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June 06, 2010 at 08:00 PM
Selling individual disability insurance to two or more employees at the same employer is less expensive than selling coverage to just one.
That fact has led to growth in the multi-life DI marketplace in recent years, and the trend is here to stay.
Voluntary multi-life DI is attractive because it helps employers maintain comprehensive employee benefit packages that can attract and retain employees while being budget-friendly. Employees can use multi-life DI programs to buy valuable coverage at a discount through a carrier their employer has endorsed–often with streamlined underwriting. 
Producers who offer successful multi-life DI programs see increased referrals, increased cross-selling opportunities and more commissions.
To be successful with multi-life DI cases, you need to understand the customer and effectively communicate the offering.
Understanding The Customer
Employers are the gatekeepers to those ultimately purchasing the policies. When the producer has a strong relationship with them, employers can gain a deeper understanding of their own role and how their support makes the enrollment more successful. A strong relationship with employers also helps assure that participation requirements are met, that employees see the producer as a trusted resource, and that the employer gets a strong plan design, customized to employees’ needs.
When meeting with an employer about voluntary multi-life DI, ask these questions to get a deeper understanding of the employer’s workplace and objectives:
o What benefits do you currently offer employees? Do you pay for them or offer them on a voluntary basis? Do you offer group LTD insurance? If the employer answers yes, get details of the coverage (e.g., taxability, benefit caps, if base or incentive pay is covered, replacement percentages, and so on.).
o What percentage of employees earn more than $75,000 a year? Would you like to offer the program to all employees or to a select group (e.g. executives or highly compensated employees)?
o Can I meet with employees during work hours?
o How do you communicate with employees? Can we take advantage of those communication vehicles when promoting this offering?
o With whom do I work with in the company to ensure the plan design and participation requirements meet expectations and the enrollment process is supported?
Asking these questions helps position the producer as a resource for employee benefits. Plus, this knowledge is valuable when designing a plan that meets employer and employee needs.
