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September 28, 2005 at 08:00 PM
There are criteria advisors can use to pick out quality carriers
In the group long-term disability insurance market, quality is extremely important.
One of the most important tasks benefits advisors can perform is to help employers understand why having group LTD matters and why automatically choosing the carrier with the lowest rates is a bad idea.
Employees need group LTD because the probability that they will suffer a serious, disabling illness or accidental injury during the next few years is considerably higher than the probability that they will die.
Meanwhile, the median age of the American worker is already 40, and the work force is aging rapidly. Traditionally, older workers have suffered higher disability rates than younger workers.
Most employers find that their work force is their single greatest asset. Employers invest many dollars and other resources on hiring, training and maintaining talent. Providing solid disability coverage and a solid disability management program is one way to protect that investment.
Of course, employees need insurance to protect against the risk of losing their work capacity and earning power.
How can you help illustrate the need of disability insurance to your clients? There are steps you can take to make sure the process is simple and satisfying for both you and your clients.
Here are some ways to do that successfully:
1. Work with a carrier that knows the business.
The key to managing disability comes through partnering with a carrier that provides affordable disability coverage and a comprehensive disability management program.
Disability coverage that only provides income replacement is not enough. The provision of a cost-effective comprehensive return to work and disability management program is the single most important feature to consider beyond the monthly benefit payment. This is especially true for employers with an aging work force.
