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Recorded Webinar: Mastering Annuity Sales for Medicare Agents with Tom Hegna

Posted by www.psmbrokerage.com Admin on Wed, Jun 21, 2023 @ 12:22 PM


Dear Medicare Agents,

We're excited to invite you to watch an exclusive webinar featuring renowned retirement expert Tom Hegna as he reveals insider tips and proven strategies from his acclaimed book, "Don't Worry. Retire Happy." This webinar is designed specifically for you, the Medicare agent, to help you better understand how to effectively sell annuities and secure a prosperous retirement for your clients.

Don't miss this opportunity to learn from the best in the industry. Tom Hegna has a wealth of knowledge and experience that you can apply to your practice to increase your sales and help your clients to achieve their retirement goals. We're confident that you won't want to miss it.
Newest Blog Posts  |  All Blog Posts

Tags: Annuity Information, Medicare Sales, Tom Hegna

Improve your sales with storytelling

Posted by www.psmbrokerage.com Admin on Mon, Dec 12, 2022 @ 03:17 PM

Improve your sales with storytelling-1

Improve your sales with storytelling

In order to communicate, you have to engage your clients or prospects. Hearing the words coming from your mouth isn’t enough anymore. There’s noise all around them, all day long.

So how do you really engage your clients or prospects today? It’s harder than ever when every product is a commodity. It’s all about differentiating yourself.

So how do you differentiate yourself and your business?

Differentiate your business by communicating with stories infused with emotion.

Our brains are hardwired to respond to the patterns of storytelling. It’s simply how we evolved. Stories are remembered up to 22 times more than facts alone.

The emotions we feel listening to a story automatically connect us to the story, making it a powerful way to take in information.

So, if you want to engage a client in conversation, a well-placed story can really help drive through the message.

It doesn’t need to be a story about a plan your selling. It could be a personal, feel good story that sparks a positive emotion. It’s important to help get someone in a positive mind set, if you want to have a positive conversation.

It’s more than just the story. It’s the emotion that you can convey with the story that you’re after. That creates an emotional connection that people can identify with.

 “People do not buy goods and services. They buy relations, stories, and magic.” – Seth Godin


Why you should use storytelling in your conversations

We know how distracted people are these days. There is noise competing for our attention 24 hours a day, reducing our attention span more and more each year.

As of 2015, the average attention span was about 8 seconds. That was in 2015! If you want to make a connection with prospects, you need to do more than just get information in front of them.

Stories can affect the release of oxytocin into the blood stream. Oxytocin is the “empathy” hormone that helps us bond with other people.

Research shows that this type of brain activation can last for several days, explaining why good stories tend to stay with us.

Additionally, stories improve our ability to recall information embedded within them.

That's why you are much more likely to remember the story of the 3 little pigs you last heard 12 years ago, than the data relating to a Med Supp plan an agent told you about yesterday.

So, what are some ways you can use this info to your advantage as a salesperson?

Well, let’s say you have a Facebook page and you want to build an emotional connection with prospects and clients with social media. Well, you’ll need to share more than just Medicare Supplement related material to do that.

If you have a family, share a few select touching moments. Share photos of birthday parties, in addition to “business” information. Share pieces of your story.

When people see not only what you do for a living but some select moments in your life that match the values and integrity of someone they would like to do business with, you’ve made an important connection with them.

Select certain moments that tell people the story of who you are. Don’t forget about the conflict and friction you’ve had to navigate in your business. That’s what a story is all about.

Without Conflict or challenges to overcome, it’s not really a story, it’s just a bunch of facts. Facts are important but the challenges we overcome are the most fundamental part of our story.

Find stories other people can relate to. When you share something others can relate to, people feel like they’re part of a larger group.

If you want to be known for being a trusted advisor, with integrity and always willing to go the extra mile, then whatever you share on your social platforms about your company should echo that.

Let’s look at how GoPro uses storytelling to set their brand apart.

In this video they show a fireman saving a kitten. Now, what does GoPro have to do with saving animals? Nothing. The GoPro is just a camera. But in this case, they're telling the story of how it’s used by this individual fireman.


They could have made a commercial talking about resolution or durability of the camera, but instead they show the results of the product in use. No matter what product you sell, you can do the same.

As you can imagine people related to that emotional video in a powerful way, so much more than a more traditional video talking about the product.

That emotional reaction is now tied to GoPro in those peoples eyes.

Or how about this commercial from Travelers Insurance?

