What Die Hard Can Teach Group Agents About Selling Individual Disability Insurance
A group of terrorists under the direction of Hans Gruber take control of Nakatomi Plaza. It is up to a barefoot John McClane to save the day by dropping ole Hans off of the roof. John and Holly walk off into the night. Roll credits.
But they weren't really terrorists were they? Nope. They didn't take over the building in order to further some cause. Hans was just there for the vault. In the same way, I am just here for Individual Disability sales inside employer groups.
But, just like in the movie, there are a number of locks that stand between a group agent and an IDI sale. However, many of these "locks" can be easily disabled.
LOCK 1: Underwriting
Group agents are used to working with products that are offered on a Guarantee Issue basis. They don't do well with underwriting and everyone knows that Individual Disability Insurance requires medical exams and tax returns. You can break that lock. You can implement an IDI program without medical underwriting. It can be offered on the same Guarantee Issue basis as your group products.
LOCK 2: My Company Is Not a Good Prospect
Even the most blue-collar, low wage company has managers and/or owners. And, often times, these individuals have a need for supplemental coverage. An Individual Disability Insurance program can be carved out to only target these individuals. Lock broken.
LOCK 3: Too Expensive
Yes. Individual Disability Insurance is more expensive. But why? Individual Disability Insurance has features and guarantees not found in group contracts. Due to this, adding a supplemental IDI program could actually bring down the overall costs for the employer. Lock Broken.
These 3 locks were easily broken, however, just like in the movie; there is one lock that may not be able to be broken on site. The Electromagnetic Lock. It has to be broken by someone else.
For group agents, that 4th lock is often How to Sell The Need.
You need someone else to help you break this lock. That is where we come in.
As a Disability Specialist, we can help you explain the need for a supplemental IDI program to your employers. We can show them a number of ways the plan can be implemented to fit the overall benefit goals of the company. And, our support doesn't there. We are also there to help you implement the program. This includes selling the needs to the employees.
The bottom line is that all barriers standing between you and an Individual Disability Insurance program can be removed with a little work and some help.
We are here to help!