Can you guess what it is?

 

 

UL, No Lapse, DI, Critical Illness, Key Person, Whole Life, Term, Motorcycle, Homeowners, Auto, Motorcycle, Travel, etc...

 

No, it's none of these; the fastest growing line of coverage is Warranty Insurance or DI for things purchased.

 

In today's marketplace whenever anything other than food is purchased consumers can opt for an extended warranty on it.  From a $100 microwave, to a $1,500 refrigerator consumers make sure that if it breaks down and does not work it will be repaired or replaced.  We find it interesting how people will insure a $100 cell phone or mp3 player but don't think about insuring their ability to earn an income?  They make sure that if this thing breaks they can get a new one, but many don't think about the thing that pays for all these other things, their ability to work and earn an income.  What happens if the consumer breaks down?

 

While wondering why this stuff sells, since it's often just a small cost item, the only conclusion we came to is because they were asked to add this coverage when they purchased an item.  That led us to conclude that maybe if they were asked about covering their number one asset, their ability to earn a living, they just might be open to the idea since they buy it on everything else they own.  You know asking might just work.  

 

Here's how a broker who wrote several small DI policies a year but never really sold more than about $5,000 of annual premium increased his DI sales.  He was a good salesman and had the right kind of clients so we talked about what he could do to write more.  He made a commitment to ask everyone he saw what they were doing to protect their income.  The first year he did that he sold over $50,000 in new DI premium and he kept doing that year after year.  He only changed one thing, he asked.

 

We know asking consumers works because the fastest growing sale is warranty coverage or DI for things purchased.  You can be sure the client isn't asking if they can purchase the warranty coverage.  Just a simple suggestion that we believe will increase your sales, we encourage you to give it a try.