As you recognize, companies who offer exceptional benefits are more likely to maintain valuable employees and draw in new ones. The very same concept applies for employee benefits brokers – the quality and breadth of your benefits offerings is an essential part to proceeded success. And currently even more than ever, income defense has actually become a crucial employee benefit that is entitled to factor to consider.
According to MetLife’s 2009 8th annual Employee Benefits Trends Study:
– Employee degrees of problem about economic protection have moderated but are still high. They have not conserved enough and stress over making ends meet.
These data reveal that employees are worried regarding their earnings. Handicap insurance coverage is making an all-natural sell, both as a stand-alone voluntary coverage and as a wise supplement to group long term impairment plans. Supplying DI along with your various other lines can aid you construct client loyalty, remain affordable and come to be much more rewarding.
Below why countless employee benefits brokers are including impairment insurance policy to their toolboxes:
- Easy Cross-Sell. Disability insurance policy is an important component of executive benefits, team benefit packages and voluntary offerings. You’re already talking to Human Resources experts and business owners concerning benefits – just make certain your discussion consists of income defense techniques.
- Easy Differentiation. By becoming a disability insurance coverage expert, you can differentiate on your own from various other fringe benefit producers and develop yourself as a convenient one-stop source for your customers.
- Easy Income. Brokers that market DI enjoy generous compensation rates, as much as 70%. That indicates if you sell two specialist instances monthly at $4,500, your annual earnings could be $75,600 or $891,000 over a 10-year period. And with the greatest renewal price in the industry – in between 5% and 15% – those commission dollars really build up.
- Easy Answer to Declining Commissions. With healthcare reform underway, several fringe benefit producers are already obtaining carrier letters revealing payment cuts corporate discount. Unless you’re prepared for a way of life change, it is a great suggestion to start augmenting your income streams now!
- Easy Learning Curve. Do not think the misconception that disability insurance policy is too made complex to cross-sell. It is simply not true – specifically if you partner with a DI dealer recognized for industry-leading devices, methods and technologies.
- Easy Underwriting. When special needs insurance coverage is written on an assured standard problem (GSI) basis, there’s no clinical underwriting involved. For brokers, that means less individual denials and more DI underwriting authorizations!
If you’re an employee benefits broker, make DI your brand-new cross-selling success story. When you offer impairment insurance coverage, you will enhance sales and develop more powerful partnerships for an extra rewarding future.