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Medicare sales and cross selling

If you are selling Medicare, you should think about how to meet all the coverage needs of your clients. That is why Medicare sales and cross selling go hand in hand.  Before you try and do this, be sure you have the necessary product knowledge on anything you intend to offer.

A great way to get insight into your client’s potential needs is with a client needs assessment.  Each agent should tailor the assessment to include the applicable product lines they are licensed to sell and have a good knowledge of.

If your client understands that you are able to offer them coverage for all their personal insurance needs, they will be inclined to call you when they decide to add to their current coverage.  It is best to take care of their most urgent concerns before talking about additional items.

Watch our quick YouTube video on cross selling during AEP

Medicare sales cross selling – be aware of underlying health issues

If you conduct a needs assessment or spend enough time speaking with your client, you will probably find out if your client has any illnesses that will prevent them for obtaining some types of coverage that they will not qualify for.  If you ask about any recent claims they have had, this may be an indicator if they are a good candidate for some types of coverage.

Some other things to find out from your client

Is the client or their spouse presently working?  If the answer is yes, do they have any employer benefits and if so, what are they?

Have they ever served in the military (are they a veteran)?  Sometimes veterans receive benefits.  You need to find out if they do and what those are.

Medicare sales cross selling – Cancer, Heart attack and Stroke coverage

Because many people have a family history of either cancer, heart attack or stroke, this product is not difficult to sell. This product is sometimes called critical illness insurance.  Be sure you understand the client’s budget before you show them quotes from companies that will fill their coverage need.

Cross selling – Long Term Care Insurance

Most people do not have long term care coverage. Although LTC has changed over the years, there are still some good coverage options available.  There are some short-term care policy options that include home health coverage.  There are also some life policies that include an optional LTC rider.  You can ask your client if anyone in the family has needed home health or nursing home care. If they have, ask them if they know how it was paid for. Do they have a way to pay for it if they need it?

Cross selling – Life Insurance

Life insurance is not like LTC coverage because many clients have at least some life insurance coverage.  If you want to start a discussion about life insurance, you need to find out if the client already has coverage and if so, how much.  Once you get the answer, you can ask questions to determine if they have enough to cover what they need it for.

Here are some reasons people purchase life insurance:

To replace income lost due to the death of a family’s financial provider.

If they want to cover their final expenses.  If they have a policy in place, it may not be enough to cover their final expenses.  This means they may want to consider purchasing a policy that provides a bigger benefit amount.

Policies can help pay any outstanding debts owed by the policy holder.

In some cases, the policy holder wants to leave a financial gift to their chosen beneficiary.

If they do not have a policy, you may be able to help them decide if a policy could benefit their loved ones.

Cross selling – Final Expense

Final expense insurance is a kind of life insurance.  If the client does not have life insurance in place, this type of policy can help family members pay for their final expenses and avoid leaving them with a large bill after you are gone.

Cross selling – Annuities

These days many people want a safe place to invest their savings due to low interest rates at banks and stock market volatility. Simply ask your client if they are happy with their current rate of return on investments. Let them know a fixed indexed annuity can provide a dependable place to invest savings and a better return rate than many CDs.  In many cases, you can offer them an annuity product that will provide a better return that what they currently have.

Now that we have given you a few products to consider adding to your portfolio, it is up to you to decide what will be the best value add.

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 Life Insurance Myths

Life insurance is not required by law like many other types of insurance, and many people choose to forgo these policies. However, it can be an extremely valuable investment in your financial health and that of your family. Let’s clear up some of the life insurance myths.

Only the elderly need life insurance

Life insurance policies are more affordable for younger applicants!  Don’t be fooled by this mythIt makes the most sense to purchase earlier rather than later. Many term life insurance policies are also made with the option to be rolled over into whole life policies once the beneficiaries are older.

It’s too expensive

Polls show us that this myth is so pervasive that over 50% of people overestimate the cost of life insurance. Just like with other types of insurance, policy cost is determined based on age, driving record, health, gender, etc. so there is a lot of variation in plan premiums. There are many affordable options for life insurance that can fit your budget.

If you don’t work outside the home, you don’t need it

Life insurance policies aren’t just about covering lost wages.   That is one of the life insurance myths.  They’re about being able to replace critical work, including domestic work. A stay-at-home parent can be a driver, tutor, cook, day-care, cleaner, and babysitter that goes uncompensated. If that person were to pass away unexpectedly, all of those roles would have to be replaced and compensated.

I have group life insurance – that’s enough

Some people get group life insurance through their work. But what happens if they’re laid off, or the company goes under? In addition to that risk, many employer-provided policies offer only several thousand worth of coverage, which wouldn’t put much of a dent in more than funeral costs.

Personal savings is the same thing – life insurance myths

Personal savings can be a great thing to have, but it is not the same as a life insurance policy. For one thing, personal savings can often be easily drained with one unexpected hospital stay. For another, there is no need to limit the amount of support a family receives after the death of a loved one. The more financial support there is, the fewer things there will be to worry about during that difficult time.

