A Field Marketing Organization (FMO) specializing in annuities is a key player in the insurance and financial services industry, serving as an intermediary between insurance carriers or financial institutions and independent agents or financial advisors. An Annuity FMO offers critical support to agents and advisors focused on selling annuities, which are financial products designed to provide a stream of income for clients during retirement.

Here are the primary functions and roles of an Annuity FMO:

Product Expertise: Annuity FMOs provide agents and advisors with in-depth knowledge about various types of annuities, such as fixed annuities, variable annuities, and indexed annuities. This knowledge enables agents to assist clients in selecting the most suitable annuity products.

Carrier Contracts: FMOs assist agents in contracting with multiple insurance carriers or financial institutions that offer annuities. This broadens the range of annuity products agents can offer to clients.

Education and Training: Annuity FMOs offer ongoing education and training programs to ensure agents stay current with the latest annuity products, regulations, and sales techniques.

Sales Support: They often provide marketing materials, sales tools, and guidance on effective strategies for selling annuities.

Commission Management: Annuity FMOs assist agents in tracking and managing commissions, ensuring agents are fairly compensated for their sales efforts.

Compliance Assistance: FMOs help agents navigate regulatory requirements and compliance issues related to annuity sales.

Market Insights: They may provide agents with market insights, trends, and data to help them make informed decisions and adapt their sales strategies to changing market conditions.

Client Support: Some FMOs offer post-sale support to clients, helping address their questions and concerns related to their annuity contracts.

An Annuity FMO plays a crucial role in helping agents and advisors serve their clients by offering comprehensive product knowledge, compliance guidance, marketing support, and a broad range of annuity options. This support benefits both the agents and their clients by ensuring that annuity sales are conducted ethically and professionally, leading to well-informed investment decisions for those seeking retirement income solutions.

Check out our Agent Programs and Services Guide to learn more about PSM and the services we proudly offer the agents we work with.

Precision Senior Marketing was founded in 2006, in Austin, Texas. In the intervening time with almost two decades of experience, PSM has grown to a nationwide footprint, with a mission to empower agents to honestly and ethically help people live longer, healthier and more financially secure lives. Call us today: (800) 998-7715 Newest Blog Posts  |  All Blog Posts

A Guide to Selling Final Expense Insurance

Why 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 Script

As 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!

Takeaways

When 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.

Download PDF of the guide and incorporate the proven script into your business today!

Start selling AdvantageGuard today!

AdvantageGuard offers broad, customizable solutions for clients seeking easy and reliable hospital indemnity coverage. With guaranteed issue coverage options for seniors aged 60-74¹ and a focus on flexibility and affordability, AdvantageGuard makes it easy to find the help they may need with unexpected costs.

Your client's new option for help covering Medicare Advantage plan copays

Clients can choose the benefits that best fit their needs and budget, all backed by a insurer with an "A+" AM Best rating². AdvantageGuard offers convenient cash benefits paid to the insured, making it a smart choice for clients who want help with covering out-of-pocket expenses, like their Medicare Advantage plan copays.

Request details today and start offering this new plan to your clients. Precision Senior Marketing is an independent broker agency offering plans underwritten by Golden Rule Insurance Company and other insurers.

 
1Guaranteed Issue cases must be equal to or less than the GI max allowable base and rider benefit selections. Applications submitted where one or more base or rider benefits exceeds the allowable GI max will be subject to Simplified underwriting.

212-month Commission Advance is only available through YourFMO.com, LLC. contract

3Payable per day (limits apply) when Insured Person receives a prescription delivered by injection in an outpatient provider setting.

4Ratings as of 12/09/2022. This worldwide, independent organization reviews insurance companies and other businesses and publishes opinions about them. This rating is an indication of financial strength and stability. For the latest rating, access www.ambest.com.

49985-G-0723

Agents Only. Not Intended For Consumer Use.

