Life as a Door Opener for Disability

April 16, 2022 | Written by Samuel Newland CFP

For one reason or the other, people are very willing to get life insurance to protect their family but not purchase disability insurance to protect their family. Both financially protect those who rely on the insured and are simply triggered in different ways – death vs. disability.

Telling someone that their insurance is very similar probably will not convince anyone to protect themselves with disability insurance. However, your client telling you they will change their mind. Why? When you tell a client something, it is an idea. When they tell you something, it is the truth.

By helping your clients recognize that their goal of getting life insurance is in line with disability protection, you can easily transform a conversation that typically ends in only life insurance to a conversation that ends in a more holistic protection for their dependents with life and disability insurance.

Here’s how this conversation looks:

Client: I am interested in getting life insurance.

CFP: Great! This seems like important coverage to you. What do you want coverage for?

Client: Well, in case I die, I want my family to be protected and to pay off the house.

CFP: It sounds like you want life insurance for financial protection for your family and it sounds like you are worried about what might happen to them if you did not have life insurance.

Client: That’s right.

CFP: Excellent. It seems like we are in agreement that you are willing to spend extra money every month to better financially protect your family.

Client: That’s right. It is about financial protection.

CFP: Financial protection. Okay. If I told you that a study showed that 50% of home foreclosures were a result of disability and 2% were a result of premature death, would it be inaccurate to say that disability insurance is even more important than life insurance in protecting your family and keeping your house?

Client: No. It doesn’t seem like that would be inaccurate.

CFP: Okay. So in order to accomplish your goal of financially protecting your family, would it be a bad idea to use the budget that does not get in the way of your personal and financial goals towards both life and disability insurance instead of just life insurance?

Client: No. Not a bad idea at all.

CFP: Great. Would you be against me connecting you with my life and disability insurance agent by email or scheduling a call with him at a time that works for you so that he can help get you the best rates on the market?

Client: No. That works for me.

It really can be this simple of a conversation by taking a step backward from the what to the why of life insurance. While the client acknowledges why life insurance comes with staggering stat on home foreclosures, the door to disability insurance becomes a logical next step rather than one that needs to be convinced.

Explaining the need for disability insurance is a losing game. When they admit the importance of it, you are on the right track.

We can provide help for free in 2 ways:

  • Have any specific questions about the concepts or ideas in this article series or do not think it would be a bad idea to learn more about how to have better conversations
  • Or how we can help your clients with acquiring the best life and disability policies for them

Do not hesitate to book a free consultation here.