Is the Time Right for Voluntary Products?

[Allisonray78]

I'm currently employed at Allstate & L&H licensed in IN. My employer mentioned that I could start selling accident/disability & critical illness to make extra money. I have researched & read that accident and critical illness are among the fastest growing voluntary products. Does anyone have a lot of success selling these? If so, do you have a have a process or phone script/email to cross sell with? Any advice is greatly appreciated!

 

[DHK]

Script? Sure.

"Hello, Mr. X? My name is DHK with Allstate here in (city). Do you have a quick minute to talk?"

"The reason I called... you know how health insurance pays doctors and hospitals when you are sick or hurt and can't work? Well, our policies pay YOU and put cash into you and your employee's pockets."

"What I'd like to do is stop by for 10 minutes and show you how our products work and you can judge it for yourself and for your employees."


For cross-selling:
"I was calling to ask you a question: Do you have the kind of insurance program that pays you a lump sum if you were diagnosed with a heart attack, stroke, or cancer? We've found that most people will survive, but the financial stress is what ends up slowing down or even preventing recovery. We have programs that will pay you a lump sum of $5k - $500k so that you can focus on getting better."

https://www.youtube.com/watch?v=GjU6PwrnCiw

 

[scagnt83]

Ive found that for voluntary benefits the best approach is just being direct.

Ask the owner/office manager/hr "Do you currently offer voluntary benefits such as Cancer, Critical Illness, & Disability"?

If they say yes, ask who its with and if you could have 15min of their time to show them a comparison.

If they say no, then ask why not and if they have ever considered adding it. Then ask for 15min of their time to show them some options.

Most decision makers realize what the products do already. Either they have it, they are interested/curious & dont have it, or they are not interested. Figure out which one they are and proceed accordingly.


And now is a great time to sell Voluntary Benefits. Especially to companies that do not offer Group Health.

 

[Lakshmi]

Yes, it's a great time to sell those products.

It has been for a long time...since health insurance deductibles for small business owners (and now everyone) have steadily increased-- I started cross selling accident and CI as a way to cover deductibles if a CI/accident should happen around 2006. Now, these plans are what I sell most, along with Life.

Given that we have a much higher chance of getting a CI and living through it before age 65, I think CI is one of the most important products available today.

The scripts above are definitely a good start...

There are many ways to sell it...you can pitch it as asset and income protection...to cover everything else that health insurance doesn't cover; deductibles, travel to Mayo clinic, groceries, recovery, health insurance premiums...depends on the prospect...most of us have high deductibles these days, so that's always a good one. Figure out what you can be comfortable with and go with it, whatever you can show the most conviction and passion with...

Studies show that it takes about 6 months for recovery from a major critical illness on average, so enough to cover that length of time in expenses is a good way to start. The stat I actually use is we have an 800% higher chance of living through a CI before age 65 than dying before age 65. Not that I'm into spouting off all the stats, but it's good to have a few handy.

You will hear a lot of people say, "I already have Aflak, or Combined"...so it depends on what company you plan to sell, you'll need to have some rebuttals and ways around that...Well, maybe it's just me, but I hear that constantly (Aflak and Combined remarks)...I sell Assurity for CI...and their AcciFlex plan, and their WL... and have ways around that...IMO Assurity has the best CI plan, but more and more companies are coming up with comparable plans.

 

[scagnt83]

Guardian has become a major contender in the group sup market. They do a "bundled" discount. So the more products you have with them the cheaper it becomes.

The Dental & Vision compete with any other plan on the market. (they are true dental/vision plans, not sups like Aflac)

Then the DI is by far the best quality DI in the group market.

Then they have Life, Cancer, CI, & Accident.

Once you get 3 products in a group (with appropriate participation) their rates are close to unbeatable.

On the servicing side they are excellent to deal with. Online enrollment, employee/employer websites, etc.


To the OP, you need to study up on the competition and find out what areas your products beat them in. That is your "in" for groups with existing benefits. Your competition will depend on the area you live in. Aflac, Colonial, & Combined would be a good starting point.

 

[Lakshmi]

Guardian...I need to look at that. Thanks for bringing that up...Scagnt...I'm always learning something from you. Glass raise to that...thanks.

Sure Bridge has some decent/affordable plans too...won't know enough about it until after a meeting tomorrow, Sunday. They too have a decent dental and vision that is comparable to the rest of the big ones. Could get costly though for a larger family bc they rate it per person, adult or child rates. But, they do have both accident and sickness combines plans which once was a rarity. from my so far understanding anyway...verdict is still out.

Yes, Scagnt...it would depend on the area...crazy how much Aflac and Combined is in my area. What I've found if prospects already have that, then they are "insurance minded", which is what we all love...Im still able to sell the other products...seems like people who buy those will generally buy more if they can afford it. I get more complaints though about Aflac not paying claims but people seem to LOVE their combined in my extreme agricultural area. People buy, but tend to keep their Combined here too. I've learned to just say, "that's ok, Combined is a nice addition too, "this" (whatever I'm selling) works well with that."

OP, once you start doing this, if you do f2f meetings, just ask for the policy of whatever they have and that's one way to see what they actually have. No one ever knows what they actually have, at least in my experience....then you do the actual comparisons and show how your plan will be of benefit. Of course have some good knowledge base first of all the competition.

Good luck to you!!!

 

[Cash]

Who is competitive other than Guardian in the voluntary market?

Does Ameritas or Principle compete?

 

[scagnt83]

Guardian...I need to look at that. Thanks for bringing that up...Scagnt...I'm always learning something from you. Glass raise to that...thanks.

Sure Bridge has some decent/affordable plans too...won't know enough about it until after a meeting tomorrow, Sunday. They too have a decent dental and vision that is comparable to the rest of the big ones. Could get costly though for a larger family bc they rate it per person, adult or child rates. But, they do have both accident and sickness combines plans which once was a rarity. from my so far understanding anyway...verdict is still out.

Yes, Scagnt...it would depend on the area...crazy how much Aflac and Combined is in my area. What I've found if prospects already have that, then they are "insurance minded", which is what we all love...Im still able to sell the other products...seems like people who buy those will generally buy more if they can afford it. I get more complaints though about Aflac not paying claims but people seem to LOVE their combined in my extreme agricultural area. People buy, but tend to keep their Combined here too. I've learned to just say, "that's ok, Combined is a nice addition too, "this" (whatever I'm selling) works well with that."

No problem. I have been extremely pleased with the service from Guardian so far. Def top notch.


My area is full of Aflac & Colonial. I dont see Combined much at all. I do see Allstate some too.

Check out Securian Dental for an excellent Dental Plan. They probably have the most benefits rich dental plan in the industry. If I remember right there are no networks to worry about, they pay up to the 90% percentile of reasonable & customary for that zip.

Security Life has a nice Dental & Vision Plan too.
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Who is competitive other than Guardian in the voluntary market?

Does Ameritas or Principle compete?

Colonial is very competitive. Aflac isnt bad...

I have been meaning to look into Ameritas for both voluntary and 401k. They talk big... idk if they back it up though.