Protection Products

Everything You Need to Know About Selling DI Today


Protection

Tim Kukieza was recently featured on the DI Coach Podcast with Chris Carlson, a well-known disability income industry leader. Chris and Tim discussed all things DI, from how the industry is evolving to what they predict for the future. We’ve pulled out some of the key highlights for you below. 

 

Opportunities for DI Advisors

Disability income is often overlooked, but it’s one of the most important elements of a solid plan. Look at your top 20 working clients, those in the buying age for DI. If you haven’t discussed it with them yet, that’s a great place to start. These clients are very important to your practice, and their income is important to them. It’s a great opportunity to make sure your clients are protected. 

Second, consider tapping the RIA space. Many of these advisors don’t work with insurance, but their clients need protection too. 

We are trying to simplify the DI conversation, so agents are not confused or apathetic when it comes to DI coverage. 

 

DI’s Silver Lining

The pandemic changed a lot of things, and in many ways, it was devastating. There are, however, a few silver linings to look for. 

First, as people have been worried about earning a living, more of them have been interested in protecting their income. And while the catalyst isn’t great, the result of more advisors and clients talking about the need for income protection is great. 

Second, we’re seeing more carriers improving their products or coming back into the market. Underwriting, in some cases, is a simpler process than it’s ever been before. 

And third, clients are willing to embrace technology with video calls and online processes like they’ve never done before. It’s actually easier to connect, despite all the distancing. 

 

Biggest Challenges

Premium fatigue can easily become an issue with even the best buyers. There’s a concern that DI will get lost in the shuffle as clients focus on life insurance and long-term care planning. Home owners, auto, life, LTC, umbrella…the list goes on. But it’s an income that makes all those over coverages possible. The paycheck needs to be protected too. 

 

Changes We’d Like to See

As carriers pivot to keep business moving, the process is getting better. Currently, cycle time to get a DI policy issued is about 65 days. We’d love to see that shortened to 50. 

We’d also love more advisors to embrace a consultative approach with saleable solutions. Our team has experience and expertise to help position DI as necessary, instead of optional. The product itself isn’t going to get much simpler, we need more advisors to get educated. 

We’ve hit some of the major points they discussed, but we invite you to give the entire podcast a listen. There’s a lot in there. 

And, reach out to Ash’s DI team with questions, client concerns and any other needs you might have. We’ll answer!

disability insurance podcast di coach

Firefighters: Paycheck Protection is Possible


Protection

Firefighters put their lives on the line every day; when they go to work, it’s no surprise they risk more than an average employee. Disability income insurance for firefighters is hard to come by, but Ash Brokerage works with carriers that will insurance this occupation. Due to the nature of the job and hazardous activities associated with fighting fires, however, the products available offer limited benefit amounts and restricted periods. 

Typically, the policy will cover only total disability, and the benefit period will be a maximum of two years. Some carriers may offer a limited partial disability benefit, which means the policy holder would be limited from doing some of his/her daily activities, but not totally disabled. In this case, the insured would receive a reduced benefit. 

It’s also important to note most firefighters are considered government employees. All disability carriers, no matter your occupation, consider government employees different from private business employees because government employees typically have part of their pension “pushed out” to them if they become disabled. Usually, there’s no way to stop this from happening, so carriers view this payment as a form of disability benefit. This limits the amount of coverage government employees can purchase, as compared to a privately employed person who doesn’t have any disability coverage. 

If you have any clients who are firefighters, the least you can do is look into the possibility of obtaining disability income insurance to protect their paycheck. After all, they protect your home, business and family every day. 

 

disability insurance DI paycheck