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Finding the Money

Delta76

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Prospects don't object to the coverage, they object to the premium. How do you find the money for a DI sale?

Here is what works for me. If you have a business owner with an individual health policy, don't be afraid to raise the deductible in order to afford disability coverage. Think about it:

Let's say you have a $2000-100% HSA and no DI coverage. Would you rather move the deductilbe to $2850-100% and have a portion of your income protected or save $850 and lose your entire paycheck?

Spell it out: No DI for 6 months ($3000 monthly income X 6 = $18,000) or an extra $850 that can probably have the payments stretched out over a year if necessary.
 
Which health plan has the best DI rider in your opinion, or do you write the DI as a stand alone like I have been doing?

Al
 
There are NO DI riders worth paying for.

Not on ANY policy.

Ever.

Buy a stand alone DI policy or you might as well toss your dollars out the window while driving down the road.
 
It's not so much finding the money, as it is finding the need.

No matter the product, there is money for it, it's just a matter of how people spend/invest their money.

For Disability coverage, the person must be able to visualize what life would be like if they were living, but not able to make any contributions to the household. I have them play pretend with me.

Let's pretend that you are sitting in a chair, in the kitchen. You have tape over your mouth, so you can't speak, and you are strapped into a straight jacket, so you can't break free. We're going to move the chair in front of the window in the living room, so you can see your family have a "yard sale", selling every item they can, to pay the bills for the next few months.

Then, a few months later, we are going to give you a headset, so you can hear the credit card company demand money from your spouse, or else they will begin legal action.

Then, the following month, we are going to sit and listen to the Real Estate Agent tell your family that they'd better take the offer for their house, because the market just isn't as strong as it was last year.

Then we're going to sit and watch as the movers load up the van, with all your family's belongings, and we're going to follow that van to an apartment near the stadium. Don't worry, they'll be on the bus line, so they can still take the bus to and from work!

Where are you throughout all this? Why, you're in a Medicaid facility, getting decent care, but you're not able to stay at home, because it costs too much money to pay someone to take care of you, and it costs too much money to pay for the ramp you need to get to the front door.

So, as you see, without Disability coverage, you and your family will still be able to live, just not in the same way you are living now. With Disability coverage, you ensure that life goes on, only this time, it goes on, right where you are now."
 
Let's pretend that you are sitting in a chair, in the kitchen. You have tape over your mouth, so you can't speak, and you are strapped into a straight jacket, so you can't break free. We're going to move the chair in front of the window in the living room, so you can see your family have a "yard sale", selling every item they can, to pay the bills for the next few months.

That's brutal.

Are you any relation to Tony Soprano?
 
It's not so much finding the money, as it is finding the need.

No matter the product, there is money for it, it's just a matter of how people spend/invest their money.

For Disability coverage, the person must be able to visualize what life would be like if they were living, but not able to make any contributions to the household. I have them play pretend with me.

Let's pretend that you are sitting in a chair, in the kitchen. You have tape over your mouth, so you can't speak, and you are strapped into a straight jacket, so you can't break free. We're going to move the chair in front of the window in the living room, so you can see your family have a "yard sale", selling every item they can, to pay the bills for the next few months.

Then, a few months later, we are going to give you a headset, so you can hear the credit card company demand money from your spouse, or else they will begin legal action.

Then, the following month, we are going to sit and listen to the Real Estate Agent tell your family that they'd better take the offer for their house, because the market just isn't as strong as it was last year.

Then we're going to sit and watch as the movers load up the van, with all your family's belongings, and we're going to follow that van to an apartment near the stadium. Don't worry, they'll be on the bus line, so they can still take the bus to and from work!

Where are you throughout all this? Why, you're in a Medicaid facility, getting decent care, but you're not able to stay at home, because it costs too much money to pay someone to take care of you, and it costs too much money to pay for the ramp you need to get to the front door.

So, as you see, without Disability coverage, you and your family will still be able to live, just not in the same way you are living now. With Disability coverage, you ensure that life goes on, only this time, it goes on, right where you are now."



:) Great story telling ability there Bob. I would like to get involved with selling DI later down the road and might have to borrow a few parts of your story (looking at the window in a jacket is priceless). Let me ask you something........Do you have DI coverage?
 
Illinios Mutual:

45 yr old male in good health non smoker:

$3,000 monthly benefit
30 Day Elimination
2 year Benefit $1,116.00 yearly or $94 monthly

5 year Benefit $1,864.00 yearly or $156.40 monthly

till 65 Benefit $2,085.00 yearly or $174.50 monthly

Now understand this is a GR policy, add about 20%-30% to move into a NonCan Policy by IM and likely you'll in the same ballpark as Standard or Berkshire. Whenever comparing policies make sure that the policies match up equally. Yet these prices are not bad because if you sign somebody up for a benefit of $3,000 a month they would have to be making around $60 grand a year or $5,000 monthly, I would think if they desire coverage they should be able to find the money without adjusting or messing up the health coverage. Or coverage is about 1-3% of total income depending upon how much you need exactly.

Ps I use a Class 3 for these numbers. If you are dealing with a Business Owner that has been in business and profitable for 3 years or more they are moved up from a 2 to a 3 class or a 3 class to a 5 class which is a pretty good deal.
 
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It's not so much finding the money, as it is finding the need.

No matter the product, there is money for it, it's just a matter of how people spend/invest their money.

For Disability coverage, the person must be able to visualize what life would be like if they were living, but not able to make any contributions to the household. I have them play pretend with me.

Let's pretend that you are sitting in a chair, in the kitchen. You have tape over your mouth, so you can't speak, and you are strapped into a straight jacket, so you can't break free. We're going to move the chair in front of the window in the living room, so you can see your family have a "yard sale", selling every item they can, to pay the bills for the next few months.

Then, a few months later, we are going to give you a headset, so you can hear the credit card company demand money from your spouse, or else they will begin legal action.

Then, the following month, we are going to sit and listen to the Real Estate Agent tell your family that they'd better take the offer for their house, because the market just isn't as strong as it was last year.

Then we're going to sit and watch as the movers load up the van, with all your family's belongings, and we're going to follow that van to an apartment near the stadium. Don't worry, they'll be on the bus line, so they can still take the bus to and from work!

Where are you throughout all this? Why, you're in a Medicaid facility, getting decent care, but you're not able to stay at home, because it costs too much money to pay someone to take care of you, and it costs too much money to pay for the ramp you need to get to the front door.

So, as you see, without Disability coverage, you and your family will still be able to live, just not in the same way you are living now. With Disability coverage, you ensure that life goes on, only this time, it goes on, right where you are now."


Go Bob! What a great picture to paint! :biggrin: You're right on it!!!
 
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