Sales Ideas That Work
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This month's sales idea comes to you from Steven L. Brady, RHU, 2nd VP of Individual Disability Insurance Sales & Marketing |
Value is often hidden behind price, just waiting to be discovered. The following is a conversation I can imagine taking place between a producer and a female physician.
The doctor is considering two proposals for individual disability income insurance, and one costs $1,800 more a year. Sounds like it might be Protector Platinum from The Standard with gender-distinct, versus a quote from Principal with gender-neutral rates (which for females can mean more savings). The doc makes $180K a year and is a sole provider with one child.
Doc: Why should I pay $1,800 more a year for this Platinum policy?
Producer: Let's take a look at a common disability claim and see how the two policies would pay. Then you can tell me if the $1,800 is worth the difference.
Doc: Ok
Producer: You've told me that breast cancer is a big concern for you. Disability due to breast cancer represents The Standard's second-most-common type of claim for female doctors. So, let's look at that type of claim.
Doc: Ok
Producer: If the breast cancer did not require surgery, but the chemo and radiation treatments would be aggressive, what would be a likely impact on your time at work?
Doc: Well, certainly the day of treatment would knock me sideways, but I probably could see my patients on other days.
Producer: So if you were able to juggle your full load of patients and possibly take a day off each week for treatment, then that would be a significant loss of time, 20% of your week, but maybe not a loss of income. Is that right?
Doc: Yes.
Producer: Then with that loss of time due to disability, would you file a claim?
Doc: I would, yes.
Producer: Would you expect both these companies to pay that claim?
Doc: Yes.
Producer: How would you feel if one company paid that claim with full benefits and the other company paid nothing?
Doc: Could that happen?
Producer: Yes. One company would treat your loss of time as qualifying for the full benefits for six months, the other company would need to wait for a loss of income to even start the waiting period.
Doc: I am guessing the more expensive Standard Platinum is the one that would pay full benefits?
Producer: Yes
Doc: (Calculating) I make $180K a year. I guess the premium difference which amounts to just 1% of my income, is worth the 100% difference in benefits paid under Platinum.
Producer: I agree. There are many reasons why Platinum not only costs more, but is worth more. I can tell you all about it when I deliver your policy.
Folks, don't be falsely swayed by spreadsheets. Protector Platinum's Initial Period of Partial Disability is better than any other company. Period. It's easier to qualify for and pays 100% the first six months. After six months the insured can qualify based on a loss of income only. No other company makes it easier to return to work—emotionally and financially— than The Standard with Protector Platinum.
More Sales Ideas That Work
- The power of a simple question
- Allow your customers to choose IDI
- Reach out to your customers before their policy anniversaries come due
- A disability parable
- Give your clients the “vote” to buy disability insurance
- The lowest quote does not equal the best protection
- Guaranteed Renewable vs. Noncancelable policies
- Mining your existing customer base
- One agency's success and how they do it
- Huge opportunities in the small business market
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