Best Method for Selling MediGap Plan G (to clients who already have Plan F with a different company)

[adjusterjack]

I explain that all companies are legally bound to sell the exact same Plan F or Plan G; and that the only difference between competing companies is the price they sell it for.

Then why not offer a lower priced Plan F?

 

[RunnerDude]

I also give them the option of a lower Plan F. I provide both options.

 

[RunnerDude]

Someone once told me, don't show them math. Show them value.


"Ms. Jones, what this Plan G for you means is that you get to spend that extra week with little Timmy your grandson. Because we just saved you $500 a year. Now, how about grabbing your checkbook?"

 

[RunnerDude]

That makes sense! It's kind of like focusing on the beneficiary with life insurance. I'll try that approach next time.

 

[RunnerDude]

How invasive, in terms of medical information given out, is the underwriting process for the insured?

 

[RunnerDude]

Not sure I follow your question. I sell mostly Cigna- which has a fairly high standard regarding the client's health. I always prequalify the client before offering the product.

 

[somarco]

is there a better close that will get better results and more trust?

Nope.

There are no closing techniques that overcome a lack of trust.

 

[LostDollar]

Not sure I follow your question. I sell mostly Cigna- which has a fairly high standard regarding the client's health. I always prequalify the client before offering the product.

(Not an agent)
I see at least two reasons why someone might not want to switch. That question relates to one of them.

How much of their personal medical information is the Medigap policy holder being asked to provide to the insurance carrier and what sort of risks does the policyholder have to their ability to obtain future insurance if the insurance if the carrier declines their application. If the Plan F policyholder is holding a policy that goes back to their original IEP period, they may not want to provide this information or take the related risks. Developing a better trust relationship with the potential client might overcome those issues with some of them, I don't know it it would overcome those issues with all potential clients.

 

[goillini52]

(Not an agent)
I see at least two reasons why someone might not want to switch. That question relates to one of them.

How much of their personal medical information is the Medigap policy holder being asked to provide to the insurance carrier and what sort of risks does the policyholder have to their ability to obtain future insurance if the insurance if the carrier declines their application. If the Plan F policyholder is holding a policy that goes back to their original IEP period, they may not want to provide this information or take the related risks. Developing a better trust relationship with the potential client might overcome those issues with some of them, I don't know it it would overcome those issues with all potential clients.

I've never had that come up, let alone be a problem.

If you do a proper job of UWing, a decline should be very rare.

 

[somarco]

If you do a proper job of UWing, a decline should be very rare.

I have very few declines as well, and I do a very thorough job of pre-screening. Clients and prospective clients usually understand there is an underwriting process although some believe they can change during open enrollment. This happens with existing clients although I tell them during the initial interview (especially those T65) they may only have ONE CHANCE to buy a supplement plan, so choose wisely.

The declines often happen when they are taking one or more BP med's and fail to mention they have an underlying heart condition. Sometimes I believe they really did not know while other times they were told but the condition may have been minimized by their doc or they are in denial.

I can't recall when someone refused to give me medical information.