Utilizing our insurance agent resource guides can significantly benefit your business by equipping you with the tools and knowledge to thrive in a competitive landscape. These comprehensive guides are designed to help you grow your client base, attract more referrals, and seamlessly expand into new markets. By leveraging up-to-date industry insights, marketing strategies, and detailed market analyses, you can enhance your service offerings and tailor your approach to meet the specific needs of various customer segments. Additionally, our guides offer practical tips on networking and building stronger relationships, ensuring that you not only reach potential clients more effectively but also create lasting connections that foster loyalty and word-of-mouth referrals. With these resources at your disposal, you're well-prepared to elevate your business and secure a prominent position in the insurance industry.
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Tags: Final Expense, Hospital Indemnity, Medicare Advantage, Insurance Marketing, Facebook, Goal Setting, DSNP, Enrollment Tools, Guide, Resources
Introducing Allstate Final Expense Plans
Posted by www.psmbrokerage.com Admin on Mon, Apr 22, 2024 @ 04:27 PM
Introducing Final Expense This new plan helps your customers take control of their end-of-life expenses. The total cash benefit is paid to their beneficiary, and they can use it any way they see fit. Final Expense offers two plan levels: Graded1 and Level. Plans offer customers the ability to choose their own benefit level in $1,000 increments.
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Allstate Final Expense Highlights
Posted by www.psmbrokerage.com Admin on Tue, Apr 16, 2024 @ 03:35 PM
When your customer chooses Final Expense, they reduce the potential financial impact of their death on loved ones. This plan pays the total cash benefit to their beneficiaries to use any way they need, such as for funeral costs, credit card debt, or medical expenses. There’s more to Final Expense than a cash benefit on a policyholder’s passing, so check out the value it can offer your customers. Not appointed with Allstate? Request details here. Highlights
Plan Features
Quoting and enrolling - Log in to Agent Back Office at ngahagents.ngic.com to start your quoting process. If you are unable to quote online, call your sales team for assistance.
THIS PLAN PROVIDES LIMITED BENEFITS. For agent use only. Not to be distributed to consumers. Allstate Health Solutions markets products underwritten by National Health Insurance Company, Integon National Insurance Company, and Integon Indemnity Corporation. AHS_FE_1569 (02/2024) © 2024 Allstate Insurance Company. allstate.com or allstatehealth.com
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2024: Unprecedented Opportunity in Insurance as Record Boomers Hit Retirement
Posted by www.psmbrokerage.com Admin on Wed, Jan 24, 2024 @ 11:05 AM
In 2024, the insurance industry is poised to experience a significant surge in demand, thanks to a record number of Baby Boomers reaching retirement age. This demographic milestone opens up a vast opportunity for insurance sales, particularly in areas directly relevant to retirees. Products like Medicare Advantage, Medicare supplements, long-term care insurance, and life insurance policies that offer financial security and peace of mind to seniors are likely to see increased interest. As this age group transitions into retirement, their focus shifts towards managing health expenses, securing lifelong income, and ensuring a legacy for their loved ones, making them ideal candidates for these types of insurance products. Moreover, this shift isn't just about numbers; it's about changing needs and priorities. Financial planning services, annuities, and final expense insurance are also areas ripe for growth, as more Boomers seek to safeguard their retirement savings and plan for the future. Insurance agents and companies who can effectively communicate the value and relevance of their products to this demographic stand to benefit significantly. The opportunity is here! The role of an independent insurance agent catering to the senior demographic offers more than just a career; it presents a pathway to a fulfilling, flexible, and financially rewarding profession. In the face of the growing senior market, the ability to generate residual income, and the autonomy of being your own boss, this career path stands out as an excellent choice for those looking to make a positive impact while building a sustainable business. As the population ages, the need for knowledgeable, compassionate, and dedicated Medicare plan agents will only grow, making now an ideal time to step into this rewarding field. Work with a trusted partner We take pride in providing our agents with high quality senior insurance products that bring a sense of security and peace of mind to the nation's exploding senior population. Our experienced insurance marketing team provides our agents with a robust product portfolio, game-changing technology and unrivaled support. We look forward to showing you how we can personalize our services to help grow your business.
