Would You Buy Your Insurance on the Phone?

[somarco]

When a fraudulent agent is selling face to face, he/she knows the person they are speaking with is not a regulator. he/she is in total control of the "sales process".

You must never have watched Dateline.

That being said, I would wager most of the discount plans sold as insurance are being sold over the phone, not F2F.

 

[ticker_shuffle]

Never buy over the phone, period.

 

[Mr_Ed]

Never buy over the phone, period.

Do you have any reasons why one should never buy insurance over the phone?

 

[Cenla Agent]

I agree that with Supplements 1 out of 10 sticking is hard to believe. What company were you writing for? If this is true, in addition to buyer's remorse, I'm thinking it could be due to the following:

1. They call their old agent who they had good rapport with and he emphasizes good things about the company they are currently with and raises doubt about the company you wrote for. (Plausible if it is UCT, National States, Admiral, Family Life, etc. and they have Blue Cross, AARP, Phys. Mutual or some other well known A rated company. Less so if you are selling something like MOO.) Still, it would be hard to believe so few stuck.

2. This is somewhat related to #1. You are only selling price and not emphasizing that Supplements are standardized no matter what company they go with. Plan F has the same benefits with every company, likewise with D, G etc.

What plan supplement are you selling? If it is something like Plan A or B that could be the problem. If it is D or G and you are replacing C's and F's, then the fact that it doesn't pay the Part B deductible could be misunderstood if you are not explaining it, and also explaining why those plans might be a better choice and save $$in the long term. They could be calling the old agent or company and then letting yours lapse if they think your plan is inferior, whether it really is or not.

 

[Frank Stastny]

I agree that with Supplements 1 out of 10 sticking is hard to believe. What company were you writing for? If this is true, in addition to buyer's remorse, I'm thinking it could be due to the following:

1. They call their old agent who they had good rapport with and he emphasizes good things about the company they are currently with and raises doubt about the company you wrote for. (Plausible if it is UCT, National States, Admiral, Family Life, etc. and they have Blue Cross, AARP, Phys. Mutual or some other well known A rated company. Less so if you are selling something like MOO.) Still, it would be hard to believe so few stuck.

2. This is somewhat related to #1. You are only selling price and not emphasizing that Supplements are standardized no matter what company they go with. Plan F has the same benefits with every company, likewise with D, G etc.

What plan supplement are you selling? If it is something like Plan A or B that could be the problem. If it is D or G and you are replacing C's and F's, then the fact that it doesn't pay the Part B deductible could be misunderstood if you are not explaining it, and also explaining why those plans might be a better choice and save $ the long term. They could be calling the old agent or company and then letting yours lapse if they think your plan is inferior, whether it really is or not.

I can't thing of a time when I submitted an app that wasn't issued. Buyers remorse has never been a problem I have experienced. If the policy is "sold right" then there will be no buyers remorse. Seniors don't buy insurance based on the company, most really don't care. The main concern is the price. If Bob's Discount Insurance Company has the best rates then they want to go with Bob.

I spend a lot of time educating seniors about Medicare and Med Supps. A part of that education is that all plans are standardized.

I only sell either Plans D or G. I have refused to sell a senior in Missouri a Plan F or J. The fact that D and G do not pay the Medicare Part B deductible is never an issue. I explain that in detail as well. (I don't "Sell Supps" I educate prospects about Medicare and Med Supps.) Once I educate them they don't bother calling their existing agent. In fact, most don't even want to talk to him.

There is a whole lot more to it. I could type all day. haha

Give me a call and I will be happy to answer questions and give you an explanation of why I said what I did.

I'll look forward to it.

 

[davidp711]

I think it is can be good for seniors, but some might think that it can be very bad to give some stranger that says he represents a company their banking information, or credit card information. Were any of the leads you had close to your house? Sometimes they will feel more comfortable and follow through if they had a face to go with the voice. Also they might be more comfortable seeing you and begin to ask questions that you can answer to seal the deal.

 

[Frank Stastny]

I think it is can be good for seniors, but some might think that it can be very bad to give some stranger that says he represents a company their banking information, or credit card information. Were any of the leads you had close to your house? Sometimes they will feel more comfortable and follow through if they had a face to go with the voice. Also they might be more comfortable seeing you and begin to ask questions that you can answer to seal the deal.

I don't buy "leads", I generate my own. Although I have many clients in the immediate area around where I live, the majority of my clients either live in other parts of the state or in other states.

Face to face is my preferred way of selling. However, more and more seniors I talk to indicate that they would prefer taking care of over the phone. I gladly go and see them if they want me to providing they live in Missouri.

I don't ask for nor do I need their CC number or banking information if I sell them over the phone. I fill out the app over the phone and send it to them for their signature. There are a few companies that have just initiated an on line app. MOO and American National. I understand there may be a couple more who are going to do this.

I have not used an online app yet. I still prefer sending it to them, have them read it over, sign the app and return it to me. I think it is a lot more of a personal touch.

 

[Cenla Agent]

I can't thing of a time when I submitted an app that wasn't issued. Buyers remorse has never been a problem I have experienced. If the policy is "sold right" then there will be no buyers remorse. Seniors don't buy insurance based on the company, most really don't care. The main concern is the price. If Bob's Discount Insurance Company has the best rates then they want to go with Bob.

I spend a lot of time educating seniors about Medicare and Med Supps. A part of that education is that all plans are standardized.

I only sell either Plans D or G. I have refused to sell a senior in Missouri a Plan F or J. The fact that D and G do not pay the Medicare Part B deductible is never an issue. I explain that in detail as well. (I don't "Sell Supps" I educate prospects about Medicare and Med Supps.) Once I educate them they don't bother calling their existing agent. In fact, most don't even want to talk to him.

There is a whole lot more to it. I could type all day. haha

Give me a call and I will be happy to answer questions and give you an explanation of why I said what I did.

I'll look forward to it.

Frank, was your response to me or to they guy who said he had only 1 out of 11 placed?

We've talked Med. Supps on the phone 2-3 times, and I generally agree with you about D and G. I like talking to you, but I think the guy who had the policies not issue needs to talk to you even more!

I too have never had a Med Supp policy not issue.

Assuming the claim of policies not taken is true, I was thinking that maybe he was not educating the customer, not explaining the plan like he should, maybe not building rapport and earning their trust. If any or all of the above are true, they very well may feel later that they've been sold something that isn't going to meet their needs. In other words, the policy must not have been "sold right," as you noted.

I find that some (though certainly not all or even most) are inclined to buy based on company unless there is a knowledgeable agent there at the right time educating them about Med Supps and their options. This appears to be especially true with some T65's. Companies with high name recognition like Blue Cross, AARP and Phys. Mutual write a lot of T65 business in Louisiana even though they are not that competitive (esp. the latter two, BC/BS is at least in the ballpark.) Once they have had the plan for a while and have had a couple of rate increases, the company doesn't matter to most of them.

If it is similar at all in Missouri, this could have something to do with the issue you've had with T65's who are convinced they know it all. They all want Plan F as well, of course. Sometimes I am successful putting the T65's onto something else, sometimes not. Sometimes they won't switch because the agent is a friend or family member, etc. even if they could save money doing something else. Once some people make a decision, there's a reluctance to revisit the issue, especially if they have not yet experienced a rate increase. If I can't write the plan initially, I file away the information and call back when the inevitable increase hits just as you do.

I used to know a Blue Cross agent who would write B Select plans because of the low premium, because that's about all they had to compete with United World and UCT with regard to price. Not hard to replace those! A lot of the clients didn't even know how the Select plan worked and that a network of hospitals was involved. If I had a list of his clients, I might be a millionaire by now!

 

[Frank Stastny]

Frank, was your response to me or to they guy who said he had only 1 out of 11 placed?

We've talked Med. Supps on the phone 2-3 times, and I generally agree with you about D and G. I like talking to you, but I think the guy who had the policies not issue needs to talk to you even more!

I too have never had a Med Supp policy not issue.

Assuming the claim of policies not taken is true, I was thinking that maybe he was not educating the customer, not explaining the plan like he should, maybe not building rapport and earning their trust. If any or all of the above are true, they very well may feel later that they've been sold something that isn't going to meet their needs. In other words, the policy must not have been "sold right," as you noted.

I find that some (though certainly not all or even most) are inclined to buy based on company unless there is a knowledgeable agent there at the right time educating them about Med Supps and their options. This appears to be especially true with some T65's. Companies with high name recognition like Blue Cross, AARP and Phys. Mutual write a lot of T65 business in Louisiana even though they are not that competitive (esp. the latter two, BC/BS is at least in the ballpark.) Once they have had the plan for a while and have had a couple of rate increases, the company doesn't matter to most of them.

If it is similar at all in Missouri, this could have something to do with the issue you've had with T65's who are convinced they know it all. They all want Plan F as well, of course. Sometimes I am successful putting the T65's onto something else, sometimes not. Sometimes they won't switch because the agent is a friend or family member, etc. even if they could save money doing something else. Once some people make a decision, there's a reluctance to revisit the issue, especially if they have not yet experienced a rate increase. If I can't write the plan initially, I file away the information and call back when the inevitable increase hits just as you do.

I used to know a Blue Cross agent who would write B Select plans because of the low premium, because that's about all they had to compete with United World and UCT with regard to price. Not hard to replace those! A lot of the clients didn't even know how the Select plan worked and that a network of hospitals was involved. If I had a list of his clients, I might be a millionaire by now!

I agree with you about name recognition and purchasing Plan F for the T65. I have tried several times to market to T65 and it isn't that I don't sell insurance to them, it's that it takes so much more time.

I decided a long time ago that in the time it takes to sell a T65 I can sell several policies to people 67 and older. It is just so much easier. They already know how Medicare and their Supplement work, they realize they may have made a bad decision and I can save them money. Like having a license to steal, almost.

It can be difficult to write if they have their insurance with a family member or a "friend". That's why I sell me instead of insurance. My goal is to be that "friend" not just the guy who sold them the policy. That's who most agents are to their clients, the guy who sold them the policy.

 

[GreenSky]

I just received a lead from my website. Saved the guy $500 on his med supp and did everything by phone.

Emailed the application to him; emailed it back to me. Company will draft the initial and continuing premiums.

Couldn't have been easier.

I do the same thing all the time - including MA plans.

Rick