A Field Marketing Organization (FMO) in the context of Medicare serves as an intermediary between insurance carriers and insurance agents or brokers specializing in Medicare insurance products. The primary focus of a Medicare FMO is to support and assist agents in selling Medicare-related insurance plans, which include Medicare Advantage (Part C) plans, Medicare Prescription Drug Plans (Part D), and Medicare Supplement (Medigap) plans.

Here are the key functions and roles of a Medicare FMO:

1. Product Knowledge: Medicare FMOs provide agents with comprehensive information about various Medicare plans, ensuring they have a deep understanding of the options available to beneficiaries.

2. Carrier Contracts: FMOs facilitate the contracting process for agents, allowing them to represent multiple insurance carriers. This diversity of carriers gives agents more flexibility and choices to offer their clients.

3. Education and Training: They offer training programs and resources to keep agents informed about the latest Medicare regulations, compliance requirements, and effective sales strategies. This education helps agents provide accurate and up-to-date information to beneficiaries.

4. Sales Support: Medicare FMOs often provide marketing materials, lead generation programs, and guidance on effective sales techniques to help agents succeed in the Medicare market.

5. Commission Management: These organizations assist agents in tracking and managing commissions, ensuring they receive compensation for the sales they make in a timely manner.

6. Compliance Assistance: FMOs help agents remain compliant with Medicare marketing guidelines and regulations to prevent potential penalties or legal issues stemming from non-compliance.

7. Client Support: Some Medicare FMOs offer post-enrollment support to beneficiaries, addressing questions or concerns related to their Medicare plans.

8. Market Insights: They may provide agents with market insights and data that help them make informed decisions and adapt their strategies to changing market dynamics.

In essence, a Medicare FMO serves as a valuable resource and support system for insurance agents, allowing them to serve clients more effectively and provide the information and services required to make informed choices regarding Medicare plans. It benefits both agents and beneficiaries by ensuring a smoother and more informed enrollment process.

With approximately 10,000 individuals in the United States becoming eligible for Medicare each day, finding the right Field Marketing Organization (FMO) to partner with is crucial for achieving success. PSM goes above and beyond to empower independent agents, agencies, and brokers by offering unparalleled insurance products, exceptional back-office support, and a wealth of valuable tools and resources.

Check out our Agent Programs and Services Guide to learn more about PSM and the services we proudly offer the agents we work with.

Precision Senior Marketing was founded in 2006, in Austin, Texas. In the intervening time with almost two decades of experience, PSM has grown to a nationwide footprint, with a mission to empower agents to honestly and ethically help people live longer, healthier and more financially secure lives. Call us today: (800) 998-7715 Newest Blog Posts  |  All Blog Posts

Looking for pre-approved Medicare Flyers you can customize with your personal information? Well look no further! PSM offers an array of promotional materials to help you stand out in the Medicare market.

Looking for something custom? We also offer a full suite of creative services to our producing agents. Let us know how we can help you today!

We hope you enjoyed our latest edition of Marketing Masterminds. In this session, Bobby and Brian walked us through their sales process and shared tips on overcoming objections. Thank you again to our all-star team of panelists!

If you couldn’t make it, you can watch the recorded the session by clicking the video below. You can also download Bobby and Brian’s sales process presentation.

Wellabe is excited to announce that we are expanding our guaranteed issue period on our Hospital Indemnity insurance product. Starting Nov. 1, 2023, applicants between the ages of 60 and 79 at the time the application is signed will be guaranteed issue.

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About Wellabe

We are in a people helping people business, and our entire team is dedicated to always being here for our customers. That’s actually where the name Wellabe comes from – the phrase “we’ll always be.” We’ll always be here for our customers, fulfilling our promises and helping them be well. Even 90-plus years later, we are still caring for our customers, pushing boundaries, embracing growth, and transforming our organization.

On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2024 Medicare Part D income-related monthly adjustment amounts. Link below along with the 2024 breakdown.

Staying compliant during the Annual Enrollment Period (AEP) for Medicare sales is not only crucial for the reputation and integrity of your business but also for the well-being of Medicare beneficiaries.

