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Disability Insurance Sticker Shock and Job A, Job B

  by  DIBroker East
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Sticker shock is a common problem in the disability insurance world, especially for new financial planners and insurance agents who have become used to the very low cost of term life insurance.

The cost of a good DI policy, something like a 90 elimination period, with a to 65 or 67 benefit period, residual (for partial disabilities), protection in your own occupation, and a purchase option (for us that would be the outline of basic, but very good policy for a professional) typically costs between 1.5% and 3% of income. And the premium goes up significantly with age, among other factors.

You are a young agent and you just sold a million dollar, 20 year term policy to a 30 year old female for $365 a year. How do you sell a policy that costs 2% of her income–say $2,000?

First, start with the need, not with the quote. For example: What would happen if you got sick or hurt and could not work for a few years?

Second, let the client know you can help her find the right solution to her need, but make it clear up front that good coverage is not cheap and that there are very good reasons for that–most notably the odds of making a claim on a disability policy are much, much higher than the odds of dying during your working years (of course the odds of dying are 100% eventually, but hopefully later).

Third, Job A, Job B.

This idea is a classic in our industry. My father used it 30 plus years ago, but I don’t know who first thought of it (an unknown home office person in Marketing at Provident or Unum or Paul Revere back in the day?–whoever it was, my thanks to you).

It is Disability Awareness Month, and in honor of that unknown creator, the simple, but perfect context for the DI sale:

You are looking for a job. You have two offers: Job A pays you $100,000 a year if you are healthy and can work, but nothing if you are sick or hurt and cannot work. Job B pays you $98,000 a year if you are healthy, and $60,000 a year (tax free) if you become disabled and cannot work. Which job do you choose?

No one ever says they choose Job A.

JobAJobB-new

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Filed under: Disability Insurance, Marketing, Selling, Training

Ameritas Video: “Income Matters”

  by  DIBroker East
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May is Disability Awareness month, and there are lots of good marketing pieces go around. I particularly like this video from Ameritas, “Income Matters:”  https://vimeopro.com/ameritas/ameritas/video/108612367

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Filed under: Disability Insurance, Marketing, Selling, Uncategorized

Thanks for a great 2015 to our top Sales Partners

  by  DIBroker East
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I had planned to post this a couple of weeks ago, but was distracted by a phone call from MetLife on the way back from the Keys. But I will post it anyway since I want to acknowledge our leaders in sales for 2015. We invited them to Key Largo for a couple of days of fishing and hanging out.  Three of our dibroker east Sales Partners (we have nine all told), Clarke Morris, Tim Murray, and Michael Tyler qualified for our reward trip. Clarke Morris was the over all winner–congratulations!

The three have rather different styles for how they run their businesses. Clarke wanders all of the Southeast, from Mississippi down to South Florida and up to North Carolina, working with more brokers than any of our other Sales Partner. Tim has a smaller, but very successful group of brokers primarily in the Tampa and Central Florida area. He has been very successful with brokers who target doctors in residency. Tyler (too many Michael’s to keep track of–so he is “Tyler” for us) partners frequently with Group Sales reps and often goes on joint calls with his brokers, and has a real expertise in voluntary GSI.

Tyler he caught two beautiful snook in the Keys backwaters. 

Michael Tyler caught a beautiful snook--30 inches
Michael Tyler caught a beautiful snook–30 inches

We spent the better part of a day fishing amidst the aquamarine waters of the back country Keys. Our  guide, Lain Goodwin (http://www.dirtywaterscharters.com/), navigated the shallow waters and narrow channels of the small islands and outposts of mangroves with a skill that impressed us all. He sped us through winding, narrow channels all the way to Crocodile Lake (we didn’t enter because it is protected). Without a GPS and a knowledgeable navigator, I am sure we would still be out there. And as my brother Michael noted, “he brought just the right mix of quiet and conversation,” and of course we caught fish because of him. If you ever need a fishing guide in the Keys, Lain is a great option.

We also were witness to a mud circle, mine first. I had heard of these, but had never seen one except on youtube–so cool to witness. A mudcircle is created when bottlenose dolphins swim in a circle in shallow waters stirring up the mud to confuse mullet (a type of fish), which then jump into the air making them an easy meal for the dolphin. You can catch a very dramatic version of it here: https://www.youtube.com/watch?v=bzfqPQm-ThU

The food from our days in the Keys was fantastic. The first night we went to Pierre’s (http://www.moradabay.com/pierres/). Tyler and I both tried seafood curry with Himalayan Black Rice. Just the right level of spice to allow the flavor of the seafood and the sauce to come through. The wine and the service (a nice woman from Bulgaria of all places) were excellent–it was a celebration.

Tyler was a sales rep for Metlife before joining dibroker east. Given the recent news about MetLife suspending their disability insurance sales in September (and letting their underwriter and sales force go), I am imagine he is happy to have made the move.

In any event, we are grateful for their hard work and hope that they have a great 2016.

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Filed under: Disability Insurance, Marketing

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DIBroker East provides one-stop shopping for all your clients’ disability insurance needs. We represent the leading DI carriers, insuring your presentation is the most competitive available while providing the best sales support and service in the industry.

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