Are you new to Income Protection and not sure how to start the Income Protection Conversation with your clients? Don’t worry! Sometimes even experienced advisors struggle to find the right way to position Income Protection in a meaningful way. The key is to make the coverage feel real to them – what kinds of expenses would they still need to cover if they became disabled and weren’t able to earn an income? In order to help do so, Use Your MUG!
MUG stands for 3 important expenses your client will need to cover if they become disabled: Mortgage Payments, Utilities, and Groceries. If your client isn’t able to earn an income, these 3 expenses are going to be very important to have a plan for. Calculate your client’s monthly costs for their MUG and start with a monthly benefit equal to that amount.
By starting out the Income Protection conversation this way, your client will better understand the ramifications of becoming disabled. Often, the client will talk themselves into more coverage this way – “I have my MUG protected, but what about my car payment?”. By helping your client to shift their focus on whether or not they’d have a disability to what they’d need to protect if they did, you give yourself a better opportunity to continue the Income Protection conversation and get your client valuable coverage they need.
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