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Tags: Final Expense, Annuities, Hospital Indemnity, Medicare Advantage, Medicare Supplement
Guide to Selling Final Expense Insurance
Posted by www.psmbrokerage.com Admin on Mon, Oct 23, 2023 @ 02:23 PM
A Guide to Selling Final Expense InsuranceWhy Sell Final Expense Insurance?Final expense plans, also referred to as burial insurance or funeral insurance, are specialized life insurance policies that cater to the expenses associated with a policyholder's final arrangements. This includes covering funeral and burial costs, medical bills, and other end-of-life expenses. These policies are typically whole life insurance with lower face values compared to traditional life insurance, making them more accessible and affordable to individuals of all ages and health conditions. What sets final expense plans apart is the ease of qualification, as they often do not require medical exams. Instead, applicants usually need to answer a few health-related questions to determine their eligibility. This makes final expense insurance an appealing choice for seniors or those with pre-existing health conditions. The face value of final expense policies can vary from a few thousand dollars to tens of thousands of dollars, depending on the coverage amount selected. The primary aim of these policies is to provide policyholders with financial peace of mind, ensuring that their loved ones are not overwhelmed by the significant expenses that typically accompany end-of-life arrangements. Additionally, final expense plans often come with a guaranteed cash value component, allowing policyholders to accumulate cash value over time that can be accessed if needed during their lifetime. Furthermore, these policies usually have level premiums, meaning that the premium remains constant throughout the policyholder's life, providing a stable and predictable payment structure. When agents sell final expense plans, they must approach the topic with empathy and sensitivity, recognizing the emotional nature of end-of-life planning. By offering comprehensive information and personalized assistance, agents can help individuals and their families make well-informed decisions about selecting the most suitable final expense policy that aligns with their financial needs and preferences. Ultimately, final expense plans serve as a valuable tool in ensuring that policyholders can leave behind a lasting legacy while alleviating the financial burden on their loved ones during a difficult time.
Best Practices for Selling Final Expense Insurance?Final expense plans, also known as burial insurance or funeral insurance, are specialized life insurance policies designed to cover the costs associated with a policyholder's final expenses, such as funeral and burial costs, medical bills, and other end-of-life expenses. These policies are typically whole life insurance with lower face values compared to traditional life insurance, making them more affordable and accessible to individuals of varying ages and health conditions. One of the key benefits of final expense plans is the ease of qualification, as they often do not require medical exams. Instead, applicants typically answer a few health-related questions to determine their eligibility. This makes final expense insurance an attractive option for seniors or individuals with pre-existing health conditions. The face value of final expense policies typically ranges from a few thousand dollars to tens of thousands of dollars, depending on the coverage amount chosen. These policies aim to provide financial peace of mind to policyholders, ensuring that their loved ones are not burdened with the substantial expenses that often accompany end-of-life arrangements. Additionally, final expense plans often have a guaranteed cash value component, allowing policyholders to build cash value over time that can be accessed during their lifetime if needed. Furthermore, these policies usually have level premiums, meaning the premium remains the same throughout the policyholder's life, providing a stable and predictable payment structure. When selling final expense plans, agents must approach the topic with empathy and sensitivity, recognizing the emotional nature of end-of-life planning. By providing comprehensive information and personalized assistance, agents can help individuals and their families make informed decisions about selecting the right final expense policy to suit their financial needs and preferences. Overall, final expense plans serve as a valuable tool in ensuring that policyholders can leave behind a lasting legacy while alleviating the financial burden on their loved ones during a difficult time.
Sample Final Expense Sales ScriptAs a final expense agent, having a well-crafted script can help guide your conversations with potential clients and ensure you cover all essential points. Below is a sample script that you can use as a starting point. Introduction: Agent: Hi, [Prospect's Name]. My name is [Your Name], and I specialize in helping individuals plan for their end-of-life expenses with final expense insurance. How are you today? Prospect: I'm doing well, thank you. Agent: That's great to hear! I'm reaching out today because I believe having financial security for your final expenses is essential for peace of mind. With your permission, I'd like to ask a few questions to better understand your needs and explore the options available to you. Is that okay? Prospect: Yes, go ahead. Needs Assessment: Agent: Wonderful! Let's start by discussing your financial goals and any concerns you may have about planning for your end-of-life expenses. Have you considered final expense insurance before? Prospect: I've heard about it but haven't looked into it much. Agent: Not a problem. Final expense insurance is designed to cover the costs associated with funeral and burial expenses, medical bills, and other end-of life costs. It's a way to ensure that your loved ones are not burdened with these expenses during a difficult time. Now, may I ask, what are your thoughts on planning for these expenses?