Agents must ensure that all interactions with beneficiaries, from initial contact to the final enrollment, are transparent, ethical, and in full accordance with Medicare rules and regulations. This includes the proper use of the Scope of Appointment (SOA) process, which grants beneficiaries control over the topics discussed during meetings, preventing aggressive sales tactics.

It also involves providing accurate information about plan options, costs, and coverage, as well as respecting the Annual Enrollment Period deadlines. Compliance not only keeps you in good standing with regulators but, more importantly, it fosters trust with your clients, ensuring they receive the best possible guidance for their healthcare needs.

LeadStar Marketplace is a self-serve platform that allows agents to acquire new customers at scale.

Mutual of Omaha and Wellcare have formed a strategic alliance to offer jointly designed Medicare Advantage plans in select markets for the 2024 plan year. They are excited to offer this meaningful addition to their portfolio of senior health solutions designed to meet customers' individual needs.

To learn more, including where plans will be available, please request details today and one of our marketing representatives would be happy to share the information.

Two leaders in the senior health market - Mutual of Omaha and Wellcare have formed a strategic alliance to offer jointly designed Medicare Advantage plans in select markets for the 2024 plan year.

As a customer-focused company, Mutual of Omaha is committed to offering a comprehensive suite of senior health products. Medicare Advantage plans offered with Wellcare are a meaningful addition to our portfolio of senior health solutions designed to meet customers' individual needs.

For Agent Use Only. Not to be shared with Medicare beneficiaries

A trusted brand among seniors with 95% brand awareness, Mutual of Omaha is the nation's second-largest provider of Medicare Supplement plans. Our company remains committed to the Medicare Supplement market and plan to continue to grow in this space. Our senior health solutions portfolio also includes prescription drug (Part D), dental and vision coverages.

Wellcare and Mutual of Omaha will offer No Premium and Low Premium MAPD PPO cobranded plans in Georgia, Missouri, South Carolina, and Washington state as well as in Dallas/Fort Worth and Houston markets in Texas. The jointly marketed plans will be offered during this fall's Medicare Annual Enrollment Period (AEP) which begins Oct. 15 and runs through Dec. 7th.

The customer experience, including customer service, enrollment, and member communications, will be the Wellcare experience. All sales and brokerage operations will be handled by Wellcare. All 2024 contracted and certified Wellcare brokers will automatically have access to the co-branded plans with the same compensation model.

We are excited to offer this new opportunity to you and your clients. Be on the lookout for more information as we showcase the plans and the opportunities in each market.

The 2024 Annual Enrollment Period (AEP) for Medicare is right around the corner, and hopefully you have already geared up for this critical period. With the AEP fast approaching, it's essential to be well-prepared to assist Medicare beneficiaries in making informed choices about their healthcare coverage.

As trusted advisors, you play a pivotal role in guiding individuals through the maze of Medicare options, helping them find the plans that best meet their unique needs and preferences. This upcoming AEP offers the opportunity to make a real difference in the lives of your clients by ensuring they have access to the healthcare services that matter most to them.

So, let's make sure you are equipped with the latest updates, plan options, and knowledge to empower your prospects to make confident decisions during the 2024 Medicare AEP. Together, we can navigate this enrollment period successfully and provide invaluable assistance to those relying on our expertise.

We are committed to providing our agents with a range of resources and support to help them succeed. From personalized marketing materials to interactive sales strategies, our goal is to empower agents with the latest tools, technology and mentorship to achieve new levels of success. Get prepared early to ensure a successful AEP. We are here to help!

With approximately 10,000 individuals in the United States becoming eligible for Medicare each day, finding the right Field Marketing Organization (FMO) to partner with is crucial for achieving success. PSM goes above and beyond to empower independent agents, agencies, and brokers by offering unparalleled insurance products, exceptional back-office support, and a wealth of valuable tools and resources. Newest Blog Posts  |  All Blog Posts

Cigna Healthcare will start paying commissions on Medicare Prescription Drug Plans (PDP) starting in AEP 2024!

