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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:
  • Express: Mutual of Omaha weekly product updates - View
  • VALUES Quote of the week - View
  • Skyrocket your Med Supp sales by selling online - View
  • Free Med Supp online quoting tool for PSM agents - View

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

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