Benjamin Perez: Easily grow disability sales

It's sometimes tough to convince clients that they need to protect their quality of life in case an injury or illness keeps them from earning an income. Benjamin Perez, a longtime agent, educator and now Vice President of Sales & Marketing of Disability Resource Group, Inc., discusses how to overcome challenges faced by many brokers aiming to grow their disability sales.


FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.

Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.

Episode Transcript

Speaker 1 (00:05):
[inaudible].

Speaker 2 (00:05):
Hello and welcome to a Sherbet East podcast tips from
the insurance pros.
In this series we talk withindustry pros as they share
ideas and insights that you canuse today.
I'm your host Matt and I'mexcited to bring you a new topic
for this month.
Disability income insurance.
Assurity has been a leader inincome protection for decades

(00:27):
dating back to 1890 we'recommitted to the market and to
your sales success and that'swhy we have a disability expert
with us today.
17 year veteran Benjamin Perez.
Benjamin is the vice presidentof sales and marketing at
Disability Resource Group Inc.
He'll be sharing his vastexperience educating and

(00:48):
developing advisers in the DIYmarket.
Welcome Benjamin.
It's great to have you with ushere today.

Speaker 3 (00:54):
Thank you Matt.

Speaker 2 (00:56):
So to begin, can you tell us a little bit about your
background and your company?

Speaker 3 (01:00):
Certainly prior to joining disability resource
group or DRG as we are that areknown as I was in fact in
personal production as a careeragent with mass mutual and
through my affiliation with thatagency I happened to meet John
Nichols who had just begundisability resource group and

(01:25):
actually needed some help and Iagreed to their system on a part
time basis because I was veryfocused in my career as an
individual producer and 17 yearslater I'm still here.

Speaker 2 (01:40):
Oh, fantastic.
Let's begin with with education.
How do you go about educatingproducers on how to approach
perspective clients about theneed for income protection?

Speaker 3 (01:50):
Well, typically when I begin to work with producers,
they already have a perspectiveclient or they have a client who
has asked them already aboutdisability income, so it's a bit
warmer and I take them throughthe discovery process, tell them
what questions really need to beasked and how complete those

(02:15):
answers need to be and take themthrough the underwriting process
and make sure that they have apositive experience or that they
will continue to seek outclients for this type of
protection.
Sometimes I'm brought intoagencies or producer groups or

(02:38):
even broker dealers to speak totheir newer insurance
professionals and I let themknow that the important thing is
to ask the questions.
Many times this product isoverlooked.
It's not top of mind for manyproducers.
Unfortunately the insurancecompanies don't do a great job

(03:02):
of training, especially on thecareer side, so I like to know
that they need to ask theirclients what they're doing to
protect their income and probeand get complete and full
answers and also to let themknow that if a client says they
have group insurance throughtheir employer, that doesn't

(03:23):
mean that they're adequatelycovered, so they should get the
details on their group coverageand see how we can supplement
that and plug in the gaps.

Speaker 2 (03:32):
Absolutely.
Now you mentioned somethinginteresting about producers
seeking out their clients.
It's a known fact that sometimesproducers can focus on doctors,
lawyers, and other professionalsfor disability income insurance.
Can you talk about the big needfor income protection that's out
there for everyone and not justwhite collar groups?

Speaker 3 (03:52):
Absolutely.
Doctors, of course, are thenumber one occupation of for
disability income protectionbecause they know the
devastating consequences thatthat can occur if you're too
sick or hurt to work becausethey see it with the patients
that they treat.
However, anyone who actually hasa full time job and needs to

(04:16):
protect their income, who is notindependently wealthy, needs
income protection.
And there are companies outthere who offer some type of
coverage for just about everyinsurable occupation and some
that you may not even thinkcould be covered, we can find
some protection for.

(04:38):
So it's important to ask all ofyour clients who are working
what they're doing to protecttheir income and if they have a
more hands on occupation or aunusual occupation or something
that is certainly not consideredwhite collar, there are carriers
out there that can provide someincome protection coverage today

(05:01):
.

Speaker 2 (05:01):
That's an important point to note.
However, a lot of these clientsare still going to have some
objections.
Do you think the objections todisability insurance have
changed over the years?
How do you help producersaddress objections when trying
to sell disability incomeinsurance?

