I was at a meeting recently and they were talking about the lack of disability income ownership in America. Sure, there is group disability in many places, but not many individual policies owned by the rank and file. We can debate the reasons, but the lack of agents that grew up with quality training are retiring. Only the career mutual carriers explain how this products work.
But, again I digress… here is the point: younger Americans are more worried about the critical illness that can occur and force them to lose their house, cars,etc. Why? They have very little in savings. But they see people with the critical illnesses. You know, heart attack, cancer, stroke, Alzheimer's, renal failure. With a critical illness policy you get the lump sum tax free and you're in business.
Think about this: most group disability plans have a 90 day elimination period. So, then you file and hopefully get your first disability income check in 120 days. Question to you... how many young Americans can live for 120 days without the paycheck? I don't need an answer.
So, chronic? Yes... chronic. What are the elder statesmen in our country (we call them seniors) going to do if a chronic illness occurs? You know, they can't do 2 of the 6 activities of daily living. They don't have LTC, and they are afraid this is going to take them down.
Don't you think that many of them would be better served with a single premium life policy with chronic illness accelerated benefits as opposed to an annuity? Maybe one with return of premium in the event of an emergency.
In closing, there are needs staring the consumer in the face but we continue to offer a solution to a problem that is not in the front of their mind. Critical and chronic. They have the need, we have the products, and we have the training. Come on, give us a buzz at 1-877-844-0900 and let's talk.
Until next time... good selling!