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Life After AEP - Go Beyond

Posted by www.psmbrokerage.com Admin on Thu, Feb 01, 2024 @ 03:53 PM

Life After AEP

Get Ready to Blast Off

“Life” begins when AEP ends!
Join the Your Life Sales Mission Control team today as they navigate the Life After AEP terrain for 2024. We will be sharing the resources you need to blast off this Life selling season.

Our Life After AEP webinars will be Wednesdays and Thursdays from 3:00 – 4:00pm EST in February and March. Please fill out the below form by Friday, February 2 if you would like to be auto-registered for all Life After AEP webinars. Otherwise, be on the lookout for the landing page within the next few weeks, which will house all the individual webinar registration links.

Fill Out the Form Here to be Auto-Registered for all Webinars!


Remember: Life is good… Sell it!

SELL IT-1Selling life insurance after the Medicare Annual Enrollment Period (AEP) can be a strategic opportunity, as clients are already engaged in thinking about their healthcare and financial security. Don't miss this opportunity on how to grow and increase your life insurance sales.

Register today

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For Agent Use Only. Not for the general public.

 

Tags: Life Insurance, cross marketing, Webinar

Life After AEP - Strategies for Increasing Life Sales

Posted by www.psmbrokerage.com Admin on Thu, Feb 01, 2024 @ 03:47 PM

Go Beyond-2

Selling life insurance after the Medicare Annual Enrollment Period (AEP) can be a strategic opportunity, as clients are already engaged in thinking about their healthcare and financial security. To capitalize on this, start by reviewing the conversations you had with clients during AEP about their overall retirement planning and healthcare needs.

 Many clients may have focused solely on their immediate Medicare needs and may not have considered the long-term financial protection that life insurance can provide. Reach out to these clients with personalized communication, highlighting how life insurance can complement their Medicare coverage by providing financial security for their loved ones, covering final expenses, or even leaving a legacy.

Use the insights gained during AEP to tailor your message, focusing on the benefits most relevant to each client's situation. Additionally, offering educational sessions or one-on-one consultations can help demystify life insurance options and demonstrate your commitment to their overall financial well-being. This approach not only positions you as a trusted advisor but also opens the door to addressing a critical aspect of their financial planning that they may have overlooked.

Selling life insurance after the Medicare Annual Enrollment Period (AEP) can be a strategic opportunity, as clients are already engaged in thinking about their healthcare and financial security. Don't miss this opportunity on how to grow and increase your life insurance sales.

Position yourself with Final Expense insurance

Offering final expense insurance as an agent provides a unique opportunity to address a critical need in your clients' financial planning, particularly for those in their senior years. This type of policy specifically caters to covering the costs associated with end-of-life expenses, such as funerals, burials, and any outstanding medical bills.

By providing final expense insurance, you are offering peace of mind to clients and their families, ensuring that they won't face financial burdens during a time of grief. It's a meaningful way to deepen your relationships with clients, demonstrating that you care about their well-being and the legacy they wish to leave behind. Moreover, the simplicity and accessibility of final expense policies make them an attractive option for a wide range of clients, including those who may not qualify for traditional life insurance due to age or health issues.

SELL IT-1

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For Agent Use Only. Not for the general public.

 

Tags: Life Insurance, cross marketing, Webinar

Boost Your Sales in 2024: Discover Innovative Strategies for Selling Annuities

Posted by www.psmbrokerage.com Admin on Thu, Jan 18, 2024 @ 10:15 AM

As we step into 2024, the landscape of annuity sales is evolving rapidly. Insurance agents are finding themselves at the crossroads of traditional methods and innovative strategies. In this competitive market, it's crucial to stay ahead of the curve. Whether you're a seasoned professional or new to the industry, this blog is your go-to guide for unlocking the potential of annuity sales in the coming year.

The Annuity Market of 2024:

annuities 101-1Before diving into sales strategies, it's essential to grasp the current annuity market. The economic climate, influenced by factors like interest rates and market volatility, plays a significant role. Annuities, known for providing retirement income security, are more appealing during uncertain times. Recognize this as an opportunity to position annuities as a safe harbor for clients' futures. Download our Annuity 101 Guide

Personalize Your Approach

Each client's financial situation is unique. Personalization in your sales approach is key. Invest time in understanding your clients' specific needs, fears, and retirement goals. Tailoring your recommendations to match their individual circumstances can significantly increase trust and the likelihood of a sale.

Focus on Education, Not Just Sales

Today's clients are more informed and expect transparency. Instead of a hard sell, focus on educating them about how annuities can fit into their overall financial plan. Use simple language to explain complex products and be transparent about fees and potential risks.

