Turning 65 Supps, Are You Selling Mainly on Price?

[agentjhc]

https://youtu.be/viYuzuJom1k

 

[sshafran]

So lets assume you have someone aging onto Medicare and they want a plan G, are you just picking the company that has the best rate in there area seeing as how its guaranteed issue since they are aging in? We do mostly advantage so I was wondering, with a billion companies to choose from and there are no health questions, right? So how do you choose between all the companies if your not looking at a company that will insure them based on health problem per say. Are you just selling on price?

Here's the issue... I'm not sure you'll get many calls from people, saying, "I'm turning 65 and I'd like G - what company do you recommend?"

(Hint: They don't really care what you recommend...yet. Maybe a few referrals will.)

i.e., by the time they "Pick G" - they'll very quickly pick the carrier. You've already engaged them about things that are important to them. (by asking questions, of course).

Like others, I'll send them F and G rates in .pdf from all the carriers I work with at some point in the conversation. It's a subtle way of "overwhelming" (they see 17 company names, prices, discount options, ratings...what to choose?) while at the same time showing competence (they see how much information you provided quickly).

Once they see them, you can begin to walk them through, ask questions, etc. Once you get a feel for what is important to them (again, you probably already have done this even before they "picked G") - you can guide them to the right carrier.

You'll pick up subtle hints - ask questions and they'll start talking - and as they look at the rates they will say things like - "Oh, you have Aetna? Hm. I used to have them at work - they were great!" or "Well, since they are all the same plan, wouldn't it make sense to save as much money as possible and go with the cheapest on this list?" or "My brother-in-law had MoO and didn't have to pay anything after open heart surgery" or "I've never heard of x company"

Those sorts of things help people pick based on brand and/or price. It's the small things sometimes. Just "mention" Berkshire Hathaway and - for some people - they don't really need to see another carrier. That's the one they want. Write them up...

The "rate history" discussion can and should happen as you talk about the brands. While I agree that some carriers are known for greater increases, I really can't predict what they'll do in the future.


Last tip. Don't say too much... and don't say too little. A huge mistake when I started was being way too detailed. It's not rocket science. I've found that people are ready to buy much, much earlier than I used to think. We don't need to teach them how to be agents. We just need to help them pick a good plan and sign them up.

 

[somarco]

Good summary, Scott.

How has CSI worked for you? We have CSI and CSI Life here. I looked at them and passed. Not that competitive. Didn't need another middle of the road priced carrier.

What are their strong points?

 

[russelltw]

CSI Life has been competitive here in NC, especially without the household discount. Had some clients get turned down by other carriers and CSI Life took them.

 

[senior-advisor-indiana]

CSI Life has been competitive here in NC, especially without the household discount. Had some clients get turned down by other carriers and CSI Life took them.

Do you remember what conditions they were declibed for at other companies? I've yet to find a use for csi or csi life...

 

[somarco]

CSI Life is new to the business (1 yr according to CSG) while CSI has 5 yrs on the books.

CSI Life rates came in 10th (G plan, 65 F, 30341) while CSI is 15th out of a field of 32.

What bothers me is the appearance they are doing the same as a couple of other carriers that run one company out with good rates then pull them a few years later and replace with a newer carrier with even lower rates.

At this point there is not a big difference (real dollars) in the two, not like say OIC vs United of Omaha, or Aetna Health & Life vs Continental but the pattern just seems too familiar.

 

[Newby]

CSI Life is new to the business (1 yr according to CSG) while CSI has 5 yrs on the books. CSI Life rates came in 10th (G plan, 65 F, 30341) while CSI is 15th out of a field of 32. What bothers me is the appearance they are doing the same as a couple of other carriers that run one company out with good rates then pull them a few years later and replace with a newer carrier with even lower rates. At this point there is not a big difference (real dollars) in the two, not like say OIC vs United of Omaha, or Aetna Health & Life vs Continental but the pattern just seems too familiar.

I think the difference in those two is the length of time they pay renewals if I'm remembering correctly.

 

[goillini52]

I think the difference in those two is the length of time they pay renewals if I'm remembering correctly.

CSI pays a % for commissions, while CSI Life pays a flat fee(low). You get a big jump of around 40% once you have 50 policies on the books. CSI Life pays renewals for 10 years(7-10 reduced like everyone else).

 

[sshafran]

Good summary, Scott.

How has CSI worked for you? We have CSI and CSI Life here. I looked at them and passed. Not that competitive. Didn't need another middle of the road priced carrier.

What are their strong points?

So far so good. Pretty stable here in OH. I don't write them a lot - but I don't avoid them either.

Tough underwriting in my opinion. So, in the long run, I hope it will keep the book of business stable.

Their e-app isn't quite as slick as others... but it's managable. Really, in our area it seems to be more about the brand that appeals to people.

They trust "Berkshire Hathaway" - and that goes a long way.

 

[russelltw]

They trust "Berkshire Hathaway" - and that goes a long way.

Funny how it's a popular name there, and in nc I have to tell about Warren Buffett and geico to make clients feel with that name.

Agree with the eapp being a little "old"feeling. Don't like the payout schedule, number and time limits.