The commercial shows a family hardware store with a young girl helping her father in the store, when a fire destroys their shop.

They rebuild (with the help of Travelers, of course) and we fast forward to the young girl as a grown woman, and her son helping her in the shop.

They're able to create an emotional connection, showing how challenges a client may face can be overcome by the service or product you provide.

Adults can identify with the emotion that comes from having a child helping their parents. Or the challenges a fire may bring.

It brings out an emotion of empathy, and of course has a cute factor. In this case the cute factor is with a child, rather than a kitten in the GoPro video.

After watching the story, the emotion they felt is now connected to Travelers Insurance.

I know, you don’t have the budget either of these companies have. But you don’t have to have a big budget to understand what they’re doing and steal their thunder.

You don’t have to make a complicated commercial. Keep it simple.

Post a picture with a story that resonates in a similar way. How have some of your clients been helped by the services you’ve provided for them?

Maybe post a photo of you and one of your clients? Explain the challenges they faced and how the product you connected them with helped them overcome those challenges.

Talk about the benefits, the value your products will bring to those who eventually may use them.

Too many people lead with statistics. Numbers are cold and easily forgotten.

Stories are inherently more interesting than facts, and imbue the information with emotion that makes it stick better in your memory.

So, why do stories work so well?

1. Stories are memorable
2. Stories can reveal human emotion
3. Storytelling demonstrates empathy
4. Stories feature the customer(s)
5. Stories express your brands personality
6. Stories encourage action


Authentic, Purpose driven companies deal in people, not facts.


So, how do you craft an effective story for sales?

Start with this question.

How do the products you sell effect people at an emotional level?

Gather that information and turn it into a story to tell.

Firstly, don’t overcomplicate it, it can be a simple process, following a couple of tried and true simple story structures.

1.     The Three-Act Structure

Setup — Set the scene and introduce the character(s).

Confrontation or “Rising action” — Present a problem and build up the tension.

Resolution — Resolve the problem

The three-act structure is one of the oldest and most straightforward storytelling formulas. You might recognize this structure in many of the stories you come across.

In the first act, set the stage and introduce the character(a client) of the story. In the second act, present a problem faced by the character and build up the tension. In the third act, deliver the climax of the story by resolving the problem (with your product or service of course).


2.     Before – After – Bridge

Before — Describe a person’s life with Problem X.

After — Imagine what it’d be like having Problem X solved.

Bridge — Here’s how to get there.(Your Product or Service)

This is an even easier formula to apply to sales. You’ll find it being used a lot in articles, stories, and marketing campaigns all over the internet.

Set the stage of a problem that your target audience is likely to experience — a problem that your company solves. Describe life where that problem didn’t exist. Explain how to get there or present the solution. (i.e. your product or service).


Show you care about your clients

There is no way to fake this. It’s a big part of your story that your clients need to feel.

If you want to make an emotional connection with your clients, You need to actually care about your clients.

Ask questions out of sincere caring about other people and they will feel that. Don’t let it be all about business.

Asking about their pain points shows that you not only care but you’re trying to find a solution for their pain or problem.

Let them tell you their story, whatever that might be, and respond kindly to it. Don’t get caught up thinking about what you’re going to say next, like most salespeople. Actively listen to your clients, and respond appropriately.

When a client gives personal information, take notes. The next time you talk to them, ask how their grandchild’s band competition went. Ask how their daughter is feeling after her recent surgery. Remind them next time you see them that you were really listening.

Personalization is everything. Let them know you aren’t just paying lip service.

People will forget the facts you tell them before you even end your meeting. But they’ll most likely remember the stories you told, and how you made them feel.

Remember, your clients don’t want to buy from you or hire you for anything. They just want someone they trust to give them a solution to their problem.

Everything you present to them should be structured in a way that reflects that.


Transform positive customer experiences into a story.

Customer wins are the fuel for your stories. They don’t have to be complicated. Use the simple story telling structures we discussed above.

You want to think of a time you had a similar experience helping someone through that situation. Tell an authentic story with a little buffer in front of it, like: 

I understand how you feel. I had a client last month who… (describe their problem, how you solved it, and how it made them feel.)

Think of it as a bridge that assures your prospect you hear their concerns and you also know how to help them with their situation.

Don’t just tell them how you helped your client, describe how they felt. Were they relieved after you found them a less expensive plan with greater coverage? Were they grateful for your help?

You’re setting the stage on what your client can expect when working with you.

