Over the years, we’ve heard all of the reasons agents give for not selling ancillary policies.
Some say they don’t have time, but it only takes 15 minutes to make an extra $250. Others are concerned about selling clients more than they can afford, but the right ancillary insurance can actually protect your clients against financial hardship.
A common thread, though, is that many agents simply don’t know how to bring up ancillaries. If you’re unsure of how to start the conversation with your clients, keep reading.
If you’ve avoided selling ancillaries because you think you’ll have to learn product information for dozens of policies, don’t worry. Pick one or two policies that are available in your area and focus on those.
Need help selecting a policy? At the end of each of the following sections you’ll find a link to a comparison chart for that policy type.
How to Sell Hospital Indemnity Insurance
Your best clients for Hospital Indemnity (HI) policies will be your MA/MAPD clients. The right plan can help them offset the hospital copays associated with their coverage. Those copays give you the opening you need to bring up the benefits of HI coverage. Start by saying something like:
“This is probably your single biggest cost on this plan. In a minute, I’ll show you what most people do to cover that.”
As you finish getting the client signed up for Medicare benefits, continue the conversation by explaining that:
“For $1/day, you can make sure you come out of the hospital owing nothing.”
This approach usually gets a client’s attention. More than that, it’s true. When you sell the right HI policy to the right client, you aren’t overselling. You’re helping them protect themselves from debts after a hospital stay.
How to Sell Dental, Vision, and Hearing Policies
Dental, Vision, and Hearing (DVH) policies help fill in the gaps of Medicare for your clients. They help cover needs like:
- Dental cleanings, fillings, and extractions.
- Eyeglasses and contact lenses.
- Hearing aids.
There are two easy ways to bring up this coverage. The first is very straightforward:
“Do you want the dental coverage to go with that?”
Clients who have always had dental coverage through their jobs may not even be thinking about covering those costs after retirement. This phrasing will help them consider their DVH needs within the landscape of the rest of their coverage.
Another way to relate DVH policies back to the client’s coverage is to point out:
“Now, this plan won’t pay for hearing aids, bridges, or eyeglasses. Do you want to make sure all of those are covered?”
Again, you aren’t overselling. You’re serving your clients better by making sure they aren’t left with gaps in their coverage.
How to Sell Cancer, Heart Attack, Stroke, and Critical Illness Policies
A diagnosis like cancer can create a substantial financial burden. Policies that cover cancer and other critical illnesses can help alleviate that burden for your clients. To broach the subject during a conversation with your client, you can simply ask:
“Do you know anyone who has had to go through chemotherapy?”
Most everyone will answer yes to this question and will be quite familiar with how costly cancer treatment can be. Follow up by letting the client know that:
“For about $1/day, we can get you a lump sum payment you can use to pay for anything if you ever have to go through that.”
While some carriers offer treatment plans, we recommend focusing on “Lump Sum” benefit plans. They offer clients freedom in how their coverage is used, better protecting them from financial hardship.