Log In
Are you an agent specializing in Medicare who is involved in the annual election period (AEP)? It’s great that agents like you are helping so many Medicare-eligible clients with their Medicare needs. But don’t stop there. Many Medicare-eligible clients have other insurance needs that may still be outstanding.
As you know, Medicare is strictly health insurance. It does not provide life insurance coverage. For that reason, some of your clients might be lacking in that area.
It’s important that your clients eliminate that gap in coverage. Nobody wants to leave a burden to family and loved ones when they pass. The burden can be substantial with the average cost of a funeral, viewing and burial totaling just shy of $8,000. And that total doesn’t even include other related expenses like memorials, flowers and medical bills incurred during one’s final hours. By letting them know you can help eliminate that need, you’re opening yourself up to a great cross-sell opportunity.
One type of life insurance that is generally suitable for Medicare-aged clients and relatively easy to sell, is final expense insurance. Final expense works well for older clients who may not have a lot to spend on life insurance premiums. It’s simple to understand, works well as a way to help cover funeral and other final expenses, and is usually guaranteed or simplified issue.
How do you successfully cross-sell this product? It’s simple really, and lucrative. Did you know you could earn an extra $75,000 a year by selling just two final expense cases per week? The need can be easily assessed with a simple fact finder, or by just asking the client about their existing life insurance to see if it provides adequate coverage.
With a few simple questions, you can determine if final expense insurance is a potential fit. Then, it’s just a matter of finding the most suitable coverage for your client’s needs and budget. Also, does the client need any riders? Common rider options on final expense insurance include:
Accidental death benefit – pays an additional amount if the client dies due to a qualifying accident
Accelerated death benefit – provides some or all of the death benefit if the insured is diagnosed with a qualifying terminal illness
Determining the need for final expense is half the battle. But how do you determine which policy and carrier would provide the most suitable coverage for any specific client? That’s where Senior Market Sales® (SMS) comes in. SMS’ four-decade history means they have the knowledge and ability to help you with specific cases. They work with most major final expense carriers and have the illustration software to not only determine suitability but also provide an easy way to present the product to prospective clients. SMS even has multiple fact-finder templates available in its Client Stream® Marketing Library that may prove useful in this cross-selling strategy.
Also, if you’re looking for quality final expense leads, SMS has you covered with its revolutionary Client Stream® Lead Exchange lead acquisition platform. This lead platform only allows prescreened vendors to participate. Plus, it’s exchange-driven to help ensure lead costs remain competitive. Not only does Client Stream Lead Exchange work well for gaining final expense leads, it’s also effective in obtaining Medicare and dental leads as well.
In addition to cross-selling final expense, SMS helps agents cross-sell a myriad of products relating to the ancillary markets. You may find SMS’ Agent’s Guide to Ancillary Products to be helpful.
Are you ready to cross-sell final expense to your existing Medicare book of business? Reach out to an SMS life marketing consultant at 1.877.888.0166. Now’s the time to implement this cross-sell strategy! So, call today to get started.
*Centers for Medicare and Medicaid Services (CMS) regulations and guidelines prohibit marketing non-health related products (e.g., annuities, life insurance, and disability) to consumers during any Medicare Advantage or Medicare Part D sales activity or presentation. This activity is prohibited.
For Licensed Insurance Agent/Advisor Use Only. Not for General Public.
Share this blog post:
