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Medicare Blog | Medicare News | Medicare Information

Top 5 Viewed PSM Guides of 2019

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

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

What to consider when selling Medicare Supplement insurance

Posted by www.psmbrokerage.com Admin on Tue, Mar 28, 2017 @ 12:45 PM

What to consider when selling Medicare supplement insurance

What to consider when selling Medicare Supplement insurance

When you commit to selling Medicare Supplements, you’re trading the higher commission you may have earned selling final expense or other insurance products for the opportunity to amass a book of business that will eventually give you exponential residual commissions.

That is the biggest pro of selling Medicare Supplements.

Related: How To Get Started In Medicare Sales.


The challenge of selling Medicare Supplements centers around three areas:

  1. Cultivating enough trust over the phone to enroll a senior in a plan.
  2. The annual need for check-ins (via phone, email, or card).
  3. The initial low commissions you make starting out when you don’t have that many clients and have to pay for leads.

Good reasons to specialize

Here are a few reasons that make Medicare Supplements a lucrative product to sell:

  1. Renewals can eventually compound to very large commissions.
  2. Agents can sell this over the phone more easily than other insurance products.
  3. Due to the continued required amount of service work every year, there’s the potential for more referrals.
  4. It’s easier to sell Medicare supplement products to seniors and then cross-sell them a final expense plan with the savings, than it is to sell a final expense plan initially and then cross-selling Med Supp.

Agents who may be weighing final expense insurance sales versus Medicare supplement product sales will see obvious differences between commissions, the learning curve it takes to get up-to-speed to sell, the amount of annual service required, and the sales environment.

A more experienced agent will not look at these two types of insurance in terms of having to sell one or the other, and may decide instead to sell both. If you’re catering to seniors in both instances, why not offer both products?

Increase Your Reach and Productivity by Selling Medicare Supplements Online


Source
: http://www.lifehealthpro.com/2017/03/21/what-to-consider-when-selling-medicare-supplement

Additional Updates:
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Tags: tips on selling insurance to seniors, medicare supplement insurance

How one agent overcame a fear of cold calling

Posted by www.psmbrokerage.com Admin on Thu, May 14, 2015 @ 10:33 AM

blog pic William J. Howery is a former Air Force Intelligence Officer. He retired in 2012 as a Lieutenant Colonel and began his career as an insurance agent with Physicians Mutual that same year. He has a bachelor’s degree in communication from the University of Nebraska at Omaha and a Master of Business Administration from Norwich University. He is currently enrolled in the Certified Financial Planner ® course at Syracuse University. Will speaks near-fluent German, is married to a native German and has a 2½-year-old daughter at home.

LHP: As a relatively new agent, what are some of the biggest challenges and struggles you face?
WJH: When I first started, I had no real experience in insurance, sales or cold calling, and call reluctance sidelined me more often than I care to mention. I just didn’t know how to handle the objections, and I was taking the rejection personally. I’ve since learned how to overcome call reluctance. The objections no longer bother me the way they did. I’m still working to be better at keeping my pipeline full. I know that I need to have a good mix of prospecting approaches. I just need to get a strategy and be more intentional in my prospecting.

LHP: Why do you think the “survival rate” is so low for new agents, especially in the first few years? What tips, advice or encouragement would you offer to other new agents who might be struggling?

WJH: I think work ethic and cash flow are perhaps the two biggest obstacles for new agents — the former having a dramatic impact on the latter. Being an insurance agent offers a great deal of freedom, and the income potential is simply amazing. What many new agents don’t understand is that with the newfound freedom comes a great deal of responsibility. When new agents aren’t making enough sales, it’s very hard to generate the income needed to stay afloat. Then they start thinking: “This insurance business is much too unpredictable. I can work at XYZ and earn more money each week.” I have had those same thoughts. However, what I’ve learned in the last two years is that discipline and consistency pay dividends. For those who treat their insurance business with the same commitment that they give their jobs, the sales will come. LHP: Talk a bit about the current state of the Med Supp market. How is it changing, and what are your predictions for the next few years? WJH: I see the Med Supp market as a great opportunity! I’m always amazed when I visit with a prospect just one or two months from their birthday and find out that they have never been contacted by another agent. That, to me, illustrates the vastness of the market. I don’t know if there are enough agents out there to meet the demand.

LHP: How do you adjust your sales approach for each prospect based on age, income, gender, etc.?
WJH: I have found that asking questions helps me to zero in on their needs as well as identify important clues on how to handle them. Some people just want the facts; others want to be more relational, and some just want to get it all over with. I’m sensitive to the cues that I’m given and adjust accordingly, while making sure they have the information they need to make informed decisions. I make it a point to make sure they feel like they’re in the driver’s seat and not just having a product pushed on them.

LHP: How do you expect the demographics within your client and prospecting base to shift in the coming years, and how will you adjust as more boomers retire?
WJH: More and more seniors are choosing to continue working beyond 65, so those who have decent group coverage are choosing to postpone their Medicare Part B enrollment and Medigap coverage. Many of the baby boomers are still energetic and active contributors in the workplace, and they’re not ready to hang up their hats. That shift will naturally require me to adjust my prospecting to include more people who are beyond 65 years old and perhaps eventually make them my primary focus.


http://www.lifehealthpro.com/2015/02/24/how-one-agent-overcame-a-fear-of-cold-calling...

Source: lifehealthpro.com

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Tags: Sales Tips, Success Tips, Cold Calling, tips on selling insurance to seniors, sales advice

5 Ways to Sell to Seniors

Posted by Jeremy Davis on Fri, Jun 20, 2014 @ 08:14 AM

Medicare Supplements

As longevity increases and more Baby Boomers advance into their senior years, those 65 and older are the most prevalent demographic on many advisors’ prospecting lists. With such a large pool of potential clients looking for retirement and financial advice — and also likely to make referrals to their friends and family — you can’t afford to miss the mark. Try these strategies on for size:

  1. Differentiate yourself online: You might think digital marketing is most effective when targeted towards younger generations, but a 2014 Pew Research Center study shows that 59 percent of seniors today are increasingly Internet savvy.
  2. Be an educator: By providing education to the senior community, advisors establish themselves as experts and earn credibility and trust.
  3. Be available to communicate often: Meaningful conversation is a surefire way to earn a senior’s trust, whether you’re discussing their finances or their children and grandchildren.
  4. Be patient, not pushy: Many times, people get impatient when they’re working with seniors, and it’s the first thing that will kill a sale.
  5. Make your business senior-friendly: Your office and presentation style should be tailored to seniors; handicap access, for example, speaks volumes to your elderly clients when they meet with you for the first time.
http://www.lifehealthpro.com/2014/06/13/5-ways-to-sell-to-seniors?ref=hp-carousel

Source: lifehealthpro.com

 

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Tags: Medicare Supplement, med supp, tips on selling insurance to seniors

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