When you sell a group life or disability income protection case, you may be tempted to consider the job complete and turn your attention to new prospects.
The fact is, your selling opportunities for that case have just begun. In todays benefit environment, employers are looking for ways to control costs yet still provide comprehensive, competitive benefit packages for their employees.
If you are looking for ways to maximize your relationship with your clients, recommending supplemental benefits to complement the employer-funded group plan is a great place to start.
Build on a solid foundation.
Group products constitute the backbone of an employers employee benefit program, and group disability insurance is a vital component of the mix. It provides employees with a good base of financial protection in the event that a disabling injury or illness prevents them from performing their normal work duties.
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But for todays employers, who are facing increasing competition to attract and retain the most talented and experienced employees, group coverages are just the starting point in a comprehensive benefit program. For example, a typical group disability plan will only replace about 60% of an employees total covered compensation.
For many people, that amount simply is not enough to cover all of their expenses during a period of disability. Adding supplemental disability income protection can replace a higher percentage of disabled employees income, protecting more of their assets and helping them maintain the lifestyle to which they are accustomed.
Encourage employers to think of group disability as a platform on which they can build additional, complementary coverages.
Supplemental policies offer a lot of flexibility, allowing employers to create benefit packages tailored to the specific needs of their workforce–and to share some or all of the cost with employees.
Supplemental individual coverages and long term care policies are low- or no-cost benefit solutions that truly can benefit everyone involved. Employers can offer robust, competitive, yet cost-effective benefit packages that aid their recruitment and retention efforts, employees get the flexibility to choose the coverages they need most, and you have a ready-made opportunity to expand your book of business.