A client that has a story of how they used the coverage that you helped provide for them can be a powerful story that you can share.

Ask to use their story as an example of a positive experience they had after working with you. That story is one of the most powerful examples of social proof you could hope to have.

That story will help other prospects understand how you could help them and it proves the quality of service you can provide.


Nothing works better than telling a good old-fashioned story to stir the emotions, get buy-in, or just lighten the mood.

Highlight the journey your company has been on and share with your audience the common challenges, successes and failures. This will make your audience engage with your experience on an emotional basis.

Share customer experiences on social media, and share stories of your employees that reflect your company culture.

focus on being authentic, relevant, open, and honest. You don’t want your business to be just a product or service provider, but a vision that your audience believes in and subscribes to.

Share relatable stories your audience can connect with, focusing on their pain point and what you can do differently to solve it.

The strongest stories tap into people’s emotions, genuinely connect with them, and help them believe in a business and what it stands for.

It’s in our nature to love stories. Make it your mission to share your stories and connect to your audience.

You’ll be sure to get more traction than if you just had random conversations where you tried to fit each prospect for a new product.

We hope this helps, and can't wait to see how you craft your story.

Good luck and happy selling.

Tags: Medicare Sales, tips on selling insurance to seniors

Grow Your Medicare Sales with PSM

Posted by www.psmbrokerage.com Admin on Tue, Dec 31, 2019 @ 09:42 AM

Additional Updates:

Tags: Medicare Advantage, Medicare Supplement, Leads, Medicare Sales, Part D, Enrollment Tools, Medicare FMO, online sales

Top 5 Viewed PSM Guides of 2019

Posted by www.psmbrokerage.com Admin on Mon, Dec 16, 2019 @ 03:01 PM

Additional Updates:

Tags: Sales Tips, Medicare Advantage, Medicare, Medicare Supplement, Leads, Medicare Sales, tips on selling insurance to seniors, Social Media Marketing, online sales

Solution to Medicare.gov Drug Finder Changes

Posted by www.psmbrokerage.com Admin on Fri, Sep 13, 2019 @ 01:58 PM

Additional Updates:

Tags: Online Enrollment, Medicare Advantage, Medicare Part D, Medicare Sales, AgentXcelerator

Get Your Medicare Advantage Apps Signed Faster

Posted by www.psmbrokerage.com Admin on Fri, Sep 13, 2019 @ 01:40 PM

Additional Updates:

Tags: Online Enrollment, Medicare Advantage, Medicare Part D, Medicare Sales, AgentXcelerator

Why You Should Be Selling Dental Insurance

Posted by www.psmbrokerage.com Admin on Wed, Mar 21, 2018 @ 12:51 PM

Why You Should Be Selling Dental Insurance.pngMedicare Still Doesn't Cover Dental Care. And That Can Be a Big Problem.

This is a good read on the lack of dental coverage provided by Medicare and the important role of a insurance agent to help keep beneficiaries covered. PSM offers an array of dental plans available to our agents along with the guidance on how to best incorporate into your business.

From the article...

Many people view Medicare as the gold standard of United States health coverage, and any attempt to cut it incurs the wrath of older Americans, a politically powerful group. But there are substantial coverage gaps in traditional Medicare. One of them is care for your teeth.

Almost one in five adults of Medicare eligibility age (65 years old and older) have untreated cavities. The same proportion have lost all their teeth. Half of Medicare beneficiaries have some periodontal disease, or infection of structures around teeth, including the gums. Bacteria from such infections can circulate elsewhere in the body, contributing to other health problems such as heart disease and strokes.

And yet traditional Medicare does not cover routine dental care, like checkups, cleanings, fillings, dentures and tooth extraction.

Paying for dental care out of pocket is hard for many Medicare beneficiaries. Half have annual incomes below $23,000 per year. Those who have the means, but are looking for a deal, might travel abroad for cheaper dental care. Tens of thousands of Americans go to Mexico every year for dental work at lower prices. Many others travel the globe for care.

Although low-income Medicare beneficiaries can also qualify for Medicaid, that’s of little help for those living in states with gaps in Medicaid dental coverage.

According to a study published in Health Affairs, in a given year, three-quarters of low-income Medicare beneficiaries do not receive any dental care at all. Among higher-income beneficiaries, the figure is about one-quarter.

Traditional Medicare will cover dental procedures that are integral to other covered services. So if your Medicare-covered hospital procedure involved dental structures in some way, important related dental care would be covered. But paying for any other care is up to the patient.

