Like most types of disability insurance, disability insurance for sales professionals comes in a variety of options. All companies look at sales professionals differently. What one insurance carrier places weight on regarding underwriting differs from another carrier. If you’re in sales and need a disability insurance policy, then read on. Or better yet, complete the form on the left and we’ll contact you. We have a four-step process (K.E.E.P.) designed to help you become knowledgeable about disability insurance, evaluate your options, eApply online, and place your policy in force.
Disability Insurance for Sales Professionals
“Sales” is a generic word. And because of that, disability insurance for sales professionals can be confusing and requires several considerations.
Outside your actual policy design, your disability insurance policy is priced according to four main factors: your health, your age, your gender, and your occupation.
Since an occupation in sales is so general, many disability insurance companies break the occupation into several “sub” occupations that ask several questions of the proposed insured. Questions such as:
What do you sell?
What are your duties?
How much do you earn?
How long have you been active in the business?
The answers to these and other questions help your disability insurance agency to find the best policy for your needs. If the agency is independent, they often have the option to price several companies, in case one doesn’t offer the best terms for your particular sales role.
What Do You Sell?
For some companies, the answer to this question is important and your answer has a strong effect on your premiums.
For example, a manufacturing rep might be eligible for a high rate class, where a liquor salesperson would be further down the occupation class list.
Some industries, such as real estate, further break down the profession using some of the other questions on the above list. Because of that, all real estate agents are not classified the same.
For other carriers, what you sell is less important, and they focus on the other questions more intensely.
What Are Your Duties?
Your day to day activities can play a role in choosing the best policy for your needs.
Sales professional is a broad category and disability insurance for sales professionals tries to consider anything that can cause a claim.
If you travel a lot for work (especially by car), you must be careful with the carrier you select. Other parts of your job description, such as lifting boxes or frequent international travel, can also have a negative effect on your occupation class, raising your premiums.
How Much Do You Earn?
As with the other questions, some carriers place a heavier weight on this than others. And even when two carriers have several income categories in a particular profession, they may have different thresholds to achieve the best possible class.
For ExampleA real estate agent with carrier A must earn over 200k annually for each of the last 2 years to reach the top occupation class (and pay the lowest premiums). A real estate agent with carrier B must earn over 75k annually for each of the last 2 years to reach their top class. We would have to compare A and B in terms of benefits, ratings, premiums etc. to determine which policy is superior, since disability insurance is rarely one size fits all
Earnings play a major role for most, but not all salespeople. Disability insurance for sales professionals can be tricky if you’re not quoting the major players.
How Long Have You Been Active in The Business?
The longer you’ve done your job, the more favorably it will be viewed by a disability insurance underwriter.
Besides longevity in your profession, working full time is preferable to part-time.
If you can demonstrate a substantial work history in the profession in which you’re applying for disability insurance, you’ll be offered a better class than someone who cannot.
Summary
Disability insurance for sales professionals is not as straightforward as an occupation such as an Audiologist.
Sales professionals who have worked for a long time in their jobs, make a lot of money, and have duties unlikely to place them in harm’s way normally are offered the best occupation classes.
There are many considerations to be assessed and compared. You should work with an independent disability insurance agency to help shop for your coverage.
We provide expert, objective advice in helping you find the best disability insurance coverage for your needs. Contact us today or simply complete the form on the left and we’ll be in touch.
