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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

boomers-1

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.



Related Article:

https://www.cbsnews.com/news/retirement-medicare-401k-what-to-know-peak-65/ 

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For Agent Use Only. Not for the general public.

 

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

Guide to selling Final Expense InsuranceA 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!

 

Tags: Final Expense, Guide

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

Agent Guides

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.

View our Agent Guides Page

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:

Cross-Selling Hospital Indemnity Plans Guide   Scale your Medicare Business

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Tags: Final Expense, Medicare Advantage, Medicare Supplement, Professional Networking, Guide, Resources

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.

    -

“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

 

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

AFLAC Medicare Supplement Q2 Bonus

Posted by www.psmbrokerage.com Admin on Thu, Jun 15, 2023 @ 03:03 PM

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

Corebridge SIWL

Here are the top features of this Final Expense solution from Corebridge Financial.
With instant underwriting decisions, SimpliNow Legacy helps you convert as many leads as possible - because your time is money!

1. Compensation:
  • Recently increased commissions.
  • Earn $2500 extra by placing ten policies with the Final Expense Agent Bonus Program.
2. Process built with you in mind:
  • All offers are automated and instant – no human intervention or speaking with an underwriter.
  • When final offers of Graded death benefit or decline are made, we will provide reasons why.
  • No tele-interviews.
  • Corebridge doesn’t ask for payment or beneficiary information until AFTER the offer is made. And none of our payment types will reduce your commission.
3. Unique client benefits:
  • Limited pay feature allows for no more premium payments after a stated age (maximum payment age). This will vary but it’s a great selling point that premiums will not be needed every year.
  • SimpliNow Legacy has four payment types – Social Security debit card (Direct Express), credit cards, debit cards, or bank draft.
  • Three available riders – Accelerated Death Benefit for Terminal Illness and Nursing Home Confinement Riders included at no additional charge; and an Accidental Death Benefit Rider available for an additional cost.
4. Underwriting Niches:
  • Available for Level Death Benefit (policy pays the full amount in all years):
    • Stage 1 cancers diagnosed or treated in last 48 months.
    • Rheumatoid arthritis or psoriatic arthritis.
    • Some stable coronary conditions treated with stents or by-pass surgery.
    • Diabetes with stable A1C less than or equal to 8.6%.
  • No MIB, background check only for lack of candor: BE HONEST!
  • One of the only Final Expense products that can provide an offer for COPD -- with no hospitalization in last 2 years.
  • Note: Corebridge does not underwrite for neuropathy or diabetic neuropathy.
5. New name, same company:
  • Corebridge Financial: new name for AIG Life & Retirement with no changes to products, policies or contracts.

Download the Flyer


SimpliNow Legacy Max provides a 100% of face amount death benefit beginning on policy day one when inforce. SimpliNow Legacy provides a limited death benefit in the first two years of the policy. Should death occur in the first
two years, the death benefit will be equal to 110% of the premiums paid.

 

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Tags: Final Expense, aig, Corebridge

5 Reasons to Sell Final Expense Plans

Posted by www.psmbrokerage.com Admin on Thu, Jun 01, 2023 @ 09:13 AM

5 reasons to sell final expense life insurance

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:

  1. Targeted market: Final expense insurance caters to a specific market segment of individuals who may not qualify for or afford traditional life insurance policies. This niche market provides an opportunity to serve a unique clientele and address their specific needs.

  2. Fulfilling a critical need: Final expense insurance helps individuals and their families plan for the financial obligations associated with funerals, burials, and related expenses. By selling this type of insurance, you can assist clients in ensuring that their loved ones are not burdened with significant costs during a difficult time.

  3. Simplicity and accessibility: Final expense insurance policies are typically easier to understand and obtain compared to complex life insurance products. They often involve simplified underwriting processes, making them more accessible to a wider range of customers. This simplicity can be appealing to individuals who want straightforward coverage without extensive paperwork or medical examinations.

  4. Emotional support: Selling final expense insurance allows you to provide emotional support to clients and their families. By addressing end-of-life expenses, you help alleviate the stress and uncertainty associated with funeral planning. This support can foster trust and build long-term relationships with clients.

  5. Financial stability: Final expense insurance provides a predictable and stable income stream for insurance agents. As the need for final expense coverage persists, it can serve as a consistent revenue source. By building a client base and nurturing relationships, you can establish a reliable book of business over time.

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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Tags: Final Expense

Corebridge Final Expense Plans

Posted by www.psmbrokerage.com Admin on Wed, May 31, 2023 @ 09:40 AM

 

Tags: Final Expense, aig, Corebridge

Corebridge Final Expense Agent Bonus Program

Posted by www.psmbrokerage.com Admin on Wed, May 03, 2023 @ 10:16 AM

Corebridge bonus

Final Expense Agent Bonus Program - Get a maximum bonus of $2500 on your SimpliNow Legacy simplified issue whole life sales!

The Final Expense Agent Bonus Program runs from January 1 to December 31, 2023 and you’re automatically enrolled. Just sell SimpliNow Legacy Max (level death benefit) or SimpliNow Legacy (graded death benefit) and receive a bonus after writing one qualifying application.

Write ten applications and earn $2500!
Not appointed with Corebridge? Request a contracting link here.

Corebridge bonus amounts

Prepare to sell and earn your bonus today. Make sure you’ve registered on Connext, completed your required AML training, and can access the SIWL eApp under “Start Your Application” section in Connext. Check out our Agent Site for how-to videos and more!

SIWL Guide  Underwriting Guide

    


Kick off your SimpliNow Legacy sales!

Review the following list of program rules.

 

 

 

 

Tags: Final Expense, aig, Bonus Program, Corebridge

Introducing AFLAC Medicare Supplement and Final Expense Plans

Posted by www.psmbrokerage.com Admin on Thu, Mar 02, 2023 @ 02:32 PM

Tags: Final Expense, medicare supplement insurance, Aflac

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