Expensive Med Supp and FE Policies

[G.Gordon]

Yep, gat a $235/mo plan J from Bankers due to come in soon. You can tell he sold her, scared her, convinced her that BF's plan J was the greatest thing on earth, never to be seen again, etc.

 

[Newby]

Wow! You guys must have some super SLICK Bankers Life agents in your areas.

Around here Bankers Life just has a bunch of misfits and they are VERY easy to replace.

The Bankers in this area never recovered after their sales manager and all their agents jumped ship (along with their client lists) and started another agency.

They operate more like how you are describing but I have not seen any customer buy in to the BS like you are describing. Their clients seem happy to get away from them and definitely recognize the BS as BS.

 

[policy doctor]

If a client brings up another ins co I use the analogy of Campbell Soups.

Just as Campbell soup has many varieties, chicken soup is chicken soup and beans 'n franks is beans 'n franks....You choose what store you buy it at.

Well medigap ins is the same way....plan F or N is the same, no matter what co you sign up with. Here is the grid in the "buying medigap booklet".

Folksy, but works for me.

 

[ra2783]

Does Old American Insurance Company fall under the category of expensive FE companies?

 

[jdeasy]

Does Old American Insurance Company fall under the category of expensive FE companies?

Absolutely!! I love them!!

 

[bill3173]

Wow! You guys must have some super SLICK Bankers Life agents in your areas.

Around here Bankers Life just has a bunch of misfits and they are VERY easy to replace.

The Bankers in this area never recovered after their sales manager and all their agents jumped ship (along with their client lists) and started another agency.

They operate more like how you are describing but I have not seen any customer buy in to the BS like you are describing. Their clients seem happy to get away from them and definitely recognize the BS as BS.

Around here the BL agents seem to know their audience. They focus on people that have adequate incomes, but poor comprehension and communication skills. People like this can be "indoctrinated" and held hostage.

They are calling them constantly, and when they mention that they've spoken to me, they go out to the house and explain that my med supps are inferior to BL's. They will lose their benefits and that the application process to change to another carrier is extremely difficult.

Here's the thing, it's only BL clients that I'm hearing these stories from. A few key points that I've gotten from my conversations with these formerly prospective clients:

1. BL Med Supps are different than any other carrier's.

2. Their Plan F pays claims that the other carrier's can't or won't pay.

3. Changing from BL will all but kill the client. It is not only an arduous task, the client is seldom happy and will need to return to BL anyway, hence it is pointless to change.

These were TM generated leads. I've written "age in" and referral Med Supps for several years, and have never heard stories like the ones these people are telling me now, and certainly not in the peculiar nonsensical way they are telling them.

Now that I know a little bit more about how they operate, it may be possible to grab one here and there, but other than that, they are so worked over, trying to have a rational conversation with most of them would be a straight waste of time.

 

[Frank Stastny]

2. Their Plan F pays claims that the other carrier's can't or won't pay...

...Now that I know a little bit more about how they operate, it may be possible to grab one here and there, but other than that, they are so worked over, trying to have a rational conversation with most of them would be a straight waste of time.

This is the oldest ploy used in attempting to keep a client from switching policies and it is the easiest one to dispel. It is also the number one reason agents walk away from the kitchen table without an app even when they can save the prospect money.

All the agent has to do is explain the claims paying process to their prospect. Break it down and take them through it step by step. Don't simply say "Oh don't worry Mrs. Smith, they all pay claims the same way".

That does noting to dispel her concerns. All the agent has said is "You can trust me, I'm an insurance agent".

 

[somarco]

1. BL Med Supps are different than any other carrier's.

2. Their Plan F pays claims that the other carrier's can't or won't pay.

3. Changing from BL will all but kill the client. It is not only an arduous task, the client is seldom happy and will need to return to BL anyway, hence it is pointless to change.

Bill, you are a much better salesman than that. Can't believe you are putting up with that.

One of the lines I use when I encounter "but the other salesman said . . . (fill in the blank)" is this.

"A salesman, any salesman, including me, can say anything. But very few will put their claim in writing because if they do they know it can be used against them.

Now, what would you like me to commit to in writing?"

That almost always diffuses the problem.

A few months ago I talked with a lady that asked how often my rates went up to which I replied, usually only once a year.

Well I had an agent from BL tell me their rates NEVER go up.

Really? Was he willing to put that in writing?

I got the sale.

 

[Newby]

The simplest way is to just pull out the government Medicare books and show them the truth.
I've never run up on a Bankers policy that I remember the client thinking the agent was looking out for them.

 

[senior-advisor-indiana]

The simplest way is to just pull out the government Medicare books and show them the truth.
I've never run up on a Bankers policy that I remember the client thinking the agent was looking out for them.

I wish I could say the same. My last one was the worst. The prospect suddenly remembered that it was a friend of the family and wanted to keep the business there. Just seeing BLC makes my blood pressure rise.