By Thomas C.K. Wong
There are myriad objections to buying DI, but the No. 1 reason people don’t buy it is they were never asked to buy.
The common objections to buying disability insurance involve some combination of the following:
- Cost versus benefit.
- The product (it’s too technical or it’s hard to understand).
- The competition.
- No need for or belief in the product.
- The application/underwriting process.
- “My spouse works” or “My family will take care of me.”
- The mindset of “I have other sources of income such as group short-term/long-term disability, Social Security, workers’ compensation or personal assets that can help me during the crisis.”
I may have missed a few, but you get the point that there are many objections that can derail the buying decision.
In order to overcome this, I believe it all starts with us — the agents.