What Sells With Physicians And Attorneys?
It's not always easy to know what a client wants. Factor in the complexities of a professional service firm that employs physicians or attorneys and knowing what to offer becomes more challenging. To help you sell more effectively, review the Disability benefits physician or attorney groups buy the most.1
Knowing which options sell eliminates the guesswork involved with what plan designs to present your clients who may be unsure about what amounts are appropriate. Furthermore, because these are some of the most frequently purchased options, you can rest assured that you're helping clients stay competitive in their marketplace, while upholding your credibility as a trusted resource who can offer expert recommendations.
What Physicians And Attorneys Buy
Both physician and attorney groups commonly purchase Disability insurance plans with these options:
- Benefit Percentage of 60 percent
- Maximum Benefit Amount of $10,000 or greater
- Maximum Benefit Duration to SSNRA
- "Own Occupation to Age 65" Definition of Disability
- 90-Day Elimination Period
- Employer-Paid (Non-Contributory)
An Opportunity To Sell Two Key Benefits
In addition to knowing what sells, it's important to know what isn't selling, so you can offer your clients more education or increase their awareness. As one example, we have seen that physician and attorney groups aren't taking full advantage of their ability to purchase the Employee Income Protection Benefit. The same opportunity exists with physicians and the Qualified Medical Condition Benefit.
To help your clients better understand how these benefits work, and their associated value, please review the following details.
Employer Income Protection Benefit2
The Employer Income Protection (EIP) option can help protect business entities from financial loss should a key, income-producing employee (Key Person) become disabled.3
Qualified Medical Condition Benefit2
Physicians or dentists who do not meet The Standard's other definitions of disability because their right to practice has been restricted or they have suffered a loss of earnings due to the disclosure of a qualified medical condition, may be eligible to receive benefits for five years, or to the end of the Maximum Benefit Period, under the optional Qualified Medical Condition (QMC)4 definition. A QMC is categorized by the U.S. Centers for Disease Control and Prevention as communicable and potentially life-threatening to patients.
Of course, each group is different and should be treated accordingly. The preceding information serves as a starting point to designing your clients' Disability plans as it offers insight into what sells and where there are opportunities to help physician and attorney groups become more aware of some key benefits.
1 Based on internal data developed by Standard Insurance Company.
2 This policy has exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or terminated. Please contact The Standard for additional information, including costs and complete details of coverage.
3 Business entities include, but are not limited to, small professional firms, partnerships and S-corporations. If an LTD benefit becomes payable to a Key Person, the EIP benefit would be paid to the firm according to the terms of the Group Policy.
4 QMC is sold only in combination with Own Specialty and is not available in all states.