All You Need To Know About STD Insurance Killers
If you are of the opinion that Short Term Disability Insurance is a booming industry, then it’s the time that you undergo a reality check. In the market of disability insurance 30% of the applications submitted but never get the necessary coverage. Some are not accepted by the client and some are never able to see light of the day because of improper documentation or lack of data. If you feel that this information is really dampening, then wait till you get to know that about 60% of sales appointments never get to submission stages.
So, if you are going is not really smooth then you must seriously consider some changes in your strategy otherwise your career graph would be no better than that of ship stuck in midst of ocean, with no shore nearby and no mean to swim through to reach the shore. There are many killer mistakes which an insurance agent makes thus bringing down his growth chart in a soup.
1) Mistake 1- Targeting wrong audience- There are good targets and bad target. Good targets are high potential customers in a higher income group who are genuinely interested in the policy and will cooperate with you to their utmost, while bad targets are customers who are being coaxed into taking the policy and would not show any interest in making your task easier. While differentiating between a good target and a bad target remember that high income is a prerequisite for being a good customer. But in search of good customer do not go and knock on the door of a millionaire and expect a policy cover, as millionaires have enough millions to spend even if they face some sort of disability. Also look for those who have higher level of unearned income i.e. money earned from rentals and other investments, these people would not really be a good piece of meat for your job. Finally make it a point to review a customer’s existing insurance policies, after all over insuring your client can also be dangerous.
2) Good targets- Few of the good customers are traditional white collar market people like doctors, engineers or teachers. These people with fixed monthly income will really welcome you with open arms. Small business owners like the nearby green –grocer or the garage owner will also be potential customers. People with responsibility of small children and their old parents may also be willing to take this cover. For these people their fixed monthly income is major source of livelihood. Single parents, never-married or divorcees are also in need of such a cover.
3) Selling low value/high cost – Doing this blunder will cost you a lot. Learn to sell the highest denomination value at a lowest price.
Also do a survey about companies where STD insurance is mandatory, there are many such firms in the market and will greatly increase your customer base if come in contact with them. And finally the golden rule s of honesty and sincerity hold true in this field also.
