13929PPT (Rev 7/14) SI/SNY How You Can Increase Your Success Placing Modified Offers How You Can...

13929PPT (Rev 7/14) SI/SNYHow You Can Increase Your Success Placing Modified Offers

How You Can Increase Your Success In Placing Modified Offers

For producer use only. Not for use with consumers.

Standard Insurance Company | The Standard Life Insurance Company of New York Standard Insurance Company is licensed to issue insurance in all states except New York. The Standard Life Insurance Company of New York is only licensed to issue insurance in the state of New York.


• When the underwriting process reveals information that was not evident from an application, The Standard’s underwriters look at the whole picture and may try to create an offer of coverage in light of the new information.

• In these cases you are likely to receive a modified offer, sometimes more than one, so your customers have a choice of coverage.

Overview of Modified Offers


Some choices may mean premiums for your customers are lower than the premiums for unmodified offers would have been.

These Are Good Offers Of Coverage


How To Increase Your Success In Placing Modified Offers


Spend enough time with your customers so you understand their lifestyles and insurability.

Take The Time To Get To Know Your Customers


What are their hobbies?



Do they work at home, in an office or somewhere else?



• What are their medical histories?

• It’s crucial you know the answer to this question.

• Speak to your customers about the types of medical issues that could impact their insurability.



By far, the most important aspect of selling modified offers is preparing your customers and setting expectations.

Set Expectations


Help your customers understand that even though they may be feeling fine at the time of their applications, for underwriting purposes, previous conditions might be considered and result in modified offers.

Set Expectations


• Applicants may not think about conditions for which they take maintenance medications, such as high blood pressure, depression or medical equipment like C-PAP machines for sleep apnea, when they are not currently experiencing symptoms.

Set Expectations


• As you prepare your quotes, explain the quote details to your customers, so the offers of insurance do not come back looking different from your customers’ expectations.

• Do your best to explain what the offer of coverage might look like once the underwriters have the complete picture.

Set Expectations


Some Ways To Help Your Customers Understand The Value Of Modified Offers


• When customers have questions about modified offers with exclusions, help them understand that for the any one item that’s excluded, there are always a host of other important conditions that are covered.

• Ask, “What will you do if any of the other conditions happen to you?”

Help Your Customers See The Whole Picture


Draw a circle.

Try This


Fill the circle with dots.

As you do so, say, “You have coverage for this and this and this” and so on.

Try This


Help Your Customers See The Whole Picture

Then point to one dot and say “You are not covered for this.”


Revisit The Need For Disability Income Insurance


This example is provided only to show a breakdown of The Standard’s open claims above as of 6/30/2014 without regard to the decision made on each claim. Having the conditions listed does not establish disability. Each claim is evaluated on its own merits and according to the terms of the policy.

Disabilities Have Many Causes

Injury/ Disease of Joints

Other

Back Conditions

Cancer

Nervous System

Mental/Emotional

Circulatory/Heart

Fractures (except Back)

-3.0% 2.0% 7.0% 12.0% 17.0% 22.0%Injury/Disease of Joints

Other

Back Conditions

Cancer

Nervous System

Mental/Emotional

Circulatory/Heart

Fractures (except Back)

0.0% 5.0% 10.0% 15.0% 20.0%


Could your customers manage financially if they were unable to earn an income for this length of time?

The Length of Disabilities Is Tending To Increase


When You Deliver A Modified Offer, Your Attitude Matters


• If you deliver modified offers to your customers with a positive attitude, it can make all the difference.

• Your customers will take the leadfrom you.

Your Attitude Matters


Resources

23


• The Value of Modified Offers Flyer, form 14744DIY SI/SNY. You can customize this flyer with your contact information and give to your customers.

• Order or downloadThe Standard’s sales and marketing materials from the disability insurance professionals website at www.standard.com/di and selecting Find Marketing Materials.

Resources

http://www.standard.com/di/forms/di/mkt/diy/14744diy_si_sny.pdf

http://www.standard.com/di


For more help in placing modified offers, please contact [email protected] or call 800.992.4446 (800.378.6057 in New York.)

We are always happy to assist you.

We Are Here For You

mailto:[email protected]


The Standard is a marketing name for StanCorp Financial Group, Inc. and subsidiaries. Insurance products are offered by Standard Insurance Company of Portland, Ore. in all states except New York, where insurance products are offered by The Standard Life Insurance Company of New York of White Plains, N.Y. Product features and availability vary by state and company, and are solely the responsibility of each subsidiary. Each company is solely responsible for its own financial condition. Standard Insurance Company is licensed to solicit insurance business in all states except New York. The Standard Life Insurance Company of New York is licensed to solicit insurance business only in the state of New York.

13929PPT (Rev 7/14) SI/SNY How You Can Increase Your Success Placing Modified Offers How You Can...

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