection, and the folly of not.
Of particular concern for doctors is the “own occupation” clause (or the lack thereof) in doctor disability insurance products, which should protect them despite working in a different job (e.g. teaching) by their choice. In working with physician clients who need disability income insurance, you can partner with an established disability insurance expert—Source Brokerage, Inc. With Source Brokerage, Inc., as your disability income partner, you can provide competitive, reasonably priced disability income policies that will provide the benefits your physician clients demand.
Financial planners and insurance brokers can provide the education and disability income policies employees and small business owners need. Source Brokerage Inc. can help financial planners and insurance brokers design disability income plans for the small business owner and his employees. It can be a win-win for the employee and the business owner. The study also revealed that being granted disability benefits can make almost 60% of employees “feel more favorably” toward their boss or employer, which becomes a great selling point for small business disability insurance brokers as they make presentation to their small business owner clients.
The risk of contracting diseases or unexpected injuries is high for doctors as any other occuaption. Thismakes it imperative for doctors to get physician disability insurance. Disability income policies for physicians replace a portion of their income, and if the policy includes a catastrophic rider, it will also provide an additional monthly benefit in the event the insured cannot perform at least two activities of daily living.
The loss of income caused by a disabling injury or sickness not only affects the client, but also his or her family and other dependents. As a trusted financial advisor, you can educate your clients, especially the young ones, on the need for personal disability insurance. Source Brokerage Inc. can assist you with designing disability income plans tailored to fit your clients’ financial and occupational needs.