Lack of dental coverage by Medicare is among the top concerns of beneficiaries. The program also lacks coverage for hearing, vision or long-term care services. However, many Medicare Advantage plans — private alternatives to the traditional program — cover these services.

For example, 58 percent of Medicare Advantage enrollees have coverage for dental exams. In receiving these benefits through private plans, enrollees are also subject to plans’ efforts to limit use by, for example, requiring prior authorization or offering narrow networks of providers. These restrictions can be problematic for some beneficiaries, and about two-thirds of Medicare beneficiaries opt for the traditional program, not a private plan.

Adding a dental benefit to Medicare is popular. A Families USA survey of likely voters found that the vast majority (86 percent) of likely voters support doing so. The survey also found that when people do not see a dentist, the top reason is cost.

Ms. Willink’s study estimated that a Medicare dental benefit that covered three-quarters of the cost of care would increase Medicare premiums by $7 per month, or about 5 percent. The rest would need to be financed by taxes.

The cost of such a benefit might be offset — or partly offset — by reductions in other health care spending, reflecting the fact that poor oral health contributes to other health problems.

Making a case for this in the political arena would not be easy, though. The initial cost would be an inviting target for politicians who express concern about fiscal prudence, regardless of any potential long-term gain. But expanding Medicare has been done before.

In 2006, a prescription drug benefit was added to the program. The law for that program was enacted in 2003, and in that same year, the surgeon general released a report calling for dental care to be treated and covered like other health care. Whether by Medicaid or Medicare, that wish is still unfulfilled.

As you can see, more than ever it is important to carry a strong dental product in your portfolio. We would love to assist with any questions you have and make sure you offer this comprehensive coverage to your clients

Source: https://www.nytimes.com/2018/03/19/upshot/medicare-missing-dental-coverage.html

Additional Updates:
  • United World Med Supp released in Kentucky with great rates - View
  • Mutual of Omaha expands Med Supp Cash for Apps Program in new states - View
  • Mark Farrah Medicare Advantage Report - February 2018 - View
  • How to fight for mental focus - View
  • Phoenix releases new MYGA Annuity product - View
  • Increase Your Sales with Our Complimentary Tools - View
  • Express: Mutual of Omaha Weekly Updates - View
  • VALUES Quote of the Week - View
  • Current Agent Incentive Trips and Contests - View

Tags: dental hearing and vision insurance, Medicare Sales, Sales Strategies

Independent Agents Hold a Significant Advantage over Insurtech Startups

Posted by www.psmbrokerage.com Admin on Thu, Jan 04, 2018 @ 01:06 PM

Independent Agents Hold a Significant Advantage over Insurtech StartupsIndependent Agents Hold a Significant Advantage over Insurtech Startups

Insurance agents can provide something their insurtech rivals cannot: a human touch.

Independent insurance agents don’t need to fear that they’ll be replaced by insurtech startups powered by artificial intelligence. Recent studies reveal that insurance customers still want to talk to a live agent, especially when they need to file a claim or buy a complex product.

According to a recent survey conducted by insurance technology provider Vertafore, 60% of nearly American consumers worry that an AI-generated insurance purchasing process might automatically reject their coverage request, even when a human agent would likely give them a policy. Even tech-savvy Millennials shared this concern, with nearly 50% claiming that they’d prefer to buy an insurance contract from a live agent.

These findings are no surprise to Vertafore’s Chief Sales and Marketing Officer BJ Schaknowski. Speaking at recent conference, he stressed that since insurance is a complicated subject, people feel more confident speaking to someone who can guide them to the “right protection for their family and business.” The Vertafore survey is all the more evidence that independent agents can still compete with insurtech startups.

Build Relationships through Technology

As the Vertafore survey indicates, consumers overwhelmingly prefer human interaction when buying insurance, as 72% said they were turned off by the prospect of purchasing it with a chatbot. Insurance agents, however, cannot ignore recent technologies that are rapidly transforming the industry. Prospects and clients expect a user-friendly and robust web presence, complete with digital portals that enable them to search for information, submit payments, or handle basic inquiries.

Rather than resist these services, successful agents utilize the latest technologies like online lead generation systems, automated email and marketing campaigns, and AI-powered programs to engage with clients and prospects more regularly than ever. In other words, they use technology to cultivate a deeper relationship with their clients — not as a vehicle to offload all customer service functions to a digital system. When an agent responds to a client’s comment on Facebook or Twitter or through a text, he or she is doing so as a human — not a bot.

