Cross Selling Annuities to Medicare Clients

[kstein]

Hi everyone I've made a solid career in the Medicare world (8 years experience) but realize that I am leaving a ton on the table in the form of life/annuity sales. I've always had enough with Med sup and MA to stay super busy but it is time to expand.

My question to people who made the jump is how did you transition from Medicare to these other areas. I am very aware of the marketing restrictions cms imposes (and have probably used that as an excuse to not jump earlier). I struggle with having a defined follow up procedure to move to these products or knowing where to start.

I do have a BGA that offers good contracts to the top carriers and I'm somewhat knowledgeable of the fixed products. I guess I'm stuck on the marketing side of transitioning with clients or my existing block of business. Thoughts?

 

[Stephen]

Hi everyone I've made a solid career in the Medicare world (8 years experience) but realize that I am leaving a ton on the table in the form of life/annuity sales. I've always had enough with Med sup and MA to stay super busy but it is time to expand.

My question to people who made the jump is how did you transition from Medicare to these other areas. I am very aware of the marketing restrictions cms imposes (and have probably used that as an excuse to not jump earlier). I struggle with having a defined follow up procedure to move to these products or knowing where to start.

I do have a BGA that offers good contracts to the top carriers and I'm somewhat knowledgeable of the fixed products. I guess I'm stuck on the marketing side of transitioning with clients or my existing block of business. Thoughts?

Almost the exact same background here. I added LTC annuities to my practice about 6 months ago. When I do my Medicare 101 presentation that explains what Part A and Part B cover, I go into detail about what Medicare covers on skilled nursing and home health, and what Medicare doesn't cover for custodial at home, or Long Term Care right out of the Medicare and you guide.

If they are concerned about protecting assets from LTC costs, I schedule a follow up appointment and get a little family background (usually a parent used LTC) and do a thorough financial questionnaire to find out what we are protecting, and how I may be able to help them do that.

 

[Newby]

Hi everyone I've made a solid career in the Medicare world (8 years experience) but realize that I am leaving a ton on the table in the form of life/annuity sales. I've always had enough with Med sup and MA to stay super busy but it is time to expand.

My question to people who made the jump is how did you transition from Medicare to these other areas. I am very aware of the marketing restrictions cms imposes (and have probably used that as an excuse to not jump earlier). I struggle with having a defined follow up procedure to move to these products or knowing where to start.

I do have a BGA that offers good contracts to the top carriers and I'm somewhat knowledgeable of the fixed products. I guess I'm stuck on the marketing side of transitioning with clients or my existing block of business. Thoughts?

The real obvious way is to do a fact finder while you are face to face with your clients.

Who do you have your life insurance with?

Do you have money set aside that you want to draw a guaranteed income off of?

Do you have cancer insurance?

Etc.

 

[Todd King]

Newby is correct. A good fact finder will help with the transition to several products.

I've attached a couple here is you want to use them or even make up one of your own.

View attachment CNA-Med Supp-FE.pdf
View attachment Needs Assessment.pdf
View attachment FACT FINDER.pdf

 

[kstein]

Nice info thank you. I currently write LTC and have written 2 annuities. I also write some FE but know there is a lot more out there.

Any other products specifically you would suggest that transition well with Medicare. At present, I do HI, Dental, D/V/H, Indemnity plans, and LTC pretty well. I'm missing the annuity and life opportunities.

How about a letter referencing those specific options to existing clients, does anyone have a template on that?

 

[CALTCAgent]

My question to people who made the jump is how did you transition from Medicare to these other areas.

I am curious too. I wonder a good way to transition to doing a full financial fact finder when you originally set the appointment to save them on medicare plan?


I would think most would ask why are you asking about my finances?


Of course you can be straightforward and say because you help in other areas. I would think you will lose many fact finding opportunities as many will only want you to help them save on medicare?


Any ideas?

I struggle with having a defined follow up procedure to move to these products or knowing where to start.

Now this is different than fact finding on the original sale.


How do you approach your existing clients.


I think this might be a different approach as you must set a reason for the appointment and how much qualifying you should or shouldn't do.


