Here’s How to Help Your Customers Switch to a Private New Jersey TDB Plan
I’ve discussed on several of my videos recently how fast time moves, and how crucial it is for us all to adapt to selling insurance in the time of Covid-19. Insurance brokers face more challenges than ever before when it comes to writing new plans, including NJ disability insurance.
We’re all suffering from a lack of face-to-face contact with our customers, which makes it more challenging to establish trust and build relationships. In addition, many New Jersey businesses have faced bankruptcy, permanently closed, or reduced their staff as a result of shutdowns and lockdowns stemming from the coronavirus pandemic. We’ve all lost business as a result of it.
But I’m not one to look on the negative side. Instead, The DBL Center has always taken a proactive approach to facing any challenges head-on. As in year’s past, the deadline for business owners to switch their statutory NJ disability insurance to a private plan is approaching on April 1.
Get an early start on showing New Jersey business owners in your area the tremendous benefits of writing NJ disability insurance through a private plan. April 1 will be here before you know it.
Fortunately, in 2019, New Jersey waived the signature requirement to privatize NJ TDB coverage. That means business owners no longer need opt-in from employees when it comes to choosing a private plan. They can now switch to private disability insurance in New Jersey in about five minutes. And I’ll show you exactly how to help them do it.
Benefits of Privatizing NJ Disability Insurance
Many business owners want to keep things as easy as possible. If they’re writing a new insurance policy through a broker, they want you, the insurance broker, to do all the work.
But it’s important to help them understand that they could save up to 20% on their NJ disability insurance coverage, get faster claims payouts with no waiting period – and access to a trusted broker willing to provide top-notch service at any time. Plus, their employees making claims can choose their method of payment, either a check, debit card, or ACH direct deposit straight into their bank account.
They will need to spend about five minutes obtaining the all-important AC174.1 form so you can get them a quote and write the policy.
But 20% cost savings for five minutes of their time is a pretty good trade-off, especially with the state of New Jersey increasing premiums on TDB this year. For larger businesses, saving 20% on disability insurance could equal tens of thousands of dollars, annually.
Plus, once they switch to a private plan, they can “set-it-and-forget-it,” continuing to save money for years. Meanwhile, you can do the same, earning commissions on the account while our Broker Dashboard: Net Revenue Tracker lets you know when policies are up for renewal or scheduled for cancellation.
How to Obtain the AC174.1 Form to Switch NJ Disability Insurance to a Private Plan
Five minutes to save thousands of dollars…that’s what your customers need to keep in mind. Here’s how they can obtain the AC174.1 form that allows you to provide them with a quote for New Jersey TDB coverage. Remember, as your back office support staff, The DBL Center is here to help if they need assistance.
- Visit the New Jersey Department of Labor and Workforce Development Division of Employer Accounts and create an Employer Access account (formerly called TWES).
- Create a myNewJersey account, if they don’t already have one.
- Link both accounts so they can switch between a variety of services the NJDOL offers.
- Within the Employer Access system, download the AC174.1 form for 2020.
- With this information, along with the number of lives (male and female) and their salaries within the organization, insurance brokers can obtain multiple quotes from The DBL Center to help their customers privatize TDB, save money, and gain access to our renowned white-glove service.
Get Started Now
The opportunity to privatize TDB only comes along on the quarter with 90% of companies privatizing NJ disability insurance in the first quarter of the year. You don’t want your customers to miss out. Reach out to The DBL Center today to help your customers save money and get 2021 off to a strong start.