Individual Short Term DI

[2insureyou]

The only carrier I've really found besides that thing AFLAC calls Short-Term DI, is a policy from Mutual of Omaha...

Are there other carriers out there I'm missing? I have a client who requested it, but when I showed her the premium from MoO, she saw why I typically don't sell it.

I would personally prefer someone self-insure the short term and just buy long-term, but she is really wanting the product, if I can find something more affordable that is a quality product.

Any ideas out there? Thanks

 

[LGilmore]

You might try colonial, but really not sure. Several sell a 2yr benefit but have a minimum 30day wait. And like you've probably found, premium is through the roof.

I don't think you're gonna find a cheap short term premium simply because they turned into claims before the ink was dry.....

 

[dgoldenz]

There is a reason the price for the MOO policy is so high.

 

[2insureyou]

no doubt there is good reason for the high premium... Like I said, I'm not a fan of it, just wanted to see if I was missing something.

 

[dgoldenz]

no doubt there is good reason for the high premium... Like I said, I'm not a fan of it, just wanted to see if I was missing something.

Nope, you're not missing anything. Usually I find that people that want STM are a claim waiting to happen, as LGilmore said. They are not interested in protecting their income, otherwise they'd buy LTD. Most want the insurance company to cover an upcoming surgery or the like...

 

[BNTRS]

Most want the insurance company to cover an upcoming surgery or the like...

Yup! I remember several years ago I was doing some prospecting that was specifically targeted at DI. I had this woman call me and ask me what I could cover, and then she sort of let it slip that she had an upcoming "procedure being done." I asked her what it was and she replied with, "I can't tell you, if I did you probably wouldn't want to issue me coverage." I then had to explain to her that whatever she was looking for, wasn't going to be something I could help her with.

That was around the time I decided prospecting for DI sales specifically was mostly a waste of time, and I'd stick with just talking to current clients about it and leave the uber DI production up to those who enjoy buying interns and residents lunch a couple times a week.

 

[kheyknee]

I would personally prefer someone self-insure the short term and just buy long-term, but she is really wanting the product, if I can find something more affordable that is a quality product.

Any ideas out there? Thanks

The key word in your question is "SHE". Most women looking to buy short term disability want coverage for a pending pregnancy. There are no policies sold directly that cover normal pregnancy other than individual policies sold as voluntary benefits: Aflac, Colonial, and a few others.

You would have to convince her to approach her employer to offer voluntary benefits to all employees. It doesn't work every time, but groups of 50 or less often will agree. The upside for the extra work is the opportunity to sell to co-workers.

 

[2insureyou]

The key word in your question is "SHE". Most women looking to buy short term disability want coverage for a pending pregnancy. There are no policies sold directly that cover normal pregnancy other than individual policies sold as voluntary benefits: Aflac, Colonial, and a few others.

You would have to convince her to approach her employer to offer voluntary benefits to all employees. It doesn't work every time, but groups of 50 or less often will agree. The upside for the extra work is the opportunity to sell to co-workers.

This woman is actually late 40's, and has no interest in having more kids. It's because of an accident she went through a couple of years ago, and she was down for a couple of months, and it's been on her mind since.

In any event, I personally believe that self-insuring short term situations like this is preferable, but if she really wants it, twist my arm, ay? I'll make the commission. I was just wondering if there was a more competitive product that MoO that I had somehow missed...

Oh, and she is the sole employee of her boss's company, so group is out.

 

[dgoldenz]

This woman is actually late 40's, and has no interest in having more kids. It's because of an accident she went through a couple of years ago, and she was down for a couple of months, and it's been on her mind since.

In any event, I personally believe that self-insuring short term situations like this is preferable, but if she really wants it, twist my arm, ay? I'll make the commission. I was just wondering if there was a more competitive product that MoO that I had somehow missed...

Oh, and she is the sole employee of her boss's company, so group is out.

"Woman" "late 40's" and "disability insurance" does not compute. Will end up with rates too high, exclusions, limitations, etc, and usually a waste of time when they get the final offer. Just my experience.

 

[Larry Tew]

Have you asked her directly why she wants ST rather than LT?