Looking for niche market in today's economy, suggestions please!
- Thread starter Lepalms
- Start date
- 924
I think if I were going after a large niche right now it would be women.
It doesn't matter at all whether you are a male or female agent. The bottom line is being able to have the empathy for some of the financial problems women face. Women who work and need help planning retirement. Women who raise children and never thought that much about what would happen to the children if she died. Women who are widowed and no longer have their husband around to do the financial planning --that is not being sexist, they really grew up in a different world.
Now, watch this thread end up being about goats or a crack about "niche". Sorry, Lepalms, you'll understand when you've been here awhile.
It doesn't matter at all whether you are a male or female agent. The bottom line is being able to have the empathy for some of the financial problems women face. Women who work and need help planning retirement. Women who raise children and never thought that much about what would happen to the children if she died. Women who are widowed and no longer have their husband around to do the financial planning --that is not being sexist, they really grew up in a different world.
Now, watch this thread end up being about goats or a crack about "niche". Sorry, Lepalms, you'll understand when you've been here awhile.
johnhoefer
Expert
- 41
Home and auto. Save people money, but be consultative and sell based on your knowledge of the policy and exposures. That way they don't leave you for price next time.
I am currently in the senior medicare market, the red tape is making this large volume population almost impossible to service.
Looking to change markets, any suggestions for today's economy and challenges.
This is how Mark Rosenthal Sells Ins. <----- Click Here
This really works well for me personally.
Mark Rosenthal
www.realfastservice.com
Last edited:
- 15,319
I think you might consider going after a smaller niche of large women!
Seriously, one of least purchased types of insurance would be critical illness. It goes hand in hand with health insurance.
Let's see if Mark Rosenthal agrees with this idea (stolen from him):
Lead with the free living will appointment.
Discuss life insurance. They then say they have plenty.
You then point out that instead of dying from the heart attack, they live. No plug to pull but they are "dead" from expenses.
You ask the wife how she would handle things if her husband couldn't work for 3-6 months and needed some care while he recovered.
Sell massive amounts of insurance. Buy a big house and get lots of women who are attracted to your money. You don't care because you get lots of sex with beautiful women. You have heart attack because you don't have the stamina for all the sex but don't die. You wish you had CI coverage. You're an ***.
Rick
To me, the most undersold market is disability income. CI & LTCi are niches as well, but either the product is unappreciated or misunderstood and you have to "create" the sale.
Much the same way as selling life insurance . . . which is why I don't sell much.
DI is a need that is fairly easy to uncover. The only real objection is the price and underwriting.
If Obama-care becomes law, you will see me peddling DI like there is no tomorrow.
Much the same way as selling life insurance . . . which is why I don't sell much.
DI is a need that is fairly easy to uncover. The only real objection is the price and underwriting.
If Obama-care becomes law, you will see me peddling DI like there is no tomorrow.
I think that critical illness insurance is a big untapped market. I think that any health agent should also be showing their clients critical illness insurance. There is a way to cross sell with both products.
Everyone thinks that you die after having a heart attack, stroke or having cancer. The truth is most people don't die. Can you believe that this is a problem? The problem is they don't die and now they are out of work, and they need money fast. Health Insurance does not pay for things like house payments, traveling expenses, and a hot cute nurse to take care of you.
It is very easy to cross sell you health clients with a C.I. Product.Critical Illness Insurance can fill in the gaps and allow the client to pick a higher deductable. I will try and make a post on this later.
I'm going to have to write a big post on this subject later. I think Rick has the right idea and knows how to the product correctly to help his clients.
Mark Rosenthal
[email protected]
www.realfastservice.com
Last edited:
- 2,908
Crtical illness can also be a treacherous product to sell depending on what your selling environment is for basic health coverage. If a person is able to get basic affordable health coverage and then wants to supplement with critical illness then that is one thing. However, in many states, clients are getting critical illness plans to cover some major illnesses in an attempt to compensate for the fact that they cannot afford an individual health plan. That type of strategy can blow up on both the client and the agent. Especially if (as you noted) it is sold with the expectation that you can get by with a higher deductible health plan. That is a roll of the dice. Depends on whether they get an illness in one of the few areas covered by the critical illness plan.
Don't get me wrong, I have sold some and will continue to do so with full disclosure to clients who are suitable. Nevertheless, critical illness plans are limited plans and there are lots of watch-outs. I think that the future of critical illness plans is mixed. If there is more of a national effort to subsidize basic health insurance then I suspect that some people will beef up their basic coverage more and skip the critical illness plan. On the other hand (as in Canada) if people find basic coverage to be more affordable (or covered by the government) then there could be more people who want to supplement their limited government subsidized plans with a critical illness plan. I don't know. Have to see how it plays out.
Winter
Last edited:
When looking for a niche isn't it irrelevant to research where the big gaps in the market are? I mean you want to start your own agency not take over the world right? So really any niche would be big enough to provide you with a decent business if you tapped into it properly...Yeah?
Anyway, my point is, maybe just focus on whatever type of people you like to deal with. If old people like you, go for something there. If you like working with young people maybe non-standard auto. Just focus on what types of people you want to deal with. Paint a mental picture of your ideal client and everything about them, then go after that demographic.
I try to write everything that comes my way and focus on nothing, I really need to take my own advice or I'm going to end up in the funny farm.
Hey good luck and best wishes, I hope I helped.
Anyway, my point is, maybe just focus on whatever type of people you like to deal with. If old people like you, go for something there. If you like working with young people maybe non-standard auto. Just focus on what types of people you want to deal with. Paint a mental picture of your ideal client and everything about them, then go after that demographic.
I try to write everything that comes my way and focus on nothing, I really need to take my own advice or I'm going to end up in the funny farm.
Hey good luck and best wishes, I hope I helped.
Admittedly, I haven't looked at CI policies in a while. In the "early days" there was only one CI policy worth having . . . MOO.
The MOO plan was health insurance while the others were life insurance based.
The MOO plan was more expensive, more difficult underwriting but had a greater likelihood of paying out. (Read the definitions and compare).
The biggest benefit to the MOO plan (in addition to the definitions) was the tax favored status. As a health policy, benefits received were tax free.
The life based plans usually created a taxable event unless you were terminal.
I doubt if any agents selling CI address these issues, especially the taxable benefit of most CI plans.
The MOO plan was health insurance while the others were life insurance based.
The MOO plan was more expensive, more difficult underwriting but had a greater likelihood of paying out. (Read the definitions and compare).
The biggest benefit to the MOO plan (in addition to the definitions) was the tax favored status. As a health policy, benefits received were tax free.
The life based plans usually created a taxable event unless you were terminal.
I doubt if any agents selling CI address these issues, especially the taxable benefit of most CI plans.
Similar threads
