Increase Your Earnings, Lower Attrition and Do the Best for Your Clients with Hospital Indemnity Insurance

The insurance industry is a very lucrative business, for the right person. When you look at the Medicare Advantage market, well, with 10,000 people retiring daily for the next 20 years, one can see how there are plenty of leads and a possible HUGE book of business. However, there are two types of agents: those who are customer centric and those who are number crunchers. Suffice it to say that the former, the customer centric, will earn more than the number cruncher, even though the number cruncher may sell more policies. Why? Let’s take a look.

While I mention hospital indemnity insurance in the title, bear with me – we WILL come to that. In the meantime, humor me and you may increase your paycheck!

The Trust and Like Factor

I don’t know about you, but when someone is trying to sell me something just to earn a commission, I can tell. The focused, aggressive, “You’re not listening; I know better…” attitude comes through like a rotting rat corpse in the attic, in the middle of a hot Summer (I speak from experience). Some people cave and buy, only to get rid of this Neanderthal; but will cancel eventually. So was it worth doing 10 policies in one day, to only keep three and have seven chargebacks? Not to mention creating a reputation for being a shark?

On the flip side, when someone shows interest in my needs, asks many questions, investigates my current situation to see if what I currently have is sufficient or not, and then explains (with clarity and patience) what the findings are, I feel cared for. I come to not only trust the individual, I come to LIKE him or her. And, people buy from people they like!

The Price Game

Now, enrollment period arrives. I have many choices; I’m a bit confused and unsure if a change—while it may save me some money—may not be the best decision for me. Who am I going to call? My caring agent, who took the time to analyze the situation and gave me great advice. I am going to give him or her an opportunity to save the sale and relationship.

You see, you are not a salesperson; you are a relationship specialist. You make a living and build wealth by creating long-lasting relationships of trust and friendship.

Increased Earnings

Lifecycle Earnings

By taking this customer-centric approach, you will keep more clients longer and will get many referrals. You see, every customer has a lifecycle. In the Medicare Advantage arena, this lifecycle may be an average of 10 years. Therefore, if you earn $400 a year for an enrollment, you need to see that as a $4,000 paycheck – not $400.

Referral Earnings

Moreover, when you receive a referral, they will already have a trust factor because someone they trust told them they can trust YOU! This will increase your earnings on new business.

Add-Ons, Supplements and Hospital Indemnity Insurance

Now that you’re a trusted adviser and friend, they will listen to you about the holes in their protection you can plug. Hospital Indemnity Insurance is one of those plugs.

Hospital Indemnity Insurance

See, I told you we would get to it! Hospital indemnity is a must. Let’s face it, the older one gets, the more likely they will need multiple hospital stays. And, since the majority of people do NOT retire with a sizeable nest egg, a $900 to $1,500 copay/coinsurance bill can be devastating.

If you take your time to caringly show that one hospital stay not only would pay for the policy, but depending on how long of a stay, or if they have a relapse and return, it will save them hundreds to thousands of dollars that would have come out of their retirement budget – you will get their attention. If you’ve not read, Don’t Let a Hospital Stay Kill Your Retirement, you need to. It will give you all you need to be able to PERSUADE, not sell, your client.

Okay, let’s add up the tally.

• You are keeping your clients long-term, so you keep your commissions with fewer chargebacks.
• Your clients are renewing, because your trusting relationship trumps a few dollars savings.
• You receive more referrals, who trust you coming into the relationship, so are more likely to buy.
• This trust factor allows you to upsell additional services, like hospital indemnity insurance, which provides additional commission opportunities.

When you do the math, you will see that spending the time to do it right will earn more over just going through the numbers.

People are savvy today. With social media, people talk and can learn or find almost anything. When you consider a happy customer tells 10 people, but an unhappy one tells 100, is it smart to cut your nose off to spite your face? Take your time. Treat your customers like mom or dad. Find the very best solution for them. Answer their questions and objections patiently. And you will grow a book of business that will allow YOU to retire, comfortably.