This month, we’re talking about disability income insurance. If you already sell DI, now’s the time to use the resources and publicity available during this special awareness month. Check out our sales kit above, for starters. If you don’t sell DI, we just have one question: why not? If you think your clients aren’t interested in DI, it’s probably because they don’t understand how it protects their most valuable asset — their paycheck. Disability insurance touches on universal themes that most of your clients can relate to.
Theme #1: It’s Really Hard to Save Money
Even with clear-cut financial goals, it’s hard to make sure all those goals get a piece of the paycheck. You've got retirement, the kids’ college fund, a new home, a new car, or maybe a vacation. Now imagine you never get another commission check again. Did you cringe? We did. How long would your savings last? Most Americans can count the number of months or even weeks they'd last on one hand. In fact, Bankrate.com reports that 28% of American families have zero savings. Another 20% can cover less than three months’ worth of bills. Right there, we’re talking about almost half the population, able to survive for less than three months without a paycheck.
1 in 4 of today's 20-year-olds will become disabled before reaching age 67.
Combine that statistic with the fact that most accidents happen in or near the home, and you have a recipe for financial disaster. Clients often think they can rely on workers' comp or Social Security disability payments if anything happens. But if they're injured at home (as opposed to a job site), workers' comp is out. Social Security requires an application, approval, appeals if that application is denied. According to the Washington Post, the Social Security Administration's office of appeals is so backed up with claims that the list of people waiting is bigger than the populations of six different states. They've been behind since the Ford administration.
It may be time to ask a hard question to our clients: Are you prepared to see your savings dwindle to nothing if something happens? If you fall off a ladder, have a difficult pregnancy, are diagnosed with a mental illness that makes it hard to work, or if you just plain get sick? Are you willing to waste all the hard work you did saving that nest egg? Are you willing to wait while government benefits are approved...or worse yet, if they're not approved right away?
Theme #2: It’s Really Hard to Predict the Future
Disabilities don’t always mean serious accidents. If you’ve brought up DI with a client and seen them glance at their watch, it probably means they're anxious about picking up a child from school, joining a conference call that starts in a few minutes, making it to the post office before they close, or getting dinner on the table before the rest of the family gets home. How would they handle that list of tasks if they were sidelined by a broken leg? A bad back? A bout of pneumonia? Clients who feel the busiest are probably the ones who need disability insurance the most. They have people who depend on them - and their paycheck.
In the U.S., a disabling injury happens every second.
Disability insurance is important. It's worth taking the time to sell.
Our sales kit will get you started. Inside, you’ll find:
- Four 1-page sales ideas to help you sell DI
- 10 case studies for common illness and injuries, including pregnancy, weight, diabetes and more
- 4-page program profile for Principal's DI Retirement Security
- 2-page market profile for a key DI demographic: part-time employees
- 9 pages of statistics and sound bites you can share on social media – perfect for Twitter!
- 1-page illness/disability checklist for your clients