Sell your client a high deductable health plan along with a C.I. Plan.
What are the things that would make you hit your deductable? Lets cover those things with a C.I.
What if I could cut back your premium by $100 or more and the C.I. only cost $25 to $40? This would also help pay your health insurance after you get one of these conditions. We want to give you a check instead of a get well card.
Just an fast idea from me.
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Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
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Sell your client a high deductable health plan along with a C.I. Plan.
What are the things that would make you hit your deductable? Lets cover those things with a C.I.
What if I could cut back your premium by $100 or more and the C.I. only cost $25 to $40? This would also help pay your health insurance after you get one of these conditions. We want to give you a check instead of a get well card.
Just an fast idea from me.
Mark the only problem I would have with this approach deasigned to sell CI by raising the deductible is how high you going in Maine to save the amount of money you speak of you would be looking at an individual deductible of 10K or family of 20K things that can happen that CI won't cover, Accident (Motorcycle, snowmobile, skiing etc), Burns etc anything not illness related and the ci doesn't help.
This is why you sell them an Accident & CI policy separately or as a bundle.
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Mark
"Corner Bar"---Independent Agent Anthem
My credit score's fallen like the New York Mets
There ain't a debt collector that ain't called yet
They say, "Money don't talk, it only swears"
And got me cussing in my underwear
Sell your client a high deductable health plan along with a C.I. Plan.
I do understand that health is not your bailiwick, but loading additional stuff on really defeats the purpose of ahigh deductible plan, and eats up the premium savings. I'll use an accident plan (rarely) if they have kids and are concerned about the deductible.
What are the things that would make you hit your deductable? Lets cover those things with a C.I.
What happens when you have to have an appendectomy or one of the thousands of things that aren't "critical illness"? (I love to get in behind somebody that sold this concept!)
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Then just add it on top of whatever you are already selling then.
A lot of clients after having a heart attack, stroke or cancer will not be able to go back to work or make the money to pay for the health insurance. What good is it to have a great health plan, if you can't pay for it.
Last edited by Markingriffin : 05-13-2009 at 03:03 PM.
Reason: Thanks Moonlight. I've fixed the error.
As well as if they have back surgery or break their ankle!
There is no subsitute for good disability coverage, the most often overlooked piece of a good financial plan!
PS-What is a "stoke"?
Moonlight, that is what I was trying to get at...there are many things that are not covered by a CI plan that can cause a large drain on the pocketbook...DI first CI can be an excellent addition after health,di and life.
Do you regularly bring up the topic of Disability coverage, with your clients?
Do you find it's a product that needs to be sold or pushed, or do they usually "get it"?
I do a fair amount of it with my self-employed/small business clients which comprise about 80% of my book.
I don't really push anything.
Three times a year by US Mail (and occasionally in my e-newsletter) I get 'em some info on DI and life insurance. If they'd like to talk about it further, they will either email or call me.
The nice thing is that I've already gotten 'em underwritten for the health insurance, so I have a pretty good idea of who will qualify for what (subject of course to their health changing).
Do you regularly bring up the topic of Disability coverage, with your clients?
Do you find it's a product that needs to be sold or pushed, or do they usually "get it"?
I bring it up...I think people can understand the need to continue there income either after death (Life Insurance) or sickness/accident (DI) the problem is providing all this coverage in a price that they can see the value for in paying I hate it when I see a 180 day elimination period on DI when the client has no emergency fund to get them through the 6 months...also sometimes the agents bring down the cost by watering down the benefits and you get to the point where the client doesn't see percieved value in the product.
What I am getting at is selling multiple policies to each client if there is a need.
1st policy is going to be a Health/dental. Most likely an HSA
2nd policy is going to be life because Term is so cheap
3rd policy is going to be LTD if they can prove income
4th policy if they are not broke by this point is LTC
Right now I just really sell health. Then if the client ask me for additional policies I will get them the best deal. I am now going to take the initiative to sell these other policies.
I think this will put more money in my pocket and make me more valuable to my clients.
A cross selling technique I have always used is......
At the end of the sale on the first policy (usually for me has always been a Med Supp or Final Expense plan) just before getting the check i will say "Oh my gosh I almost forgot to ask did you want the standard or the enhanced plan?" They always ask what is the enhanced plan I then say "well the standard plan is exactly what I described to you already, the enhanced plan will simply add a $5,000 death benefit and it only costs an extra $32.18 and the best part of it is you get to name the beneficiary." I then shut up and usually I would say about 40-60% of the time they take the enhanced version! Now that illustration was when they are buying a med supp plan if they are buying a final expense plan I would simply replace the $5,000 death benefit part with a cancer or critical illness plan and say something like "the standard is what........., now the enhanced version will pay the same amount of the death benefit directly to you in the event you get diagnosed with cancer, have a heart attack, or stroke"
This works VERY well and can be used with anything you are selling LTC, Final Expense, Med Supps, Cancer, Annuities, just use your imagination.
It always works best when you have the second premium already calculated in your head before telling them about it.
a cross selling technique I have always used is......
At the end of the sale on the first policy (usually for me has always been a Med Supp or Final Expense plan) just before getting the check i will say "Oh my gosh I almost forgot to ask did you want the standard or the enhanced plan?" They always ask what is the enhanced plan I then say "well the standard plan is exactly what I described to you already, the enhanced plan will simply add a $5,000 death benefit and it only costs an extra $32.18 and the best part of it is you get to name the beneficiary." I then shut up and usually I would say about 40-60% of the time they take the enhanced version! Now that illustration was when they are buying a med supp plan if they are buying a final expense plan I would simply replace the $5,000 death benefit part with a cancer or critical illness plan and say something like "the standard is what........., now the enhanced version will pay the same amount of the death benefit directly to you in the event you get diagnosed with cancer, have a heart attack, or stroke"
This works VERY well and can be used with anything you are selling LTC, Final Expense, Med Supps, Cancer, Annuities, just use your imagination.
It always works best when you have the second premium already calculated in your head before telling them about it.
Great Selling!
I may be confused so please correct me if I am wrong.
It sounds like the majority of your prospects are people who are on Medicare. I understand offering a final expense option to people who you have sold a Med Supp to. A lot of insurance companies are now putting that option on their Med Supp apps.
However, if you have just sold a FE policy to someone who is on Medicare and that person has a Medicare Supplement policy how can you justify selling them CI and/or cancer insurance? If that prospect you sold a FE policy to has Medicare and a Medicare Supplement policy they do not need a CI policy or a cancer insurance.
Do you explain that to them?
I have never sold a Cancer policy or even suggested a CI policy to someone who is on Medicare and also has a Medicare Supplement policy.
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OK let me clear this up I don't offer anyone a cancer or ci plan who is on a med supp, generally the enhanced plan for a med supp is the final expense plan, no trickery involved as I most of the time use seperate companies and explain in full detail they are two seperate plans. the ci or cancer plans come into place when someone is not on medicare or they have a med advantage and do not wish to have a med supp.
You know you like the idea i use for cross selling, maybe you should try it instead of knock it and call it trickery. in doing a fact finder there is usually more than one type of insurance a prospect needs all i am saying is find the first one then follow up with this simple way of getting the second one placed. by offering more than one plan you are providing your clients with the insurance they need, they will either buy from you or someone else.
Yes i was with bankers life for 2 1/2 months (10 years ago) they brought me into this business shortly after contracting i left them.
Not sure where you saw I sell leads? I dont sell leads, i have lead companies on my website that offer our agents a discount we dont get involved in the transaction at all just offer our agents some sources they can use and get a discount.
Hopefully now you have even a better understanding seems as if you had a misunderstanding and thought you had an understanding.
Cross Selling
i use for cross selling, maybe you should try it instead of knock it and call it trickery. in doing a fact finder there is usually more than one type of insurance a prospect needs all i am saying is find the first one then follow up with this simple way of getting the second one placed. by offering more than one plan you are providing your clients with the insurance they need, they will either buy from you or someone else.
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