Impared Risk Marketing

GreenSky · 04-09-2008, 12:43 PM

I've been promising myself to try something for at least 10 years and maybe it's time to move forward.

Most agents seem to go after the same business. That's why I've been focusing on Med Supps for the past year. Agents apparently think there is too much work for too little money. I disagree because I rarely have any competition other than the agent who wrote the original policy and hasn't contacted them for 5 years.

Impared risk life might be the same situation except the compensation would make this very worthwhile. People who have problems (heart, diabetes, cancer, etc.) see their mortality and would seem to be good life insurance prospects, at least from a standpoint of willingness to purchase.

I have no idea how to market to these people nor any plan as to which GA would be the most helpful to a newbie. Years ago I contacted the American Cancer Society to see about advertising in their local magazine but they don't take ads. I thought that might be a great plan but there must be other outlets.

Anyone with experience in this market that can give me some ideas?

Rick

***Melmunch3*** · 04-09-2008, 01:15 PM

I know someone who writes final expense plans/life insurance on people on dialysis. He has relationships with all of the dialysis centers in the area and he writes 400+ cases per year.

He told me that you can talk to an impaired risk specialist at any of the brokerages and ask them about many types of ailments, which companies accept which and where are the holes in the policies... eg. someone who won't rate up a prostate cancer etc... Once you determine a good target market, you can then start targeted marketing directly to them.

I would recommend not focusing on impaired risk in general, but trying to become an expert on one particular risk.

policy doctor · 04-09-2008, 05:23 PM

Actually there are agents specializing in this mkt and they do well. I think I posted (way back yonder) where I had met an agent specializing in special needs children. She helped parents set up trusts and estate planning utilizing life insurance.

You find these people (or to get started) at these support meetings. They usually pass your name around, if you network frequently. (that's how the Metlife agent did it).

The other day i got a recruiting call for FE selling to those 3 groups you mentioned. If you're interested, write back, and i'll try to find the number. MIA right now.

***Melmunch3*** · 04-09-2008, 05:57 PM

Quote:

Actually there are agents specializing in this mkt and they do well. I think I posted (way back yonder) where I had met an agent specializing in special needs children. She helped parents set up trusts and estate planning utilizing life insurance.

Met Life has something called MetDESK that does exactly this. They help parents of special needs children with all of their financial planning.

policy doctor · 04-09-2008, 06:24 PM

Interesting. Sounds like good marketing to me.

Got curious and called that recruiting . That is American Brokerage Svcs in Philly. Guy hemmed and hawed when I tried to pin him down on FE co's that do this, but like Mel mentioned, they take your info thru their impaired risk dept and shop it out. They also use the big carriers.

Hope this helps.

Dave020 · 04-09-2008, 08:21 PM

One of the bigger impaired risk companies, US Financial Life, has sadly gone by the wayside. There is a guy I met once in Baltimore area named David Shummer (sp?) who specializes in impaired risk and used to work a lot with USFL.

Brokers Alliance is a GA that specializes in this area, Rick. I originally hooked up with them doing a couple of seriously impaired risk term cases.

Give them a call (800-290-7226), ask for Lisa at ext. 117 and tell them I sent you. They can do all of your impaired risk for you, all you have to do is take the app or, with some carriers, online over the phone.

BrokersAlliance.com - Providing Life Insurance and Annuity products to Agents in all 50 states.

GreenSky · 04-10-2008, 12:32 PM

Thanks for the responses. I'm moving forward with this concept and need to decide which area in which to specialize (which disease) and how to promote myself.

It would be easier to meet people most like me but there are only so many god-like men to go around.

Rick

lifeinsuranceguy · 04-10-2008, 06:49 PM

Brokerage I use does a lot of impaired risk, that's one of the markets they like to hit because lets face it; most americans are unhealthy or a very large percentage is.

They shop it out to the most aggressive carriers a few different ways, do a lot of work with Diabetics, Cardiac conditions, cancer histories, alcohol/drug abuse, multiple impairments etc.

You just need to hook up with a broker that has a lot of underwriting knowledge to help out.

Can be a very profitable part of life insurance.

Mr. Bill · 04-10-2008, 06:57 PM

Quote:

Originally Posted by GreenSky

Thanks for the responses. I'm moving forward with this concept and need to decide which area in which to specialize (which disease) and how to promote myself.

It would be easier to meet people most like me but there are only so many god-like men to go around.

Rick

So, that was the only way you could muster up the courage to meet Angelina, right???

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