Sample Script Explaining Final Expense Insurance: Agent: Final expense insurance is a whole life insurance policy with lower face values, making it more affordable for individuals. It offers a guaranteed death benefit, and the premiums are typically level, meaning they stay the same throughout the life of the policy. Plus, it's easier to qualify for, as there are often no medical exams, just a few health-related questions.
Coverage Options: Agent: We offer final expense policies with coverage amounts ranging from a few thousand dollars to tens of thousands of dollars. The coverage amount you choose will depend on your specific needs and the expenses you want to cover.
Customizing the Policy: Agent: I want to ensure we find the best solution for you. By understanding your financial situation and end-of-life wishes, we can tailor the policy to meet your needs and budget. May I ask, what coverage amount would you be comfortable with? Prospect: I think covering [specific expense] and having some extra for my family would be ideal. Agent: That's a wise decision. I can certainly help you with that. Let's explore some policy options that align with your preferences.
Addressing Concerns: Agent: Do you have any concerns or questions about final expense insurance that I can address for you? Prospect: How do the premiums work, and can I access the cash value if needed? Agent: Great questions! With final expense insurance, the premiums are typically level, meaning they won't increase as you get older. As for the cash value, certain policies do build cash value over time, and you can access it if needed during your lifetime. I'll make sure to present policies that offer these features.
Providing Recommendations: Agent: Based on our conversation, I recommend a policy with [specific coverage amount] and [additional features, if applicable]. This policy will provide you with the coverage you need while keeping the premium affordable. What do you think about this option?
Next Steps: Agent: If you're ready to move forward, I can assist you with the application process, answer any additional questions you may have, and ensure a smooth enrollment experience. We can get started right away.
Closing: Agent: [Prospect's Name], my goal is to provide you with peace of mind knowing that your final expenses are taken care of. When you're ready, we can proceed with the application or schedule another call to address any remaining concerns. It's essential to take the time you need to make an informed decision. Prospect: I'll think about it and let you know. Agent: Absolutely. Take all the time you need. Feel free to reach out whenever you're ready, and I'll be here to assist you. Thank you for your time today, [Prospect's Name]. Have a wonderful day!
TakeawaysWhen crafting your script for selling final expense insurance, it's important to remember that every agent has their own unique style and approach. While it's essential to tailor the script to your personal preferences, there are a few key elements that should always be present. First and foremost, empathy and understanding should be at the forefront of every conversation. End-of-life planning is an emotional and sensitive topic, and acknowledging this with compassion can go a long way in building trust with your clients. By showing genuine care and concern, you create a safe space for individuals to share their concerns, and also build trust In addition to empathy, it's crucial to prioritize your clients' best interests. As an agent, your role is to provide them with all the necessary information and guidance to make well-informed decisions about final expense insurance. This means taking the time to understand their unique financial situation, end-of-life wishes, and any concerns they may have. By tailoring the policy to meet their specific needs and budget, you can ensure that they are getting the most suitable coverage. Equipping your clients with the necessary information is also a key aspect of your role. Explaining the features and benefits of final expense insurance in a clear and concise manner can help them understand the value it provides. This includes discussing the ease of qualification, the coverage options available, and any additional features such as guaranteed cash value or level premiums. By presenting these details in an easy-to-understand way, you reduce friction, and empower your clients to make educated decisions about their final expense insurance. Ultimately, the goal of your script should be to build trust, provide valuable information, and assist your clients in making the best choice for their needs. By maintaining empathy and understanding, prioritizing their best interests, and equipping them with the necessary information, you can ensure that your conversations are productive and beneficial for both parties involved.
