Selling Medicare insurance is both lucrative and rewarding. It also provides a natural gateway to offering other senior-focused financial products and services. By expanding your suite of solutions, you can build your business, keep more clients and increase your income.
Many seniors have needs that go far beyond Medicare. For example, some are looking for the stable retirement income that annuities can provide. Others may want life insurance to help with final expense planning or generational wealth transfer. In addition, some clients may be searching for hybrid or living life insurance policies that include long-term care benefits or the ability to access their death benefit in the event of a severe illness.
If you offer a wide range of products, you can help your clients find the solutions they seek. Cross-selling life insurance and annuities can also improve client retention. Clients are more likely to stay loyal if they have multiple policies with you. In contrast, if they have to go to another agent for life insurance, that agent may end up poaching your Medicare business.
Ready to add life insurance and annuities to your portfolio? The following ideas will help you get started.
1. Update your marketing materials.
You’ll need to update your business cards, email signature, website, and social media accounts to show that you offer life insurance and annuities. Otherwise, your clients might not realize they can purchase these products from you.
2. Conduct a thorough needs analysis.
A needs analysis will help you gather the information you need to place clients in the most suitable Medicare plans. You may also uncover needs that you cannot meet through Medicare, which will open the door to cross-selling opportunities. Download the Needs Analysis form.
3. Maintain an online presence.
Many people research products like annuities and life insurance online. Make sure that they can find information about these products on your website and a social media feeds.
A social media presence is important, but you don’t have to be on every social media platform. For Medicare insurance agents, Facebook is a stellar choice because it’s especially popular with older populations. According to Pew Research Center, 58% of U.S. adults aged 65 and above have used Facebook.
As you strive to build your social followers, don’t forget to invite your current clients to follow you. Social media is an effective way to stay in touch. Plus, your clients will see your posts about annuities and life insurance, which may pique their interest.
4. Start an e-newsletter.
An e-newsletter is another way to stay top of mind with clients and prospects. Although creating a monthly newsletter takes some effort, it’s a wonderful way to maintain contact. Fill your newsletters with timely reminders about things like annual flu shots and Medicare enrollment deadlines. You may also want to include information on senior activities, staying healthy and how to use life insurance and annuities. Be sure to always share reputable information from trusted sources like CMS or the CDC.
5. Leverage Life Insurance Awareness Month.
February is Life Insurance Awareness Month. It’s the perfect time to raise awareness of life insurance and educate clients on the different types of policies and their uses. For example, some of your clients may not realize that hybrid life insurance policies provide a death benefit as well as long-term care benefits. Create social media posts, content for your newsletter, and blog posts to grab their attention. Life Happens has more information and resources.
6. Share flyers.
Print flyers and mail them to clients, attach digital copies to emails, or upload them to your website. Use flyers during in-person meetings to make sure you don’t forget key points and leave them behind so clients can reference them after the meeting.
Too busy to create your own flyers? Use these annuity flyers from NAFA. The carriers you work with may also have downloadable content you can share with clients.
7. Stay compliant.
When cross-selling life insurance and annuities, it’s important to be mindful of CMS regulations. For example, you need to keep to your Medicare Scope of Appointment and can’t sell non-health products like life insurance and annuities during a Medicare meeting. If a client expresses interest, schedule a separate appointment.
Since CMS regulations are subject to change, it’s important to make sure you’re following the current rules.
You may need to comply with other regulations, as well. For example, if you create a newsletter, you’ll need to follow CAN-SPAM rules. This includes things like not using deceptive headlines, providing your location, and letting recipients know how to opt out of future marketing emails. See the FTC’s CAN SPAM compliance guide for more information.
Reach Out to Western Asset Protection
Did you know that WAP provides access to life insurance and annuities as well as to Medicare products and ancillary health plans? We can help you access the products you need to cross-sell life insurance and annuities. Contact us.