Competition Expected to Grow in Disability Market
Although the outcome of the health care reform is uncertain, the need and demand for Disability insurance is inevitable. According to the National Association of Health Underwriters (NAHU), nearly 33% of all Americans will suffer a serious Disability between the ages 35 and 65 that will last for an average of more than five years. The single largest generation in history, the Baby Boomers, reaching nearly 79 million people, currently falls within this age range, meaning nearly 26 million people will need Disability insurance in the next 20 years. Also, by the time the Baby Boomers have exited the largest group of Disability risk, their nearly 80 million offspring born between the years 1982 and 1995, known as the “Echo Boomers,” will begin to enter the age range.
Not only will agents see an increase in demand for Disability plans, but supplemental products as well. Despite its best intentions, government-run healthcare inevitably restricts access and reduces choice of healthcare options. For those looking to preserve access, quality and choice of care, they will need to purchase supplemental coverage in order to maintain independence. Regardless of the outcome of the current debate, people will start shopping for options now in order to prepare for possible future legislation.
James Wallace, founder of TWG Capital – a leading financial provider focused exclusively on the insurance industry since 2000 – urges Disability agents to ramp up their marketing, staff and products in order to stay competitive in the opportunistic years to come.
“There is such a great opportunity to create and market new bundles of products to the different segments of the Baby Boomer generation,”
With an increase in new entrants and replacement products as well as the current focus on health insurance and adequate coverage, existing Disability agents need to know where their policies fit in the playing field. Are your clients professional or trade? Own occupation or any occupation? Are the coverages total or partial, temporary or permanent? Knowing the type of customer you are serving will help determine the variety of products you need to offer in order to preserve your policies.
Agents need capital in order to improve their current efforts of serving and retaining clients as well as competing for new business. “Creative financing is key during a credit crunch in order to gain an advantage over competitors,”
To learn more about obtaining working capital to improve your agency, call 877.894.2785 or visit www.TWGCapital.com.
To request a free, no-obligation offer on your book of business to go www.TWGCapital.com/
About the Author
Stephanie Simmons
Vice President Sales & Marketing, TWG Capital
With over 12 years in marketing at several Fortune 250 companies, Stephanie joined the TWG Capital team in June 2007. She is responsible for sales, brand development, and marketing strategy for the company.
Email Stephanie for more information.
About TWG Capital
TWG Capital is the nation’s leading provider of financial solutions for the insurance industry. Based in Indianapolis, Indiana, TWG Capital is committed to providing agents, agencies, and insurance companies with the necessary capital to accelerate their financial objectives. Covering the entire life, health, and property & casualty spectrum, TWG has provided capital to entities representing over 10,000 agents and comprising nearly one million policies with 119 carriers since its inception in 2000. Visit TWGcapital.com for more information.
Media Contact
Stephanie Simmons
TWG Capital
Vice President of Marketing
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