I can’t buy life insurance with my pre-existing condition

Do not fall prey to this life insurance myth.  If the pre-existing condition is minor or the beneficiary is managing the condition with medical treatment, there are many policies to choose from that will simply charge slightly more for coverage despite that condition. There are also guaranteed issue policies, which guarantee coverage without any disclosure of medical history or exam, meaning that they will be more expensive, but provide the coverage regardless of pre-existing condition.

Life insurance can be a powerful tool in planning for the financial security of a family, and it’s helpful to understand exactly what it is and what it can do before making any decisions about it.   Don’t let any life insurance myths confuse you.

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How to Get Life Insurance with Pre-existing Conditions

There are a lot of misconceptions and myths about life insurance, even among people who are otherwise informed about the insurance industry. One of these recurring myths is that people with health issues or pre-existing conditions cannot get life insurance policies because of those conditions. This is not the case. While having a pre-existing condition does make it often more difficult and more expensive to get life insurance, there are policies out there designed to cover people with this experience. There are several factors to consider:

Which Pre-existing Conditions Matter for Life Insurance?

How much a pre-existing condition will affect the price or availability of the life insurance policies depends on several factors. One of those factors is severity. If a person is otherwise healthy, they will likely have multiple options to choose from at more competitive prices. If the pre-existing condition significantly impacts their daily function, however, they may have fewer policies to choose from and the prices will likely be higher. Term life insurance policies may not be an option for those dealing with more severe conditions. The following conditions have a high impact on insurance premiums:

• Cancer

• Diabetes

• Epilepsy

• Heart disease

• HIV

• Obesity

• Smoking or tobacco use

The following pre-existing conditions have a low impact on premiums:

• Anxiety

• Asthma

• Depression

• High blood pressure

• High cholesterol

• Sleep apnea

How to Shop for Policies

There are several things people with pre-existing conditions can do to make their policy options greater. One of those is to manage their health condition. Any documentation of effective treatment could help them secure a lower premium on a life insurance policy. Additionally, working with a broker or insurance agent can be helpful, as they know the ins and outs of the industry and can work on finding a policy for the client’s unique needs. Lastly, buying life insurance sooner rather than later can be vital. As people age, and as their health worsens, premiums go up significantly, even for people without pre-existing conditions. There are many options out there, and one need only look in the right places.

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Life Insurance vs. Annuity

Which is Right For You? Although both life insurance and annuities are very different, they can both play a role in providing financially for individuals and families as they age and retire. Here’s the quick version:

Life Insurance

Life insurance is an insurance policy that pays out to the chosen benefactor at your death. It can provide income for loved ones and cover final expenses such as medical bills, funeral costs, and even help clear debts. There are two common types of life insurance: term life insurance and whole life insurance. Term life insurance is more affordable, with lower premiums, and has an expiration date, which is typically 10, 15, 20, or 25 years after enrolling. Whole life insurance is just that, for the person’s whole life until death.

Annuity

Annuities are also a type of life insurance, but with a different structure. Instead of a death benefit, an annuity provides payouts over your lifetime. Because of this, it provides guaranteed lifetime income. There are also two types of annuities: immediate annuities and deferred annuities. Immediate annuities are contracts purchased with a one time payment to the insurance company and provide payments to you within the first year of purchase. Deferred annuities provide payouts that start at a future date instead of within the first year of purchase.

Which is Best For Me?

That depends on your situation. You’ll need to ask yourself the following questions:

• Is a steady income in retirement something I want or need? If so, an annuity may be right for you.

• Do you have loved ones that need to be provided for after you die? Life insurance is designed to do that.

• Or, do you want to provide both forms of financial support – steady income in your later years and a death benefit for your loved ones? If so, it may be best for your situation to include both life insurance and an annuity, either immediate or deferred, in your financial planning.

Talking to a licensed financial advisor would be a good next step for anyone considering either life insurance, an annuity, or even both.

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Myths About Life Insurance

Life insurance is one of the most misunderstood types of insurance policy.  Misconceptions and partial truths circulate in the public imagination. Here are the top five myths about life insurance, and the real information:

It is Expensive

Many people are surprised by how affordable term life insurance can be. Price policies vary from person to person, which is why people are encouraged to shop around when they apply. Different companies may offer different costs for a plan. But, the average yearly cost of a $500,000 policy (20 year term) for a 30 year old female is $252 a year. That calculates out to less than $25 a month.

Only the Elderly and Parents Need Life Insurance

Another common misconception: the beneficiary of a life insurance policy does not have to be a child. Parents are not the only people who need life insurance.   Partners can be beneficiaries, as well as anyone else who depends on the policyholder. And, the sooner one applies for a policy, the cheaper the policy is likely to be. The one factor that determines how much the policyholder pays is their health; health is likely to decrease as a person ages.

It’s Difficult to Apply for Term Life Insurance

Like many other things, the internet has changed how people apply for term life insurance. In the past, people may have needed to see a doctor in person to qualify for term life insurance policies. With the rise in telehealth accessibility, the vast majority of companies have ways of applying for policies over the phone or online.

