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Opinion: You are not on the right plan?

Disability insurance has the same problem that mobile phone companies have. Your cover can go out of date – you can even end up holding insurance which will never pay out.

Thursday, October 9th 2008, 4:21PM

by Russell Hutchinson

Let me illustrate: I recently checked my mobile phone bill and discovered that I was paying too much. Time has marched on and I could get more minutes, and a mountain of txts, for $70 a month less than I was paying already.

I wondered at why the company had failed to call me and let me know… but only briefly. They had 70 reasons a month not to make the call.

Insurance can work the same. If your income falls for long enough then holding lots of indemnity based disability income cover which may not pay out doesn’t make sense.

Some people are heading for this situation – to think of a group at random, real estate agents perhaps?

Now after you’re done with your schadenfreude, why not make a list of them and call them to review their DI cover?

Of course, if their health is deteriorating and they believe their income will quickly recover, they should retain it.

But clients just don’t think this way about their cover.

You need to think for them – and employ a bit of pro-active customer care.

There is every chance there is good business in it, and it’ll remind them why you are there.

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