A universal online tool is available to advisers that will graphically highlight to their clients the likelihood they will become disabled during their working lives.
This free service, called the Personal Disability Quotient (PDQ), was demonstrated at the recent MDRT 2010 Annual Meeting in Vancouver.
Advisers can input basic client data into this very simple online program, which will then return the statistical likelihood that the client will become disabled during their working life.
Provided by the non-profit US based organisation, the Council for Disability Awareness (CDA), the underlying statistics are based on the US working population, but like many such statistics, the percentages are similar to those in other advanced countries, including Australia.
The PDQ output will inform the client:
- The likelihood they will become ill or injured and unable to work for at least three months before they retire
- The chances that the disability will last for five years or longer
- The average length of a disability claim, based on records of others with similar circumstances to the client
What the PDQ output then allows is the opportunity to demonstrate to the client the often large amount of future income the client is risking. The program refers to this as the clients’ Earnable Income Quotient (EIQ).
CDA President, Barry Lundquist, said the PDQ is designed to first engage people’s interest and then to educate them about their risk of disability and how long it could last.
“The next step is to complete an EIQ, … which quickly tabulates the value of a person’s future income stream,” said Mr Lundquist, adding that the final step empowers the adviser and client to take action.
Mr Lundquist said this tool has proven popular amongst many advisers, who use it in a variety of ways, such as:
- Demonstrating at the client interview
- Including a print-out in their client proposals
- Linking the PDQ tool to their own websites so clients can use the tool directly
Advisers can click here to test this service to determine its relevance for their own business.
The CDA website offers a number of other useful adviser resources and customer engagement tools, such as a Disability Awareness Quiz which, while directed at American consumers, may still offer value for many advisers and clients in Australia.
