Having trouble placing Income Protection cases due to sticker shock? Quote follow up calls going unreturned? It may be time to think of a new way to present Income Protection to your client using the Rule of 2%.
The Rule of 2% states that a client is not likely to spend more than 2% of their annual income on Income Protection products. Many advisors think that the Income Protection conversation needs to start with the most expensive (and most robust) quote, when in reality, it’s often better to begin with a manageable premium and work your way up to a more robust quote. Let the conversation with your client determine what is appropriate to show them from both a benefit and premium standpoint.
So next time you’re quoting Income Protection, instead of just requesting the “Max Benefits” quote only, think about requesting a quote where the premium is right around 2% to give yourself the opportunity to continue the Income Protection conversation with your clients beyond the first meeting.
Comments are closed