My Employer Offers Me Enough

For those people who have access to a life insurance policy through their work, the coverage is still likely to not be enough for their family. The median workplace life insurance policy is approximately one year’s salary. It is best to consider workplace life insurance a supplement to a life insurance policy rather than the entirety of the coverage. Online tools exist to calculate how much coverage your family may need, but one guideline is to aim for five to ten times the policyholder’s annual salary.

I Only Need Life Insurance If I’m Working

Even if a policyholder isn’t employed outside the home, the value of the labor they provide in the home is enough reason to consider a life insurance policy. Despite life insurance typically being thought of as a replacement for lost income, it can be vital to pay for childcare or housework, especially if the policyholder is the one performing those tasks now. Plan coverage with all of the family’s contributions in mind, not just working benefits.

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Single Premium Life Policies

The primary benefit of life insurance is to leverage money to create an estate.  This benefit can provide for survivors or to leave something to an organization or charity. Single premium life policies  (sometimes called SPL) are a type of life insurance.   In this type of policy you pay a lump sum of money into a new policy in return for an instant death benefit.  This policy is guaranteed to remain paid-up until death. There are many different versions of single pay policies available. These policies offer a wide range of investment options as well as withdrawal provisions.

With single-premium life policies –

The cash you invest applies immediately.  In Fact, this enables the policy full funding. The size of the death benefit depends on the amount invested, insurance company used, type of underwriting, age and health of the insured.  With these policies, a younger person is normally has a longer life expectancy.   This gives the funds you pay for the premium more time to grow before the insurer expects to pay out the  death benefit. The larger the amount of money you initially contribute to your policy, the greater your death benefit will be.  For example, a 65-year-old female might use a $25,000 single premium to provide a $55,000 income-tax free death benefit to her survivors/beneficiaries.  Whereas a 50-year-old male’s $100,000 single premium might give a $400,000 death benefit.

Many companies have provisions in the policies which allow for a partial withdrawl of cash value in the event that you need money. Other policies guaranteed a full refund of cash value at a certain point (often 6 years ).  A policy can always be surrendered for cash value but policies surrendered prior to maturing may have surrender charges.  Single premium plans should not be used with money that you may need to spend or to live off of.  If you have a lump sum of cash that you don’t need right now and you want guaranteed life insurance protection for your family or your favorite charity, single-premium life insurance can be an ideal solution.

However you choose to use a single-premium life insurance policy, remember to consider your personal financial situation.  You also want to think about other retirement vehicles already in use.   This way you can select and shape your policy to best match your needs.

Transamerica has received approval for their Long Term Care rider in Connecticut.   They are now able to offer the Trans ACE GUL “Guaranteed Universal Life” product with a long term care rider in Connecticut.   Other companies have been able to get approvals for life/LTC combo plans in CT but they are always single deposit products or limited deposit.  The Trans ACE is a true GUL policy that can be paid monthly like any other permanent life policy.  Adding the LTC rider will increase the premium but the overall rider cost is much less than the cost of buying a stand alone Long Term Care Plan.   Highlights and unique features….

• Any money not used as long term care is paid out to beneficiaries at death via the plans GUL death benefit.
• The cost of the Long Term Care rider is substantially lower than buying a stand alone LTC plan.
• If the Long Term Care is never used, the GUL will still pay the full death benefit upon death.
• The plan comes with a return of premium feature which returns 100% of paid premiums. The premium can be taken back in year 15, 20 and any year after 25.
• Premiums for the policy (GUL and LTC rider) can be paid monthly.

Click the links below for product summaries

Trans Ace Product Summary Sheet

Trans Ace LTC Rider summary

Trans Ace LTC Rider Quick Guide

If you are a broker that would like to offer this product to your clients, you may email Ed Crowe at Edward@Croweandassociates.com or call at 203-796-5403

American National has the lowest 10, 20 and 30 year term policies in the business. They also have the lowest cost ART insurance by far.   Recently, they have revised the Guaranteed UL and IUL policies.  The IUL life policy has a 14% cap on the annual point to point which higher than almost every IUL in the industry.

Example on the ART- A 55 year old male rated preferred (not rated super preferred) would be able to get 1,000,000 of coverage for $69.98 a month   CLICK HERE TO RUN TERM QUOTES

Crowe and Associates can provide training on the products.  We can also set up contracts for individual brokers and General Agencies.  The General agency contract is set up with a hierarchy structure to allow down lines to be paid directly from the carrier with the override going to the GA.   We will also provide an SGA contract to any agent or agency that writes $50,000 of annualized premium.

American National GA Contract

American National Agent Contract

American National Comission schedule

For more information, contact Crowe and Associates at 203-796-5403 or email Ed Crowe at Edward@Croweandassociates.com

There are hundreds of life insurance products out on the market for brokers and agents to sell.  This post will provide a high level list of the best plans in each category: Term, UL, IUL (Med Exam Required), Term, UL, IUL (No Med Exam), Guaranteed issue Life and Final Expense (simplified issue). Read more