Becoming a "SENIOR" health insurance agent

[naddy512]

most have you have probably read "the becoming a health insurance agent" forum and believe me it is outstanding. i love it, step by step directions for newbies like myself. it truely is awesome. however i will be selling advantage plans, supplements, final expense etc to seniors so i was trying to get something going on this forum just like that but that focuses on the steps when dealing with a senior.

i would love to see how the veterans and experts handle their business in the senior market. i need help. i would like to get the same format as the other forum but just pertaining specifically to seniors would be great

PLEASE feel free to leave your two sense it would be greatly appreciated

 

[furlover]

I agree!!

Selling to the Senior market is a completely different animal.

To know how professionals approach and handle marketing and prospecting would be wonderful.

 

[midwestbroker]

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

 

[johnrocks]

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

I really thought that it was a good read as to the "mechanics" of medicare;which everyone should defintly know before they become involved in selling medicare products;however I think(and this is just a suggestion) your next topic could be on how to "tie" all this together in prospecting and selling. Very good read though.

 

[Slick]

Nice write up Michael.

 

[furlover]

Thank you Midwestbroker.

I know of agents who would like to know more about MA plans but don't wish to sell them. This would be wonderful for them!

I absolutely agree you cannot represent your product unless you understand it. Not only Medicare, but Medigap, etc in detail. I also have compared the different MA plans offered by the various companies. I don't pretend to know everything, but I am at least starting to feel I understand the product enough to know what I know and the wisdom to know what I don't know. Hope that makes sense!

What I had hoped was to learn ways to reach Seniors in a way to lessen their stress and involve their families when wanted.

For instance: Has any one tried marketing to their children instead of the Senior?

I read the forum as much as I can and have learned so much here. I seldom post because I honestly don't feel that I am knowledgeable enough. I do believe there are uniqueness to the Senior market though. AM I wrong?

 

[midwestbroker]

Thanks for the feedback!

I am writing another part to it, marketing and prospecting. I will post it when I have that done.

There is a uniqueness to the Medicare market.

- They only have a few different options to choose from. The carriers to choose from may be vast, but the overall structure is the same.

- The need is greater - Most seniors are aware of the importance of having coverage, since they are at a stage of their life where they are more prone to illness, injury and prescription medication.

- They are bombarded by offers in the mail for insurance, financial planning, etc. Clarity is what they want. It is more education then selling.

- If they have been on Medicare for a while, the fear of changing can be a big one. You can sell them on the insurance, but you also may have to sell them on the benefit of change.

The last one is the one I wish I would have realized a while ago. I would have had more sales!

 

[naddy512]

midwest, awesome booklet i loved it
looking forward to the one about selling
if anyone wants to throw down their two sense about selling while midwest is working on his other booklet "the one on selling" i think that would be greatly appreciated. i would post myself but i have never sold anything yet haha i need help

 

[senior-advisor-indiana]

Prospecting

I think a good piece of information about being in the senior market would be "how to prospect" and maybe some opinions on places to buy direct mail, like what pieces have pulled a better return. Do some direct mail companies use better data and get better quality leads?

I personally have used lead concepts, I think then it cost 375 per thousand pieces and I got a 5.5% return in indiana. I sold 5 med supps so far and still have to work some of them.

 

[Frank Stastny]

Clarity is what they want. It is more education then selling.

- If they have been on Medicare for a while, the fear of changing can be a big one. You can sell them on the insurance, but you also may have to sell them on the benefit of change.

Midwest is 100% correct. I don't "sell" Med Supps either. I "sell" myself and educate the prospect about Medicare and Medicare Supplement policies. I have mentioned before that at least in Missouri, if I know a prospect has either a Plan F or C, and I can get an appointment with them, then I will write an app before I leave their house 90% of the time. The plan I will write is a D.

I take a logical approach, not emotional, and when I finish educating them about the different plans available, they always see the benefits of a D over Plans C and F or even a G.

Medicare Supplement policies are possibly the easiest kind of insurance to sell. If sold right they are also very easy to keep in force with your client.

Very few of my clients switch just because the company has had an increase.

Actually, "selling" them on the benefits of changing is almost not necessary after a good educational presentation. Especially if it includes the provision of no pre-existing conditions and setting the effective date far enough in advance that they have the new policy before they cancel their existing one.

This goes a long way in putting their mind at ease. Building trust during your presentation is imperative to making everything work.

I spend a minium of almost two hours with a prospect. Trust can't be built in 30 to 45 minutes. At least I can't do it.