I truly hope you are already well aware that May is Disability Insurance Awareness Month (DIAM). This is the time to ramp up your own efforts to spread the word to clients and prospects about the importance of this frustratingly under-the-radar coverage.
As it says on the DI page of LIFE's Web site (www.lifehappens.org), a DI prospect's income is typically his largest asset. How long would a typical client last without his paycheck before serious financial difficulties would set in? The LIFE Foundation conducted a study that found 70% couldn't make it a month. A 25-year-old worker who makes $50,000 a year and suffers a permanent disability could lose $3.8 million in future earnings. That client doesn't hesitate to insure his home or car, so why wouldn't he want to insure something that is much more valuable than either of those things?
Often it is simple ignorance -- he doesn't know about disability insurance, and no one's ever bothered to tell him about it. While about 70% of working Americans have no long-term disability coverage at all, 82% of Americans have never even been contacted about DI. That's where you come in. You have many tools to assist you at your disposal. The LIFE Foundation, which sponsors DIAM, has created the DIAM Planning Toolkit that producers can access and download for free at www.lifehappens.org/diamkit. It contains everything needed to create an effective DI marketing plan.
That's the tip of our DI iceberg this month.
John Nichols, CLU, DIA, president of Disability Resource Group, the official spokesperson for this year's DIAM campaign, is featured alongside fellow DI experts Ann Baker Ronn, LUTCF, and Steve Crawford in an insightful look at challenges and opportunities in the DI market in this month's Producer Roundtable. I am excited to say all three panelists will also be participating in a live Web seminar on at noon EDT on May 20, where we will further delve into great niche markets and effective selling techniques. These are some of the industry's top minds dispensing advice that can make a major difference in your DI production. You can register for the free event on our Web site at www.lifeinsuranceselling.com.
We have three additional DI-focused features included in this month's magazine, beginning with Dan Steenerson's (CLU, ChFC, RHU) article about identifying the ideal DI prospect. Next up is Larry Schneider's comparison of group/association plans with individual plans, which can help you determine which is best for which client. And we have Jan Robinson's article on the selling points of voluntary short-term disability coverage.
There you have it. You're armed with potent ammunition to combat the plague of DI ignorance among consumers. Use it wisely.