Speaker 3 (05:18):
Uh, frankly, I don't think the objections have
changed very much when it comesto this type of product.
When you're dealing with youngerindividuals, those who are under
age 48, they immediately thinkthat they are not going to need
this type of coverage.
They're physically say it,they're active, they're

(05:40):
exercising, they're takingvitamins that they're
invincible.
So the important thing I havefound is that you have to move
these individuals, offset it alittle bit, and let them know
that a sickness or injury canstrike at any time.
Anyone at any age.
And that being disabled does notnecessarily mean being in a

(06:03):
wheelchair or being bedridden.
It can simply mean not beingable to perform the material and
substantial duties of youroccupation, your job not being
able to work, just being toosick or hurt to go in and do
your current job.
For those who are a little moreseasoning, and for those who are

(06:27):
in their 50s, it does get alittle pricey.
So the objection typically is,wow, that is so expensive.
I can't afford that.
And I typically let thoseindividuals know that we can
make it affordable.
Many times producers want toshow their clients the maximum

(06:47):
benefit amount available thattheir income optional writers
and show them the Cadillac plan,a word.
These clients, especially thosewho are are a little bit older,
get sticker shock.
So it's important to tailor theplan realistically and show them

(07:09):
that it can be made affordableand we can find to to get to the
most palatable and for them.

Speaker 2 (07:16):
So once that these applications have been created,
what tips do you provideproducers to help them get their
DUI applications throughunderwriting?

Speaker 3 (07:25):
What would be most important thing when you get to
this stage is really to makesure that you are having an open
dialogue with the client and youlet them know that this is a
fully underwritten product andthat disability income
protection is underwritten alittle differently than some of
your other insurance products.

(07:46):
So if there are any healthissues that the client may have,
if they've had anyhospitalizations, any major
medical issues or some that maynot be considered so major, any
prescription medications thatthey're currently taking or have
taken in the past couple ofyears, let's get all that
information on the front endbefore we submit the application

(08:09):
so that there are no surprises.
Same thing on the financial end.
Have they filed bankruptcy on ain debt with the IRS?
Let's get a clear picture ofwhere they are because if there
are some issues, we can addressthem on the front end.
Perhaps the companies thatthey're applying for, it doesn't
like that particular ailment orthere may be a company that

(08:32):
would be more lenient withfinancial situations than the
one that they wanted to moveforward with.
But if we had the details beforehand, we can minimize the
amount of surprises.

Speaker 2 (08:45):
Absolutely.
Preparation is very important inmaking sure those applications
can sale right throughunderwriting without a problem.
Lastly, what's one piece ofadvice that would share about
how to sell more disabilityincome insurance?

Speaker 3 (08:59):
Well, I think the primary thing that producers
need to do is ask the question.
As I alluded to earlier, manytimes this product gets
overlooked.
You don't ask the questions,you're not going to get an
answer, and many times when yourclients approach you for
disability, income protectionmay already be too late.

(09:22):
They may already have someissues that are uninsurable, but
the critical thing is to askeveryone, every client you have
who is working, what are theydoing to protect their income
and really probe and get as muchdetailed information as possible
if they do have coverage throughtheir employer, get the details
on it and point out theshortfalls that are inherent in

(09:45):
small group plans.

Speaker 2 (09:46):
Well, Benjamin, I think that your insights have
been spot on.
Is there anything else thatyou'd like to add before we wrap
up?

Speaker 3 (09:54):
All right.
No.
What I would suggest is, youknow, keep reiterating, asking
the questions and make sure thatyou are asking and then bring
the client to be and let's see.
But we can do for it.

Speaker 2 (10:07):
Great.
Well Benjamin, thank you forjoining us today.
We appreciate you taking thetime to talk about the important
role of disability incomeinsurance.
Thank you Madam[inaudible] andto our listeners, thanks for
tuning into a assurities podcastseries tips from the insurance
pros.
Stay tuned for our next episodeto get more ideas on

(10:29):
successfully selling disabilityincome insurance.
In the meantime, if you'd liketo learn more about assurities
disability income insuranceproduct, head over to[inaudible]
dot com you can also [e-mail] and
we'll be happy to connect youwith one of our regional reps in
your area to take a deeper dive.

(10:50):
Thanks for listening.

Speaker 1 (10:55):
[inaudible]

Speaker 2 (10:55):
for police or use only not for use with the
general public assurity is amarketing name for the Mutual
Holding Company, assurity group,Inc headed subsidiaries.
Those subsidiaries include butare not limited to a surety life
insurance company and AssurityLife Insurance Company of New
York insurance product andservices are offered by a surety
life insurance company in allstates except New York in New
York.
Insurance product and servicesare offered by a surety life
insurance company of New York,Albany, New York product

(11:17):
availability, features and ratesmay vary by state.

Speaker 1 (11:25):
[inaudible].