Changing careers because of a disability - would like some input on selling DI

[John Talamo]

I've had a my own disability policy for many years and had to use my insurance for a residual disability in the recent past. So, I appreciate how important it is to have DI.

Currently, I am considering changing careers because I can't go back to my chosen career. My disability agent (the person who sold me the policy originally) suggested that I sell DI. Given that I've never sold a thing in my life, and would be completely new to the industry, I wonder if I'm too old to sell DI insurance? I'm 53 y.o..

I get the impression that DI is a harder insurance to sell even though I believe in it. Is selling DI a good path, if I put in the effort required, or should I consider selling some other insurance product first, considering my age and inexperience? Any advice at this early stage would be appreciated.

 

[Tahoe Ray]

Ok.

So 95% of my personally produced business is DI.

Why?

Because I generate DI leads.

Almost all insurance products are relatively easy to learn with a little studying and some experience.

When you choose a product line/niche, find one that you can generate the most affordable leads in.

Most people who sell insurance don't have a sales/selling problem, they have a leads/prospects problem.

You can sell anything you want. Your ability to generate interested people with which to speak will dictate your success.

 

[somarco]

I've never sold a thing in my life, and would be completely new to the industry, I wonder if I'm too old to sell DI insurance?

"Colonel" Harland Sanders sold his first chicken (in a manner of speaking) at age 65.

Most folks, including many sales people, think selling is telling. They believe their job is to change the minds of their prospects and convince the prospect to buy a product or service.

Selling is discovering if the prospect believes they have a need for what you are offering. Then show them a way to own it.

Compared to life insurance, DI is a selfish purchase.

Most life insurance is bought for the purpose of leaving a financial legacy when you are gone. The beneficiaries are the living, not the one who purchases the coverage.

Conversely, the beneficiary of a DI product is the policy owner.

There are 2 primary challenges to finding success in DI sales.

Finding the $$ to pay the premiums.
Healthy enough to pass underwriting.

@Tahoe Ray hit the nail on the head about prospecting. You need to read his post again and formulate a plan.

New business ventures are faced with many challenges. Two primary reasons for failure are:

Lack of a well defined business plan with reasonable expectations
Lack of funding

Insurance sales has a low barrier to entry. As such, far too many fall short because they think it is an easy business.

It is not.

It seems like you are motivated and that is a good start.

You also have a story to tell. The most successful people and public speakers know how to use the emotion of a relatable story to get their audience "on board".

You have a lot going for you. Keep asking questions, make a plan, and ask more questions.

 

[DHK]

I've had a my own disability policy for many years and had to use my insurance for a residual disability in the recent past. So, I appreciate how important it is to have DI.

Currently, I am considering changing careers because I can't go back to my chosen career. My disability agent (the person who sold me the policy originally) suggested that I sell DI. Given that I've never sold a thing in my life, and would be completely new to the industry, I wonder if I'm too old to sell DI insurance? I'm 53 y.o..

I get the impression that DI is a harder insurance to sell even though I believe in it. Is selling DI a good path, if I put in the effort required, or should I consider selling some other insurance product first, considering my age and inexperience? Any advice at this early stage would be appreciated.

I don't have much to offer you other than your experience will be helpful to you.

John F. Nichols, MSM, CLU also had his own disability experience.


Christopher Reeve is famous for his situation too.

 

[Jim Kershaw]

I am a DI specialist BGA and work with all the carriers. Many people think they are going to die from this virus, and sadly that is true, but many will be disabled and unable to work so I feel DI is as important as Life Insurance when it comes to having a solid financial plan in place. Especially for business owners as they have several real problems if they become disabled and we have great solutions for them.
DI must be done one on one either in person or at worst remotely today. Be happy to help you learn how to sell DI and related business solutions.
Finally there is tremendous marketing program out there for DI that contains a full turnkey marketing platform cobranded with your name along with a quote engine that presents 3 options to the client. Best in the industry that I have seen. Both are free to agents.
To sell DI in my opinion you need strong belief that what you are doing is right and also passion that you are helping clients solve some real problems.
Selling DI can be financially very lucrative with renewals, persistency bonuses etc.
Finally in todays climate you can get issued through age 50 up to $10,000 a month with no blood, urine, exam OR income documentation. For groups of 3 this can be increased to age 64 and each insured gets a 20% premium discount. A major carrier offers this.

 

[Tahoe Ray]

up to $10,000 a month with no blood, urine, exam

Both Standard and Principal are doing this and it is for all ages (up to their max issue ages).

 

[ProsperityWarrior]

If all you did was share your passion for the fact you still have a dignified life, due to owning DI and being a beneficiary of it, you'd create sales. Age is a non-issue, unless you make it one. In fact, it's an asset. The largest policies you would sell would most likely come from medical or white collar professionals ages 40-55. You are just a few years ahead of them which puts you in the expert/respect category. Good luck on your quest!

 

[John Talamo]

@ProsperityWarrior @Jim Kershaw @Tahoe Ray Thank you all for your perspective. Much appreciated.

 

[WMSG]

One interesting thing I've seen all too often -- is many very successful life insurance producers who sell little to no DI. Yes, I know the excuse, the client's net worth. I get it. However, I've seen many life producers who sell well into 7 digits a year in life premium -- and many of those clients were eligible for DI -- but the producer didn't sell it. I was guilty of that at one time. No longer.

I still feel DI is an overlooked product and need. Good luck to you!

 

[somarco]

DI must be done one on one either in person or at worst remotely today.

Really?

At worst . . . .?