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Discover an unparalleled array of valuable resources tailored exclusively for insurance agents
Posted by www.psmbrokerage.com Admin on Mon, Jul 31, 2023 @ 11:08 AM
Discover an unparalleled array of valuable resources tailored exclusively for insurance agents serving the senior market. At PSM, we are dedicated to equipping agents with the knowledge and tools they need to excel in this specialized field. From comprehensive educational materials on Medicare to interactive training sessions on sales strategies and compliance, our goal to empower agents with the latest industry insights. Join our vibrant community and benefit from networking opportunities to foster professional growth. Experience the difference with PSM, where agents can elevate their expertise and better serve their senior clients. Sample Guides: |
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Savvy Agents Can Expand Their Medicare Business Cross-Selling Ancillary Products
Posted by www.psmbrokerage.com Admin on Tue, Jul 18, 2023 @ 09:17 AM
Insurance agents can have successful careers building a significant client base by selling Medicare Advantage (MA) coverage to beneficiaries. Agents wanting to expand their business beyond MA coverage and move their earnings to new levels can do that holistically with ancillary products. Along with the potential for increased revenue, agents cross-selling ancillary products could help their clients save money on health care expenses while setting themselves apart from the competition. One cross-selling technique is packaging MA and ancillary products as a bundled approach. This minimizes the likelihood of clients seeking alternative coverage options, It’s important to remember that cross selling occurs when an opportunity to sell a Medicare plan is also utilized to sell a non health related product (such as life or home insurance or financial planning services). This activity is prohibited during individual appointments, marketing/sales events or when providing Medicare plan enrollment materials (such as the “Enrollment Guide”) to consumers. Let’s breakdown the three most popular ancillary products. HOSPITAL INDEMNITY PLANS Hospital Indemnity (HI) plans provide Medicare beneficiaries with financial protection for medical expenses associated with daily hospital confinement, ambulance rides, diagnostic tests, lab work and prescription medications. Agents can share with clients that the plans are designed to supplement other health insurance policies and can cover deductibles, copayments and other out-of-pocket costs. HI policies don't have network restrictions, meaning policyholders can choose providers that are both in and out-of-network. Networks become very important, especially when a person wants treatment at the best facility available after a diagnosis of a critical or complex disease, such as cancer, renal failure or heart disease. An added benefit: many HI plans come with riders, such as coverage for cancer costs, emergency room visits and outpatient services. FINAL EXPENSE PLANS Final Expense (FE) policies provide clients with a sense of security for their loved ones and protect them from unforeseen costs associated with medical bills and funeral costs. With the right guidance and product knowledge, agents can provide their customers Agents can also stress that FE products go beyond burial costs and can include leaving financial gifts for clients’ family members that can go to settling debts. DENTAL, VISION AND HEARING (DVH) PLANS Dental, Vision and Hearing (DVH) coverage can increase a client’s financial protection TAKING ADVANTAGE OF THE ANCILLARY MARKETPLACE The ancillary marketplace lets agents leverage their already-existing client base and build longer-term relationships with them through cross-selling opportunities. Once agents are comfortable with selling MA products, they can take the following steps to move into the ancillary marketplace:
“Cross-selling occurs when an opportunity to sell a Medicare plan is also utilized to sell a non-health related product (such as life or home insurance or financial planning services). This activity is prohibited by CMS during individual appointments, marketing/sales events or when providing Medicare plan enrollment materials to consumers. Review the current Medicare Advantage Marketing Regulations and make sure you’re complying with Medicare’s rules regarding cross-selling.” *For Agent use only. Not affiliated with the U. S. government or federal Medicare program.
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AFLAC Medicare Supplement Q2 Bonus
Posted by www.psmbrokerage.com Admin on Thu, Jun 15, 2023 @ 03:03 PM
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Tags: Final Expense, medicare supplement insurance, Bonus Program, Aflac
Corebridge SimpliNow Legacy® At-a-Glance
Posted by www.psmbrokerage.com Admin on Tue, Jun 06, 2023 @ 01:09 PM
Here are the top features of this Final Expense solution from Corebridge Financial.
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5 Reasons to Sell Final Expense Plans
Posted by www.psmbrokerage.com Admin on Thu, Jun 01, 2023 @ 09:13 AM
In today’s financial environment, it can be difficult to predict how much things will cost down the road, especially someone’s end-of-life expenses. Help your clients take the guesswork out with a final expense life insurance plan. With a final expense plan, your clients can find relief knowing that they will not leave their loved ones with a financial burden during an already difficult time. There are several compelling reasons to consider selling final expense insurance:
It's important to approach the sale of final expense insurance ethically and responsibly, ensuring that you fully understand the product, its features, and the specific needs of your clients. Complying with industry regulations and providing transparent information to customers is crucial to building trust and maintaining professional integrity. PSM would love to support your efforts and provide all the carriers, tools and resources you need to feel confident in presenting these plans to your clients. Below is a list of companies we proudly represent. Please click on the image for more information and to request additional details. |
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