In the coming year, The Standard GI NEWS will bring you information to help you sell and place individual disability insurance (IDI) guarantee issue (GI) cases with The Standard. We are also in the process of developing GI Training for both novices and for those producers who are ready to go out for a big case. We will provide more details in upcoming issues of The Standard GI NEWS.
The Protector+ GI and The Protector GI are offered at the workplace on a voluntary or mandatory basis and can be paid for by employees, employers or by a combination of the two. The employer works with a representative of The Standard regarding the details of coverage under the GI plan, including the choice of benefits and riders that will be offered to employees.
There are two kinds of GI IDI coverage. The most common is Guarantee Standard Issue (GSI); the other less common form is Guarantee To Issue (GTI). GI coverage is available to eligible members in a prequalified employee group. For more details please see the GI Guidelines, forms 10437MGSI and 10437VGSI, available at www.standard.com/di. GI IDI may be offered alone or in addition to group long-term disability insurance.
Multiple sales opportunities from one sale and compensation paid at the same rate as individually underwritten IDI cases at The Standard.
Discounts and access to coverage. GI is offered at a discounted rate and members of the group may be eligible for coverage they cannot obtain on their own.
- Premiums are discounted 15% for voluntary GI cases, and 20% for mandatory GI cases from The Standard’s gender-neutral rates.
- GI coverage is offered without medical underwriting so all employees are offered coverage, subject to minimum qualifying criteria.
- Benefits may be tax-free1.
- Incentive pay can be covered.
- Policies are portable and individually owned.
- There is no offset for Supplemental Social Insurance or Workers’ Compensation benefits.2
- Benefits are generally tax-free if premium is employee paid and not reimbursed by the employer.
- Assumes a Supplemental Social Insurance Rider is not issued.
Big GI cases can bring significant rewards—both for you and your customers. However, unless you are experienced in large GI IDI sales, the best piece of advice we can give you is to have patience. GI cases, large and small, take time to develop. Since development time to fruition varies from company to company, successful producers often have several GI cases that they are working on at any given time, moving along at various stages of development and relationship building.
Start out small
Build your experiential foundation by learning the process of developing small GI cases of 15 lives or less. Once you have successfully placed a small GI case, you will have the experience that you need to go after some medium sized GI cases. Then, when opportunity for the big one presents itself, you’ll know how to proceed — and succeed.
Small firms
When you find yourself proposing IDI coverage to an attorney, architect or similar professional, who also happens to be a part of a small firm, that could be your opening to propose GI IDI. Why? When you have the ears of a small group, if you were to propose IDI to each member of the group, chances are in a group of ten, at least two will not be eligible. Save yourself and your customers the time and disappointment of going through the process of asking the detailed medical questions when you know it is likely that some members will not be eligible for coverage. Instead, start out by proposing GI IDI. Go for the maximum coverage for all the members of the group. If that is not an option, offer multi-life IDI to the group’s members.
With a small group, there are fewer levels to go through to gain approval, than with a corporation. When you make your pitch to the prospect, chances are you are talking to the decision-maker or that you are just one step from the decision-maker. It is also likely that same person will be directly impacted by the coverage you propose.
Large companies
In large companies, there are more people and layers to move through. Typically, the person you pitch to is many steps removed from the decision-maker(s) and the coverage you propose may not directly impact that person. So, before you approach a large GI prospect, you have to first research the company, its people and its benefits:
- Find out about the company and its culture.
- What other benefits does it offer to its employees?
- Is there a class of employees to whom the employer offers a premium benefit?
- Who are the decision-makers?
- How do you reach them and develop a relationship with them so they are open to your proposal?
- And don’t forget your competitors. Who are they? Which carriers and brokers are you competing with? Where do you stand in the proposal process?
Did you find this GI NEWS helpful? What would you like to know about? We invite you to share your thoughts and suggestions with us by replying to this email.
Please contact GSI@standard.com or call 800. 378.6058 if you have questions about GI IDI. We are always happy to help you.
For Producer use only. Not for use with consumers.
Unsubscribe to The Standard GI News/DI News. Privacy Policy.
Standard Insurance Company, Individual Disability Insurance,
1100 SW Sixth Avenue, Portland, OR 97204, USA.