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Benefits advisors have a huge opportunity with individual disability. Recent estimates are that the market in the blue, gray and white collar segments is only 30% penetrated. If your clients and prospects can’t afford to retire today, you need to be discussing how they can insure their paychecks.

Patrick Irving, Managing Director of Covala Group, joins us to share his Disability Income (DI) expertise with The ShiftShapers audience. Many large corporations offer life insurance benefits, but fewer are offering DI benefits. Fewer still are offering high-quality, portable, individual DI contacts with those outstanding multi-life discounts.

There are many opportunities for augmenting your existing practice with DI sales. After covering some basic terminology, Patrick dives into the tax implications of DI benefits. Patrick also discusses the merits of group versus individual coverage for disabilities.

Whether you want to build a practice around disability income or are looking to augment other revenue streams, you will learn something from this conversation. Advisors will better serve their clients by studying up on DI coverage.

What You’ll Learn From this Episode:

  • The market opportunity available with disability income.
  • Differences between multi-life, group, GSI, and individual plans.
  • When to purchase individual or group DI plans and in what order.
  • How disability income is taxed and why this is important to understand.
  • What is generally not covered by group DI.

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This week, we welcome Patrick Irving, Managing Director of Covala Group, to The ShiftShapers podcast to help us explore the overlooked opportunities available with disability income. With only 30% of Fortune 1000 companies (and fewer in other segments) providing coverage in this area, advisors willing to develop a DI expertise will be in a prime position to expand their practices while providing invaluable coverage for their clients – often at a discount!

This episode is packed with useful information for benefit advisors: Patrick clarifies some of the DI terminology that can often be confusing.  He goes into detail about the taxation of DI benefits so advisors can better serve their clients while saving them money. He also tackles the classic chicken or the egg question regarding whether Group or Individual coverage is the best first option.

Advisors dealing with commission compression or looking for additional revenue streams will definitely want to leverage the opportunities available in DI coverage and you should begin with this episode. Patrick provides a wealth of information and specifics on how to help your clients seamlessly integrate DI benefits into their existing plans.

What You’ll Learn From this Episode:

  • The market opportunity available with disability income.
  • The difference between multi-life, group, GSI and individual plans.
  • An expert perspective on whether an Individual or Group plan should be purchased first.
  • Why it is important to understand the taxation of disability.
  • Which items are generally not covered by Group DI.

Featured on the Show:

Listen to the Full Interview:

This Episode is Sponsored by:

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ShiftShapersCoverArtYour existing groups are a perfect place to prospect for Guaranteed Standard Issue individual DI. The market is wide open, the underwriting is more accommodating than writing a single DI case and you can be creative with constructing the benefit for your clients. How do you do that?

This week we decided to do something a bit different today and invited Bob Tretter for our first in-studio interview. Bob is the Director of the Guaranteed Standard Issue Disability Income (DI) program at Ameritas. He is also a former president of the National Association of Health Underwriters and has spent his entire career in the DI market.

On this episode, we speak to Bob about the DI marketplace in general and guaranteed standard issue DI in particular. Tune in to find out how you can deliver more value, drive more revenue and differentiate your practice with this often overlooked product.

What You’ll Learn From This Episode:

  • Bob’s background in disability income insurance.
  • The state of the disability income market in general.
  • What the market penetration of DI is.
  • What the opportunities are in DI market.
  • The definition of guaranteed standard issue disability income.

Featured On The Show:

Listen To The Full Interview:

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