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Popular Prospects for Individual DI Insurance
• Professionals in highly specialized professions, including physicians and attorneys
• Physicians and dentists with student loan debt
• Small business owners
• Young professionals and medical residents
• Professionals in the sandwich generation who want to protect against losing income while caring for a sick or injured family member
• Female professionals who are heads of households
Strategies for Selling IDI
• Mention income protection at every client meeting. It cannot be emphasized enough.
• Emphasize value, not the cost. Most consumers can’t afford to be without an income stream--and a way to protect it, especially if their family depends on their paycheck. We need to help workers think through how they would pay their bills if they were out of work.
• Contextualize the risk by sharing stories. Share real-life examples with prospects and show them from experience what can happen if they don’t insure some or all their income.
• Outline solutions. Explain to prospects why relying on savings, family and friends, retirement accounts or government programs is often short-term and inadequate. Help them review their options (e.g., employerprovided or individual disability insurance, critical illness insurance, accident insurance, etc.) and select the best plan to keep their income protected.
References
1 PWC 2017 Employee Wellness Survey
2 Council for Disability Awareness
3 This report presents the findings of an online omnibus survey fielded March 21 – 22, 2018. Data was collected among 2,317 U.S. adults, ages 18+ across the country. All survey respondents work at a company with at least two employees. Statistical significance testing for this su rvey was done at a 95 percent confidence level and margin of error was +/- 3 percent. This means that if we were to replicate the study, we would expect to g et the same results within 3 percentage points 95 times out of 100.
4 Council for Disability Awareness website, Chances of Disability (Accessed December 2016): disability can happen.
5 Integrated Benefits Institute, Health and Productivity Benchmarking 2016 (released November 2017), Short-Term Disability, All E mployers. Condition-specific results.
6 Anthem Productivity Solutions Quantifying Value Study, 2015
7 Our customer pilot program results are an average over a five-year period (2009–2013). Source: Anthem Life pilot results, 2014.