For insurance agents, finding good prospects is a never-ending struggle. You’ve probably tried many different ways to find prospects, but have you thought about using Guaranteed Standard Issue Disability Insurance (GSI DI)? Here’s how GSI DI can help you obtain new clients.
Understanding GSI DI
Before you can leverage GSI DI to find more prospects, you need to understand how it works.
GSI DI is a type of long-term disability insurance policy that is typically available to groups of five or more people with the same employer. It offers a lot of the great coverage terms associated with individual disability insurance, like portability and an own-occupation definition of disability. However, because multiple people are securing coverage, they enjoy guaranteed issue underwriting. This allows them to secure coverage without having to go through medical exams, tests or investigations, and pre-existing conditions are not typically excluded from coverage. They can also secure great discounts on coverage, often around 10% to 20%.
If you’re encountering price objections, or if your clients are worried about medical underwriting, GSI DI can be a great way to overcome these barriers and make more insurance sales. However, that’s not the only reason to offer GSI DI. This product is a great way to find new clients and grow your business.
How It Works
Let’s say you’re meeting with a prospective client who is interested in disability insurance. We’ll call her Carla. Carla knows she should have paycheck protection, but it’s more expensive than she’d like. She’s hesitating, and you know from experience that this type of hesitation is a sales killer. You don’t want to lose the sale, so you need a new strategy.
You ask Carla about her job. You already know she’s a lawyer, but you want to learn more about her company and the other people who work there. She tells you there are two partners and five other lawyers including herself, as well as an administrative assistant and a paralegal.
You tell her about GSI DI. If she can get some of her coworkers to participate, you can get all of them a nice discount, and it will also simplify the underwriting process.
Carla is interested. She wants the discount, so she starts talking to her coworkers about disability insurance and encouraging them to buy coverage. She’s basically doing your job for you!
She discovers that one of her coworkers wants disability insurance but has battled cancer in the past, so he always assumed he couldn’t qualify for coverage. He’s very interested in GSI DI and joins Carla in trying to get others to join. Soon, you have six people who want coverage.
Cross-Selling for Even More Opportunities
Turning one potential disability insurance sale into five or more sales is already a great trick, but it gets even better. Once you’ve sold GSI DI to a new group of people, you have your foot in the door to make more sales. It’s time to talk to these individuals to see what other coverage needs you can help them with.
- Do they need life insurance?
- Do they need critical illness insurance?
- Do they have friends or family who could use help securing insurance?
The possibilities are nearly endless, especially once you start getting referral business. Even if just one of your new clients gives you a solid lead, you can use that as an opportunity to make more sales – possibly even another GSI DI sale.
How to Get Started
There are two basic ways to go about selling GSI DI. One, you can ask your prospects about the needs of their coworkers, as shown in the example above. Or two, you can target companies that are likely to have groups of five or more workers who need coverage. Any executive team or professional office could be a great candidate.
For more tips and resources to help you break into the GSI DI market, download the GSI Guide.