Instead of a case that would pay $269.69, this video shows how the commission, first year, is $1,067.70 because CJ asked told of the availability of the cancer plan. He asked about heart attack/stroke coverage, and he asked about life coverage.
This sweet lady was used to paying $700 per month for her employer plan that had restrictions, networks, and co-pays. Now, she has a MUCH better plan (Plan G), lump sum coverage for Cancer, Heart Attack or Stroke, AND permanent Life Insurance coverage locked in now at the age of 64.
The is in a much better position, fully covered, and happy with her new security and price.
See the video:
Perfect example of a great cross sell.
CIGNA's electronic application makes this point and click easy without having to re-enter the client's information again in multiple applications.
Decades ago, companies like McDonald's learned that if you merely asked, “Would you like fries with that?” that a significant amount of people WOULD. Their profit is all in the extras..just like the movie theaters. They make nothing on the ticket sales. It is all on concessions.
This is good coverage, provides peace of mind, and because of a process like this, helps the agent to make additional income by taking care of clients in a meaningful way.
It is with great pleasure that I highly endorse a new book by David Duford called “The Official Guide to Selling Final Expense Insurance.” Dave's book is selling on Amazon now and a portion of the proceeds is helping another agent friend, Mark Rosenthal, with his very expensive disease treatment. Buying this book is a “no brainer” and a true win/win.
David Duford has proven himself to be a powerful influence in the final expense industry in the past few years. Not only is he a successful agent in his own right, he has a teacher's heart and enjoys helping new agents to find success in the Final Expense niche. This book is very well done and will be a resource for FE agents long into the future.
I highly recommend agents in, or considering, the final expense life insurance niche to pick up this valuable guide. You can do so here.
I'm often asked, by agents considering coming into the niche of marketing insurance to seniors, “Which way should I go? Life insurance sales or Medicare Supplement sales”.
The question really is, are you looking for one-time income, or residual income? If you can pay your bills right now, while starting to build your residual income, that's the best strategy.
Life insurance should be pursued in niche marketing. “The riches are in the niches.” Medicare Supplement sales should be pursued to build a residual income for the future. This is a great retirement plan.
I started by doing final expense two days per week and Med Supps the other four (worked six days). Had a family of six to feed and failure was not an option.
This kept a very good income, while building my Medicare block at the same time.
Unfortunately, many people look at this as either a “Get Rich Quick” opportunity or a hobby. They expect to invest nothing, chase continual offers of “free leads”, etc. and cannot for a minute fathom putting money into their own business.
This is just like a franchise opportunity, except that there is a much smaller barrier to entry. You can start small and stay small, eventually quit like 80% do, or you can treat it like the business that it is and put money into it, expecting a result.
Unlike a franchise, you can be profitable and doing very well in this industry in under two years without mortgaging your entire future. That is, unless you've taken one of those “free leads” deals and sold your future renewals by way of a smaller contract on the back end.
As for ages, I have found the most success by fishing in the blue ocean. By that I mean that there is a red ocean, where all of the sharks are pouncing on, in this case, the Turning-65 senior. Everyone has the same plan and they're all tripping over each other to fight for the same, finite group of people.
Meanwhile, I'm in the blue ocean calling on people who have not heard from their agent in two, three, or more years. These people are frustrated with their rate increase and do not know where to turn. I don't have agents coming right behind me or competing for the same client in the same space.
So, I would encourage you to diversify your business to survive today and still build your Medicare supplement renewals at the same time. It is simple to do both, as neither are complicated.
As to the geography of being limited by plans, that is only in your mind. There are no geographical limitations to where you can sell medicare supplements.. so find a market where you can sell entirely by phone to an under-served market. On this site, you can learn how to sell medicare supplements by phone easily.
You can even get good at locating where the major player are announcing significant rate increases, and a new carrier is launching in that same state. I call that the perfect storm.
Lastly, do not give your insurance contract to someone that you know, up front, is not offering training. Yes, you can pay to get training elsewhere, but that is the quid pro quo for having given your contract in the first place.
Best of luck… remember to treat it like the business it is.
It requires relentless persistence on your part, taking care of your clients continuously, and beginning with the end in mind.
You could find yourself five years from now with a very significant residual income and a constant flow of referrals to new clients.
Today, I received some help from my son, CJ, on announcing the latest webinar recording for members of MedicareAgentTraining.com Foresters, today, held a webinar on questions they've received from the field about the PlanRight product.
They also went over the Foresters website and showed the quoting tools, submissions process, etc. Check out this video introduction.
Foresters has some very unique member benefits, not the least of which is this awesome benefit called Legal Link.
This is a membership into the Legal Club of America, paid for entirely simply by being a member (certificate holder) of Foresters. There is no extra charge for the legal club benefit, other than being a Foresters member.
Your clients will love this. Foresters has great life insurance products including term, UL, and final expense insurance. They also have a very inexpensive accidental death-only policy.
Last week, Foresters announced additional states where they will accept a 100% telephone-only application for their final expense product, called PlanRight.
The Gerber Life guaranteed issue life plan is now available for sale through independent agents. This plan has no health questions and effective immediately upon acceptance. In the first year, if death occurs, 110% of the premiums paid are returned (unless accidental death – then full face amount). The same through year two. From year two plus one day, it pays the full amount for death for any reason.
1) What is the commission for Gerber's Guaranteed Issue plan?
60%, paid As Earned only – no advancing is offered
2) What is the chargeback policy if death happens in the first two years?
100% of the first year commission in year one. 50% if death occurs in year two (of all commissions paid).
3) Is the Electronic Application process available to independent agents?
Yes, and it's super easy. Voice or online signature options are available. However, the first application MUST be submitted by paper, on any product, in order to activate your appointment and access to the E-app process.
4) Will independent agents also have access to the very-popular Gerber Grow Up (child) plan?
Yes, same way. Paper application is required for the first policy application.
Foresters has announced the addition of new states to their PlanRight sales by phone process. Foresters allows producers to sell final expense by phone if the producer is licensed in that state and has certified through the voice signature process with Foresters.
Foresters is a fraternal benefit society with extra benefits not found in other typical life policies. They have very competitive rates, legal assistance including the creation of a simple will for free, college scholarship opportunities for children and grandchildren of certificate holders, and much more.
Click the image to see the state availability map.
Voice Signature on PlanRight now available in Michigan, Florida, Indiana and Nevada
The Voice Signature on PlanRight (VSOP) service is now available in Michigan, Florida, Indiana and Nevada. VSOP is a great opportunity to expand your business .
To get started using this powerful sales tool, go to Foresters producer website, click on Toolbox > Voice Signature. You'll find training, tips and a link to a sample PlanRight voice signature application along with the advanced notification packages.