“I have made a small fortune using this simple, soft shoe approach.”
Yesterday I attended an insurance committee meeting. One of the topics was a group life insurance plan. This plan covers all full-time employees for 1X annual salary for 0.003% of payroll.
What a great way to sell group life insurance – no proposal needed. Just explain to the employer the rate is based on payroll.
I have done this for years on disability income. After much research I discovered an employer-paid STD or LTD comes in below 1% of payroll – usually around 0.005-8% (versus voluntary STD/LTD which comes in anywhere from 1-5% of gross pay).
I have sold quite a lot of disability income using this method. Once the employer realizes the cost (they always pull out a calculator and multiply their monthly payroll by 0.003%) they say “that’s affordable, bring me a proposal” or “that’s affordable, let’s do it!”
I have made a small fortune using this simple, soft shoe approach.
Simple Sells is from Waring, Texas and an infrequent contributor to this blog