I have heard about all the excuses out there when it comes to offering ancillary products, or as the industry calls it, cross-selling.
- “The commission is not worth selling.”
- “I don’t want to seem like I am trying to sell my clients and prospects too much.”
- “I do fine with just the basics.”
- “I forget to mention them.”
- “Too much work at the appointment.”
- “My clients don’t want them. Not that I have asked…”
However, it is not about “selling,” it is about giving your clients the ability to build their own healthcare package that satisfies their concerns and gives them peace of mind when they need it. Hopefully, when you look at it like giving the client options they are used to having, it is no longer taboo.
What do I mean “used to having?” Simple, most of your clients probably are coming off some type of employer or group coverage. Most employers offer more than just major medical coverage. They may (and usually do) offer ancillary benefits such as:
- Life Insurance
- Short or Long-Term Care
- Accidental Care
- And/or others…
These same prospects/clients are used to having optional coverage to consider to build their own personalized healthcare plan.
Then they age or go onto Medicare and everything is different. They are having to buy their own coverage with no HR department to explain their options for them. You, the agent, are the new HR department for your prospects/clients. So, why would you deny them optional coverage they are accustomed to choosing?
How? One simple question can easily tell you what is important to your prospects/clients:
“When you were covered by your group plan, what additional benefits did you have?”
If they say they had dental coverage for the past 20 years, why would you not offer them a dental plan? There is a high probability your clients are not aware what is available in the individual market other than primary coverage (Medicare Supplements, Medicare Advantage, and Part D plans). You can rebuild the benefits package (or similar plan) your clients are used to having.
What to do from here:
Build a basic package offering to start. This may consist of dental, life insurance (final expense) and hospital indemnity for the MA policy holders. Once you are comfortable talking to prospects/clients about these products and it becomes natural, add additional lines to help your clients have access to the coverage that is available to them.