Build Strong Relationships

Long-term relationships are more valuable than one-time sales. Keep in touch with clients through regular updates, newsletters, or personal check-ins. A satisfied client is a potential referral source. Prioritize customer satisfaction and service.

diversify-1

Leverage Client Testimonials and Success Stories

Client testimonials and success stories are powerful tools. They provide social proof and help potential clients relate to the benefits of annuities. Always seek permission before sharing any client's story, ensuring confidentiality and compliance with regulations.

Networking and Partnerships

Build a network with professionals like estate planners, accountants, and attorneys. These partnerships can lead to referrals and provide a holistic service to your clients. Join industry associations and attend conferences to stay connected and informed.

Selling annuities successfully in 2024 requires a blend of traditional sales acumen and innovative strategies. By embracing technology, personalizing your approach, focusing on education, building strong relationships, diversifying your product knowledge, leveraging testimonials, and establishing a strong network, you can significantly enhance your annuity sales. Remember, in the world of annuity sales, it's not just about the product; it's about providing solutions and security for your clients' future.

annuity ;letterAre you a Medicare Advisor looking to offer your clients Annuity options?

We have drafted up an effective cross-marketing letter you can use to market annuities to your Medicare clients. If you would like it personalized, please reach out to us today.

 

Tags: Annuities, cross marketing

Annuities 101 Guide

Posted by www.psmbrokerage.com Admin on Thu, Dec 28, 2023 @ 10:27 AM

annuities 101

Annuities are financial instruments that offer a unique way to plan for one's financial future. Essentially, they are contracts between an individual and an insurance company, designed to provide a steady stream of income over a specified period or for life. Annuities come in various forms, each with its own features and benefits. Some provide guaranteed income, while others offer the potential for growth based on market performance.

Download the Guide

 



Annuities can be a valuable tool for retirement planning, helping individuals secure a stable income source during their post-working years. Understanding the different types of annuities and how they align with your financial goals is essential to making informed decisions about your financial future.

image-png-Dec-28-2023-04-00-10-6280-PMWhen integrated into a diversified retirement strategy, annuities provide an additional layer of financial protection and offer opportunities for long-term care benefits, making them a comprehensive solution for securing your retirement.

Annuities offer a host of advantages that make them a compelling choice for individuals planning for retirement. First and foremost, they provide a dependable source of income, ensuring regular payments that can cover living expenses throughout retirement. Additionally, many annuities come with tax advantages, allowing your earnings to grow tax-deferred until you start receiving payments. This can be a significant benefit, as it maximizes your savings over time. Furthermore, certain types of annuities, like fixed and indexed annuities, guarantee the return of your principal investment, safeguarding your money from market volatility. This principal protection can provide peace of mind, knowing that your savings are secure.

Annuities can offer a sense of financial security, especially during retirement, by providing a predictable source of income. However, it's essential to carefully consider the terms, fees, and options associated with annuities to choose the right one for individual financial goals and circumstances.



Are you a Medicare Advisor looking to offer your clients Annuity options?

We have drafted up an effective cross-marketing letter you can use to market annuities to your Medicare clients. If you would like it personalized, please reach out to us today.

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   For Agent Use Only. Not for the general public.

 

Tags: Fixed Annuity, Annuity Information, cross marketing

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

Cross selling ancillary

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,
which increases their long-term commitment to their agents and their carriers. The key isn't only knowing all available products and coverage benefits, but how they compliment MA coverage to best meet your client’s needs.

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
with quality coverage at affordable rates. Clients would be interested in knowing that
FE qualification thresholds are usually much lower than for other life insurance policies
regarding a policyholder’s health.

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
beyond what is available through traditional MA plans. Agents can let clients know that as they age, they are at a higher risk of needing DVH-related care. DVH plans offer additional access to coverage for these unexpected costs not covered by some Medicare plans.

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:

  • Learn about the available products and coverage benefits.
  • Do the homework and uncover how ancillary products can complement clients’ current coverage.
  • With recent changes in CMS guidelines, it’s important to understand their impact on cross-selling opportunities. Ensure you understand all government, state and local regulations.
  • Contact your clients and holistically market these plans. Agents who want to grow their business beyond Medicare products would be well advised to consider the holistic nature of ancillary products. These plans can diversify their product portfolios and maximize their earnings while providing their clients with added protections from unanticipated medical costs.

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“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.

