Long Term Care and Disability Insurance

Why isn’t Disability Income insurance sold more?

Presented by Leonard Berthelsen   Ever stop and think for a minute what your life would be like if your paycheck stopped, your commission check wasn’t there or your renewals were reduced to a trickle? Why aren’t we asking our clients this question?  The most valuable asset that a person controls is their ability to earn an income.  How would our families be able to continue to be supported if the income just stopped? Now let’s look at it from a consumer perspective – additional premium, more insurance, what if I don’t use it.  I’m covered at work and my employer is paying the premium.  WOW, that is a lot of obstacles to overcome.  Maybe we look at Disability Income insurance as too complicated, premiums too expensive or that most people are covered at work. Well, most people aren’t covered at work as it has become common place to see employers not offer Disability Income insurance or reduce what they did have.  Only 2%-7% of working adults under age 55 have Disability Income insurance.  It’s only expensive if you make it expensive.  Return of Premium at set stages in your client’s life makes DI a better fit and more affordable. You can break Disability Income insurance down to a few basic elements that will allow you to talk and present comfortably to your clients; age, income, occupation and some basic health history.  The rest falls into place.  You will be surprised how receptive prospects and clients will be when you un-complicate and de-clutter DI coverage. On your next appointment, ask your client what they would do if their income suddenly stopped?  Give them the opportunity to protect that most valuable asset, their ability to bring home a paycheck.
Long Term Care and Disability Insurance

Protection for the stay-at-home spouse?

Presented by Donna Ries   Few carriers allow disability income insurance protection for the homemaker due to lack of income.  Another alternative to consider is a critical illness plan. In the case of a major event such as cancer, heart attack or stroke, a lump sum payment may help the family cope with such a situation.  To qualify for critical illness, there is typically limited income restrictions, limited occupational analysis and an easy solution to a huge potential financial burden on the family. The hidden cost of major health crisis is something we don’t give much thought to.  Transportation, housing and time off of work all become big issues if care is being received away from where a person lives.  Health insurance policies don’t pay for the non-medical cost of care. “Cancer, heart attacks and strokes happen at all ages and most people are not prepared for either the emotional or financial cost,” explains Jesse Slome, Executive Director of the Industry Trade Organization.  “Nearly two-thirds of U.S. bankruptcies are the result of medical expenses and 78 percent of those filing for bankruptcy had health insurance when they were first diagnosed.” A lump sum payment may be the answer to help the affected spouse to concentrate on recovery.  Your Financial Brokerage marketer is here to help you place more of this business.  Give us a call today at 800-397-9999 to discuss the plans available.
Disability

ROP Rider for a Younger Client

Presented by Donna Ries Here’s an idea to consider for a younger client: Protecting an income should be a client’s top priority. One option that may be advantageous for a younger client is the return of premium rider on a disability insurance policy. For example, a 27 year old female administrative office worker making $30,000 that had a $1,000 benefit amount to age 67 with a 90 day elimination period would pay about $28 per month in premium. Of that premium, the return of premium rider would cost around $7 per month. If no claims were made, at age 67, a full return of premium would be received. That means over 40 years the client would have paid an extra $3,360 in premium to receive all premiums totaling over $13,000 back at age 67. That’s an attractive return to consider. Return of premium features vary by carrier. Contact your DI marketer for more information to customize your case.
Annuities

Beating a Sales Slump

Presented by Gary Peterson Even top producers run into a slump now and then. Does this sound familiar?
  • You hear “No” a lot more.
  • Cases that seemed a sure bet don’t happen.
  • A nice app is withdrawn or declined.
  • Your most recent referral stands you up.
  • Nothing seems to go right.
That’s when it’s easy to lose confidence. But, the best of the best have all experienced slumps and survived to let us know the secrets to getting back on track. I have attached a great article that describes the keys to breaking out of a slump – or preventing one from starting.
Long Term Care and Disability Insurance

Small Business Disability Coverage

Authored by Steve Knapp The small business market is a completely underserved market in terms of disability protection. As you know, many states require the business owner to carry workers compensation on their W2 employees, but not on themselves. In addition, businesses with less than 100 employees are too small to qualify for group disability coverage, so many small business owners enroll in workers compensation and leave themselves uninsured. That’s where you come in. You can offer your business owners’ clients a personal disability plan to cover their personal expenses (coverage is 24/7), a business overhead expense plan to cover the business expenses in the event of the owner’s disability, and a disability buy-out plan for corporate partnerships ……all of which are tax deductible to the business. Client approved marketing pieces are available and smart agents direct mail these pieces to small businesses in their local area and follow-up with a phone call.  Need a good reason to call? In addition, you can offer your prospects a free valuation if they apply for a DI Buy-Out plan. The valuation is done by Principal Financial Group and takes approximately 1 week to complete. A proper valuation normally costs anywhere from $3,000-$10,000. Keep in mind, through Principal you can offer your clients a 20% multi-life discount in addition!