Here are some of the items covered in the Cigna PDP AEP Kick-Off presentation:

Contracting Agent Support National Broker Strategy Local Broker Strategy Training Enrollment Kits Sales Support Commissions

The assessment form allows insurance agents to gather comprehensive information about the client. This information is crucial for guiding clients towards the most suitable plans. With a clear understanding of the client's needs, agents can recommend plans that align with the client's health requirements and preferences. This ensures that clients enroll in plans that cover their specific healthcare services and medications.

Want a custom version with your info and logo? Inquire with your Marketing Representative today and we would be happy to accommodate!

Download Form

Step 1 - Collecting information through a CNA for all your clients is the optimal method to guarantee your ability to offer coverage options and plan selections that align with their present circumstances.

Step 2 - Engage in the CNA process to gain insights (or refresh your understanding) into your client's Medicare eligibility, existing coverage, and their primary concerns regarding their healthcare coverage.

Step 3 - Utilize the details gathered from the CNA, along with your discussion, to introduce potential plan choices that align with their particular requirements.

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By analyzing the assessment form, insurance agents can identify potential coverage gaps in a client's current or desired plan. This allows agents to suggest supplemental plans to fill those gaps. By involving clients in the assessment process, insurance agents educate them about different coverage options, and potential out-of-pocket costs. This empowers clients to make informed decisions about their healthcare.

With the annual enrollment period in full swing, we felt this was a great time to review common causes that lead to a CTM filing. Although there are many reasons a beneficiary would file a CTM, more often than not, during AEP, these complaints stem from an agent: 

•    Not building a rapport with the client
•    Failing to provide all the essential reasons for choosing a particular plan 
•    Missing important cues from the client during a conversation

Sell With Your Ears 
While having a well-prepared sales script is undoubtedly crucial for any enrollment, the true linchpin of a successful sale lies in active listening. Regrettably, at times, agents become overly engrossed in planning their next response, inadvertently missing out on important details shared by their clients. This passive listening approach can potentially result in agents offering inappropriate responses to their clients. It's vital to remain prepared to pause and actively listen throughout your conversation.

Respond To Your Client's Needs 
Listen actively and paraphrase what you hear. This technique works particularly well when your client expresses what benefits they are Looking for. Your paraphrasing confirms for them that you have the same goal in mind and that you are working together to find the best plan. Remember that responding to your client's needs isn't just about offering solutions; it's about demonstrating that you value their concerns, understand their unique situation, and are dedicated to finding the best possible solution for them.

Respond Appropriately 
Respond appropriately when clients share additional information. It's important to recognize that the benefits they seek may not be their only concern. Medicare beneficiaries often undergo significant life changes. Acknowledging these concerns and offering suitable empathy is essential. In some instances, addressing difficult situations like the recent loss of a loved one or a decline in mobility may be necessary. While you don't need to dwell on these topics, offering a few words of sympathy can go a long way in demonstrating your understanding and support.

Be Comfortable With Negative Feedback 
It's possible that your client may express concerns about the plan you've presented. It's crucial not to dismiss or contradict their objection. Rather, acknowledge their concern and engage in a constructive discussion. Offer them ample time to weigh the advantages and disadvantages, demonstrating your collaborative approach to finding the best solution together. The goal is to turn objections into an opportunity for dialogue and mutual problem-solving. This approach not only helps address their concerns effectively but also strengthens your relationship with the client. 

Above all, maintaining ethical sales practices is the cornerstone of Medicare Advantage sales. Always act in the best interest of beneficiaries, providing unbiased information and recommending plans that suit their unique needs. By following these compliance guidelines, you contribute to a positive experience for both beneficiaries and the industry as a whole.

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PSM is your one-stop-shop for all the resources you need to be successful. From an impressive portfolio featuring top industry companies to free enrollment tools and cutting-edge technology to boost your sales, we have everything you need to thrive in todays marketplace. To learn more, request information today, or reach out to our friendly team at (800) 998-7715. Let's explore ways to tailor our services to supercharge your business together.