DI + LTC Insurance Services exists because neither of those products are simple to sell. DI + LTC exists to make getting people covered with those lines simpler.
Our bottom line is to simplify—we work on it every single day. From sharing only content we feel is helpful or interesting to creating multiple content formats in hopes at least something will resonate with you (blog posts, infographics, podcasts, mailed postcards, etc.) to pioneering the first e-application for disability insurance. Sometimes, it may seem like we’re sharing content in a vacuum, but know this: YOU are the reason we do any of this. We want to make your job simpler, too. So here are three ways you can simplify DI and LTC for clients:
1) Simple Questions.
Forget Shakespeare’s lonely soliloquys and Plato’s cyclical dialogues. Chances are your client has questions. After answering them, reciprocate with some of your own. There’s a reason “good” conversationalists aren’t the ones talking about themselves. For example, this is a real-life conversation Maxwell Schmitz had with a client the other day:
· “What was the catalyst for this LTC conversation?” My mom receives homecare.
· “What type of services does she use?” Basic help with bathing, moving around, etc.
· “Is there a cognitive impairment?” Not yet, but it feels imminent.
· “How much is she spending on services?” I [the daughter] pay for most of it. It costs about $4000/month.
· “So would it make sense to pass some of that financial risk onto an insurance carrier so you don’t have to rely 100% on your retirement income?” If possible, yes.
· “Would it make sense to set aside $100/month to access a pool of $100k?” That sounds totally doable.
· “Would you be interested in paying more for a pool of $100k that grows by 3% per year to help insure against inflation?” Yes, I think that would make sense.
· “Great, let’s see if you can qualify.”
2) Simple Products.
There’s a fine line between wanting choices and being overwhelmed. Too many good brokers lose out because of a finely tuned, dreaded spreadsheet. Different riders, definitions, and benefit structures can easily overwhelm a client! The point of working with an expert in these unnecessarily complicated lines is that we know which products resonate the most with clients of all different types. Own Occ and Noncan coverage have long been oversold in this business, and the marketplace—the buyers—have helped us understand that clearly. We will not waste your time or your client’s time with products that are not attractive or not in a client’s best interest.
Some producers argue that a fully loaded contract is in their client’s best interest. That could be true—only if they buy. The point is to deliver protection, and a policy with Noncan, Own Occ, and 6% Cost of Living is guaranteed to turn the conversation toward price, squandering a beautiful opportunity around the benefits of an income protection plan. This is why our top agents always have a “back-pocket” or “take-it-or-leave-it” quote prepared during the price discussion. The best of the best don’t even have a quote until they get a verbal yes on the concept. They have a feel for the market and speak in income percentages, like “1% of your income.” We’re here to help you get to that point.
3) Simple Processes.
Whether you’re into TurboTax or a “my CPA does it all” kind of person, we’ve got you covered. Quotes can be requested digitally on our website or by email/phone. Applications can be completed through our nifty e-app site, Dingo, emailed securely, or sent via mail. Simplified issue underwriting can result in an issued policy within a few days. And for more complex cases, our customer service beats calling any other 800 number by far. Of course, expect status updates and servicing for the entire life of the client’s policy. Oh, and did we mention we’re your full-fledged marketing agency? Marketing materials, content, design—let us know if you’re ready to brand with us. We have turnkey marketing campaigns at the ready!
Rumor has it that there’s a New Retirement Strategy in town, and you can bet that planning for a disability and/or the need for long-term care belongs in it.