Any ideas here?


Cross selling ideas:


1. Transitioning from a medicare appointment to fact finder?
2. Approaching existing medicare clients?

 

[Stephen]

Nice info thank you. I currently write LTC and have written 2 annuities. I also write some FE but know there is a lot more out there.

Any other products specifically you would suggest that transition well with Medicare. At present, I do HI, Dental, D/V/H, Indemnity plans, and LTC pretty well. I'm missing the annuity and life opportunities.

How about a letter referencing those specific options to existing clients, does anyone have a template on that?

At the end of every appointment I provide a folder with a copy of their applciation, any online enrollment confirmations, and brochures detailing other products and services that we offer. I explaing each item as I place it into the folder, hand it to them, and ask if we need to visit about anything else. I also ask if they need help rolling over their 401K.

 

[Todd King]

I am curious too. I wonder a good way to transition to doing a full financial fact finder when you originally set the appointment to save them on medicare plan?


I would think most would ask why are you asking about my finances?


Of course you can be straightforward and say because you help in other areas. I would think you will lose many fact finding opportunities as many will only want you to help them save on medicare?


Any ideas?







Now this is different than fact finding on the original sale.


How do you approach your existing clients.


I think this might be a different approach as you must set a reason for the appointment and how much qualifying you should or shouldn't do.


Any ideas here?


Cross selling ideas:


1. Transitioning from a medicare appointment to fact finder?
2. Approaching existing medicare clients?

It's easy to do the fact finder. Remember, they may know you're coming about the Med Supp, but they don't know what all you're going to talk about when you get there, so going into the fact finder isn't necessarily surprising.

When you first sit down to start your presentation, after your warm-up and all, you just pull it out and explain to them that you are going to ask them some questions that will help you to help them. Assure them that no one will see this piece of paper but you and them. It is strictly confidential.

If I ever got that "look" about it, I just explain to them I am like a doctor for insurance. You know, Ms. Smith, how the doctor's asks you questions to find out where you might be hurting or having some problems? Well, that's what we're doing here. I'm looking for different areas that you may need help in, if any.

Then just start asking the questions. I don't think I've ever had anyone balk on me when I've used the fact-finder. Remember, you're the professional.

 

[Justin Bilyj]

It's easy to do the fact finder. Remember, they may know you're coming about the Med Supp, but they don't know what all you're going to talk about when you get there, so going into the fact finder isn't necessarily surprising.

When you first sit down to start your presentation, after your warm-up and all, you just pull it out and explain to them that you are going to ask them some questions that will help you to help them. Assure them that no one will see this piece of paper but you and them. It is strictly confidential.

If I ever got that "look" about it, I just explain to them I am like a doctor for insurance. You know, Ms. Smith, how the doctor's asks you questions to find out where you might be hurting or having some problems? Well, that's what we're doing here. I'm looking for different areas that you may need help in, if any.

Then just start asking the questions. I don't think I've ever had anyone balk on me when I've used the fact-finder. Remember, you're the professional.

Great info Todd!!!!!!!!!!!!!

 

[midwestbroker]

Great stuff. I have always used fact finders on my appointments...but I make mine more like a note sheet (see attached). It is in word format so if you want to use it and make changes, you can.

I would suggest using pen and paper for this as going digital may limit your note taking ability and some people like to go off on a tangent. With many CRM's, you can attach a file, so scan the fact finder or simply take a pic of it and attach it.

I like Todd's approach. I used similar language, such as "what I want to do is take a snap shot of what your current medial coverage looks like and what you would like it to be, then go from there."

Some questions while fact finding:
- MA plan - There are ways to eliminate the hospital co-pay, do you want info on that? (they will prob say yes) - Okay, I will review that when we look at the [MA PLAN NAME].
- If you were diagnosed with cancer, besides your [current policy], what other means of payment do you have?
- Should you require long term care, what plans do you have in place? Have you spoken with an estate planning attorney?
- If you are hospitalized and needed post care recovery, what plans do you have in place? (used with short term care or home health policies)

Of course, I don't ask all those...all depends on what products you offer and what they currently have in place.