 

RESOURCES:

Selling Hospital Indemnity

Cross Marketing Senior Insurance

 

Newest Blog Posts  |  All Blog Posts

Tags: Final Expense, Hospital Indemnity, Medicare Advantage, cross marketing, dental plans

Cross Marketing in the Senior Insurance Market

Posted by www.psmbrokerage.com Admin on Fri, Apr 22, 2022 @ 09:34 AM

Cross Marketing Insurance

 

Cross Marketing Senior Insurance

 

I was talking to an agent recently and he asked me how he could increase his revenue, aside from just selling more Medicare supplement policies. Before I could even answer, he immediately followed up with another question:

“Oh yeah, and how do I increase my customer retention?”

Well, the good news is, the answer for both of those questions is actually the same answer. – Cross Marketing. Cross marketing is obviously going to increase your revenue, we know that. It increases product sales, which equates to more commissions, and equals more revenue.

But, that’s not all cross marketing will do.

It will also increase your customer retention, which also means more revenue. You have more customers on the books, you’ll make more money, and studies show that if your customer has at least three or more products with you as their agent, they are exponentially more loyal to you.

They're not going to let some other agent come in their house mess up all the work you've done. They trust you, obviously, or they wouldn’t have done business with you three times in the first place.

So yes, cross marketing means more revenue, more retention, and ultimately more growth so let's talk about the what, the when, and the how of cross marketing.

  

 

What to Cross Market

What we cross market is often dictated by what our lead product is. For example, if we're leading with Medicare supplement or Medigap policies, generally, Dental Vision Hearing, Prescription Drug Plans, and maybe a life product like final expense, or even annuities are usually our biggest cross-market opportunities.

If it's not a Med Supp, maybe it's a Medicare Advantage plan, then it's more likely to be Hospital Indemnity, Home Healthcare, and Critical Illness type products.

So, that's what we're going to cross market, but when are we going to sell it?

 

When to Cross Market

When we cross market usually depends on where the client is in the customer journey. I’m usually of the opinion that the best time to do it is when you already have them on the phone.

If that’s not an option, then you can certainly do it post sale as well.

If we're cross-marketing post-sale we're going to rely on technology that will mine our database of customers in our book of business so that it can identify the best cross marketing opportunities, and then we can develop a campaign.

 

How to Cross Market

Finally, how we cross market. Well, that is dictated by when we cross market. So, if we're cross marketing at point of sale then we're going to have to develop proper scripting and help properly train our agents so they can better present a package of products in a single presentation.

In this scenario, we're not presenting the individual products that we're trying to add on, we're presenting a package of risks and benefits. Through the discovery process we'll learn to package in the products that resolve those risks to the client's satisfaction.

Again, if we're cross-marketing post-sale, we're going to rely on technology to help identify cross marketing opportunities, and then we can develop the campaign.

Maybe an automated campaign, for example, through email or text, or direct mail, that will help generate inbound leads from our own book of business.

Alternatively, you can always just pick up the phone call your client to check up on them, and bring up some of the added value that you can bring to them by helping resolve or tighten up more of the risk that they might still be exposed to.

Ultimately, cross marketing will help you increase your revenue and your retention, and I think the key is to not over think it.

If you're a newer agent and you really haven't figured out how to cross market, start with one product and then add that into your presentation point of sale, or post sale, you pick.

For example, if your most of your book is Medicare Advantage business, I would pick one lump sum cancer product and start adding that into my pitch, and start talking to people about it. The more you discuss it, the more likely you are to sell one, right?

It doesn’t have to be complicated. Talk to people about the product, you will sell it, and then you'll get a taste for cross marketing and get more comfortable with it.

The next thing you know you're adding more and more products, and your clients are reducing their risk at the same time.

So take advantage of the win/win aspect of cross marketing.

 

A Cross Marketing Success Story

I'll give you one great example. An agent friend of mine recently added one product to his portfolio. He was selling Medicare supplements and wasn’t putting any effort into cross selling at the time.

He took my advice and simply added dental and vision to his sales pitch.

The rest of that year he increased his commissions by 37 percent!

It’s not rocket science, you just have to add a useful product and talk about it. You will sell it to a percentage of your clients.

If you're struggling with cross marketing, give us a call here at PSM. Talk to one of our experienced marketing staff. we can help you not only figure out what products you should be cross marketing, but how to bundle them, how to package them into a proper presentation, and how to market post sale.

We can definitely give you some ideas that you can implement and get started right away. So, feel free to give us a call.

We would love to hear from you and about your business, maybe some of the challenges you might be facing, and that way we can dig in and help you resolve them.


Looking for more helpful resources? Visit our Guides Page.

We appreciate you taking your time to check this out, and we wish you the best of luck.

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“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.”

 

 

Tags: cross marketing, cross selling

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