10 Reasons for selling Cancer Insurance
1) Needed Coverage: This is the reason that generally creates the most debate. Many agents think of Cancer and CI products as being frivolous products. However, most who have actually experienced the expenses of long term cancer treatment will disagree with that position. Cancer treatment often spans many months and even the best of medical plans do not cover transportation to and from distant care providers, loss of income (often for both husband and wife) special diets, child care, clothing, medical insurance deductibles and coinsurance, etc.
2) Public Awareness: Almost every adult has personal knowledge of someone who has had cancer. Cancer is constantly in the news and fund raisers are taking place every day. This awareness makes the majority of people easy to approach and willing to talk about the financial and emotional problems created when a person is diagnosed with cancer.
3) Broad Market: Coverage is available to almost everyone ages 18 to 80+, without regard to occupation, hobbies, income or any of the other qualifiers that limit the availability of most life and health coverages.
4)Affordability: Many people might not be able afford DI plans or supplemental plans that coverage every possible illness or accident they might experience, most can afford cancer coverage. The premium for basic coverage can be as low as $10-$12 per month for an individual or $20-$25 per family.
5) Ease of Underwriting: Plans are available to anyone who has not had AIDS, HIV, internal cancer or melanoma, often with just a five year look back on those conditions.
6) Ease of Presentation: No need for computers, spread sheets or lengthy proposals. A simple brochure outlining the need for the product and the benefits along with a rate sheet will do just fine.
7) Variety of Plans: Plans can be tailored for individual needs, offering coverage for Cancer Only or Cancer Coverage along with coverage for specified Critical Illnesses such as Heart Attack or Surgery, Stroke, Diabetic Complications, etc. The client can choose from plans that pay a lump sum on diagnosis, pays benefits as expenses are incurred or a pan that combines both lump sum and expense incurred.
8) Pays Directly to Insured: Unless the insured elects to assign the benefits to a third party, all benefits are pay directly to the insured in addition to any other insurance they may have.
9) Commissions: While commission rates have been reduced for many health plans, cancer and CI has street level has remained in the 50% -60% range first year and 10%-15% lifetime renewals, allowing an agent to build a very good ongoing income.
10) Cross Selling: Cancer and CI offer an excellent cross sell opportunity and the agent that is not offering it to his client is leaving money on the table that is available for little more trouble than simply asking for it. They are also leaving an opening for another agent to get into "their" house.
1) Needed Coverage: This is the reason that generally creates the most debate. Many agents think of Cancer and CI products as being frivolous products. However, most who have actually experienced the expenses of long term cancer treatment will disagree with that position. Cancer treatment often spans many months and even the best of medical plans do not cover transportation to and from distant care providers, loss of income (often for both husband and wife) special diets, child care, clothing, medical insurance deductibles and coinsurance, etc.
2) Public Awareness: Almost every adult has personal knowledge of someone who has had cancer. Cancer is constantly in the news and fund raisers are taking place every day. This awareness makes the majority of people easy to approach and willing to talk about the financial and emotional problems created when a person is diagnosed with cancer.
3) Broad Market: Coverage is available to almost everyone ages 18 to 80+, without regard to occupation, hobbies, income or any of the other qualifiers that limit the availability of most life and health coverages.
4)Affordability: Many people might not be able afford DI plans or supplemental plans that coverage every possible illness or accident they might experience, most can afford cancer coverage. The premium for basic coverage can be as low as $10-$12 per month for an individual or $20-$25 per family.
5) Ease of Underwriting: Plans are available to anyone who has not had AIDS, HIV, internal cancer or melanoma, often with just a five year look back on those conditions.
6) Ease of Presentation: No need for computers, spread sheets or lengthy proposals. A simple brochure outlining the need for the product and the benefits along with a rate sheet will do just fine.
7) Variety of Plans: Plans can be tailored for individual needs, offering coverage for Cancer Only or Cancer Coverage along with coverage for specified Critical Illnesses such as Heart Attack or Surgery, Stroke, Diabetic Complications, etc. The client can choose from plans that pay a lump sum on diagnosis, pays benefits as expenses are incurred or a pan that combines both lump sum and expense incurred.
8) Pays Directly to Insured: Unless the insured elects to assign the benefits to a third party, all benefits are pay directly to the insured in addition to any other insurance they may have.
9) Commissions: While commission rates have been reduced for many health plans, cancer and CI has street level has remained in the 50% -60% range first year and 10%-15% lifetime renewals, allowing an agent to build a very good ongoing income.
10) Cross Selling: Cancer and CI offer an excellent cross sell opportunity and the agent that is not offering it to his client is leaving money on the table that is available for little more trouble than simply asking for it. They are also leaving an opening for another agent to get into "their" house.
Last edited: