Today, people expect to buy just about anything online. However, when it comes to insurance, that isn’t always that simple.
Buying insurance online, especially products like whole life and disability income insurance, can be difficult because there are so many important variables that need to be explained by a professional before the buyer can make an educated decision. It can even be challenging to research policy features and costs online without background on specific industry terms and language.
One solution in the disability income protection market is to borrow an idea from the term life and health insurance markets and to introduce quote tools. My own company recently introduced such a tool, a disability insurance quoting calculator.
Giving consumers access to an online disability insurance calculator makes it easy for them to get fast and accurate information about how much disability income protection will cost, allows them to select some of the most popular options to see if that either increases or decreases the price, and provides access to a financial professional who can complete the purchase.
Financial professionals who prefer to be involved in the entire consumer education process will see that adding transparency to the sales process with this new online calculator, and a little sun shine in, is a win-win. It provides just enough information to help the consumer better understand pricing and coverage, and it gives the professional a snapshot of the consumer’s financial picture. By the time the consumer and financial professional meet, they’ll have information that will make the sales process a much better experience for both.
Why is disability income insurance important?
You may sometimes get this question from clients and prospects and wonder what to say.
Clients need to know that disability income insurance is important because it provides income replacement to continue paying bills and everyday living expenses if a person becomes too sick or injured to work.
According to a U.S. Social Security Administration fact sheet released in June 2016, although most people understand the importance of protecting their income, less than half of the population currently has long-term disability income insurance.