The challenge for independent agents in today’s tech-driven world is to set themselves apart from their insurtech rivals by providing a human touch — even when that human touch comes through technology. It’s what clients and prospects alike want and expect.


Additional Updates:
  • Medicare AEP signups were strong - View
  • Medicare Advantage: Growing and profitable - View
  • 35% of beneficiaries now in Medicare Advantage - View
  • Express: Mutual of Omaha weekly updates - View
  • VALUES quote of the week - View

Tags: technology, Medicare Sales, Sales Strategies, sales

Beyond the Low-Hanging Fruit

Posted by Lauren Hidalgo on Fri, Jun 07, 2013 @ 09:22 AM

Medicare Supplements When things are going well, picking the low-hanging fruit works and your business continues to run. The process is easier and it’s comfortable because you’ve gotten so good at the technique needed to turn those prospects to clients. Some producers continue with this method because they feel like the risk isn’t greater than the reward. Take courage to stretch yourself and your business!

Obviously you should continue to pick the low-hanging fruit, however at the same time you should “keep your ladder handy” for those higher opportunities. The important thing to remember is not to get lazy or into a rut. Remember that picking the low-hanging fruit is a complacent, low-energy, passive activity. When you reach higher, it’s more strategic and proactive. Plus, the low-hanging fruit will not always be available. In order to prevent decreases in your business, implement a diversity strategy so you can continue to bring in revenue from different sources.

For some this will be identifying a new niche market to get into. Choose one that isn’t being served or one that is maybe being served by a competitor you know your business is superior to. For others it will be assigning different members of their staff to the low-hanging fruit which leaves them time to pursue new markets or challenges in order to expand their business. If you’re only concentrating on the low-hanging fruit you aren’t paying attention to the bigger picture and your business could get blind sighted.

The Titanic is a good example. No one thought the ship would sink. However, it did. What sunk the Titanic wasn’t the ice they could see but the ice they could not see – the ice they neither anticipated nor planned for. Have your plan ready for the circumstances outside your control; you and your company depend on it.

Please give us your feedback!
What do you do if your business gets into a rut? What suggestions do you have for other agents who might be facing the same problem?


Source: LifeHealthPro

Additional Updates:
  • MI & SD Agents: Reach New Med Supp Sales Heights - Learn More
  • Cigna Med Supp High Stakes Cash Contest - Learn More

Tags: Success Tips, Senior Market Advice, Senior Market Success, Medicare Sales, Stonebridge Medicare Supplement, Cigna Medicare Supplement

How Healthcare Reform will Affect Med Supp Products

Posted by Lauren Hidalgo on Fri, May 31, 2013 @ 09:26 AM

Medicare Supplements The largest portion of healthcare reform Affordability and Accountability Act "ACA" is set to go into effect in 2014. For the most part the Medicare Supplement market will be largely unaffected by ACA with most of the impact resulting indirectly from changes to Medicare Advantage.

Possible impact to Medicare Supplements:

Medicare Supplement::

  • Section 3210 of ACA required the NAIC to add a nominal cost sharing to plans C and F (however, the NAIC has recommended no cost sharing to plans C and F due to lack of evidence this would decrease utilization. This has not been decided upon.)
  • Mostly unaffected by ACA, as long as Plan F doesn't change

Medicare Advantage:
  • Medicare Advantage plans will be held to a minimum loss ratio of 85%
  • Restructures the funding levels to Medicare Advantage plans in order to reduce the payments closer to traditional Medicare
    • CBO estimates this will cut approximately $145 billion over the next 10 years
    • The payment restructuring was designed to be implemented over 3-6 years, which began in 2011

The changes to ACA may even prove positive for the Medicare Supplement market. Medicare Supplements will not be affected by minimum loss ratio changes or any major plan changes, whereas the Medicare Advantage market will most likely have a higher minimum loss radio requirement and continued political pressure on funding.

If there are any Medicare Supplement carriers you’d like to add to your portfolio, give your marketer a call at 1-800-998-7715; they can assist you with more information on all of the carriers PSM offers.

Please give us your feedback!
Do you think the ACA will affect your Medicare Supplement sales? Your Medicare Advantage sales?


Source: CSG Actuarial

Tags: senior market news, Medicare Supplement, Medicare News, Medicare Advantage News, Medicare Sales

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