Expertise at Work
(Short Takes)
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There are more factors in a disability plan than the rate.
By: Leonard Cavallaro
What's important to me is having the client choose what's right for him or her, so it's crucial for me to show that I'm a disability expert. I do as much research as possible, which helps build the trust that's necessary. I almost always try to sell the quality of the contract, not the rate.
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The problem with selling disability insurance is that it's rate driven. I try to point out there can be huge contractual differences, and that the best rate is not always the best value. Unlike a life insurance claim, a disability claim can last 30 or 40 years.
Clients have to look at elimination periods, benefit amounts, exclusions, limitations and partial disability definitions. They also need to look at the carrier itself, at its claims department and at the carrier's commitment to disability. Is it a sideline, or will they still be committed to disability 10 years down the road?
I usually recommend two carriers, one with price, the other with product. I explain what the extra dollar will get them. More often than not, they'll go with the higher-priced carrier.
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