Tips For Selling Insurance During Hard Times

Last year was an unusual year. Many people suffered, from business owners to employees who lost their jobs. Some small businesses had to shut down, which ended in them closing their doors for good and laying off their employees. All of this means that many Americans are facing hard times financially, so you might find that selling insurance is challenging right now. But we have some tips to help; after all, people still need insurance. You can help them, as long as you approach each sale with care and offer ways for customers to save.

Address The Importance Of Insurance

set of hands with paperwork in front of them on a table.
It is important now more than ever to explain the importance of being insured during tough times.

When selling during tough times, you need to make clear to your prospects just how important insurance is to their health and well-being. Help them to understand the possible consequences of going without insurance. Create different scenarios to illustrate your point. Remember, though, the goal is not to scare them into a sale, but rather to help protect them from the unexpected.

One way to highlight the importance of insurance to your prospects is to show them that not having insurance can lead to financial risk and loss for everyone, whether it is a business owner who chooses to cut back on commercial insurance, or an individual choosing to opt out of health insurance. A business owner who forgoes insurance can jeopardize their business, because all it takes is one lawsuit to lose everything they have worked for. An individual who chooses to remain uninsured can end up in medical debt if they have an accident or develop a chronic condition. Again, approach the matter with care and compassion, and make it clear that you are not trying to scare them, or they might feel like they are being bullied into a sale.

Look for Discounts

If current customers are thinking of cancelling a policy, or changing to a cheaper plan, sit down with them and see if you can find any discounts available for their current plan. There might be some discounts that you can apply that will help lower costs. For business owners, let them know that they might be able to save money by bundling their insurance policies. Even saving your client a small amount of money such as $5-10 can make a difference to them!

Suggest a Higher Deductible

blue arrows, one pointing downward and the other pointing upward.
Having a higher deductible allows people to save with lower monthly premiums.

If a customer is struggling to pay their monthly premiums because of financial issues, the easiest way to help is by suggesting they go with a plan with a higher deductible. High deductible plans will have lower monthly premiums, which can help them save more money each month, as long as they do not have an accident which will require them to meet their high deductible.

The COVID-19 pandemic has not only caused hardships for business owners and their employees, it has also caused hardships for agents. But if you follow the tips provided, and help people prioritize insurance, then you can succeed during these tough times.

Remember, if you’re looking for leads, one way to guarantee you’ll find them is by working with Benepath! Hundreds of leads looking for all types of insurance fill out our online forms everyday, and after they fill them out, we immediately transfer calls to our agents. Our leads are exclusive and offered in real-time, which sets us apart from other companies. Not only do we offer exclusive real-time leads, but we will even create a thank you page for you. This way leads know exactly who they are about to speak to before the call is transferred! To find out more, fill out your information on the bar to the side, or call 866-368-0377.

Selling to seniors via video conferencing

The unaddressed truth behind Covid-19 is that until we get a vaccine, those of us who have an increased risk of serious health problems are going to need to remain socially distant even after the spike subsides. While a therapy for the virus could be found as early as June, a vaccine is much further away, with most experts looking at the end of 2020.

Adjusting to the times

For a variety of reasons, many of you prefer to sell face to face, and right now you can’t, for the safety of yourself and your clients.

You are left with one of three choices:

  • Stop selling
  • Sell over the phone
  • Sell over video

Why Video Conferencing

Seniors are not as tech-illiterate as many people think. In a study done by Amwell Health Solutions, data showed that 45% of American seniors have participated in video calls using FaceTime, Skype, and/or Google Hangout. Some seniors are even catching up to the new Zoom movement, using it to talk to their family and friends.

73% of seniors claim that faster health related services, such as insurance consultation, are the driving reason for their willingness to use video conferencing. Seniors have the will to participate, you just have to add this to your toolkit.

While calling could get the job done, you are missing an important layer – the visual cues. With phone calls we miss 50% of the conversation because you can’t see how the person you are talking to is responding. Video conferencing eliminates that limitation.

How do you do it?

So, how do you get seniors on the screen, not just on the phone? The first secret is that you have to make it easy. Best practice is to just have them click on a link you emailed them. You’ll probably need to include instructions on how to find the link, but the more simple you make the process, the more success you will have.

Ask the senior if they have used to using Hangouts, FaceTime or Skype. These popular systems are the most common, and you should adapt to their preferences. By adapting to their preference, the success rate of your calls will be significantly higher. While this may involve more flexibility on your end, it will undoubtedly benefit you in the long run.

The question “why you are taking meetings this way?” will come up, and be honest with them. Tell them it is to keep them safe in today’s environment. This expresses that you care about them as a person, not just a client, helping your overall rapport.

In conclusion

By incorporating live video into your sales process you’ll be able to:

  • See your customer’s visual cues
  • Share and go over your quality presentation materials
  • Build a deeper relationship with your customer
  • Make more sales!

And if you need help matching with Medicare insurance prospects, don’t hesitate to give us a call at 866-368-0377.

What the Payroll Protection Program means for insurance agents

 

Congress recently signed the CARES Act to help relieve Americans of the economic impact COVID-19 has had in the US. As part of this stimulus package, there has been a Small Business package included. This $350 billion dollar program is called the Payroll Protection Program (PPP), and independent contractors can begin applying on Friday April 10th!

We put together this video and article to help guide you understand what this program is.

Are you qualified?

Most insurance agents in the US are paid as independent contractors. You’ll know if you are one if you are given a 1099 each year or a W-2. If you were receiving 1099’s, you are an independent contractor and are eligible under this program.

If you are paid by a W-2, your employer, if they have less than 500 employees, can apply and pay you an average of what you earned in commissions over the last 12 months.

Here are the important details of the PPP:

  1. The maximum amount of the loan is 8 weeks of your average previous 12 months earnings (up to 100k), plus expenses for rent, mortgage interest and utility costs – which are no more than 25% of your 8 weeks earnings.
  2. You have to certify that you need the loan due to the impact of the Coronavirus.
  3. The interest rate is 1% and payments are deferred for 6 months.
  4. The loan can be forgiven based on how much you pay yourself plus your actual expenses
  5. There are no personal guarantees or collateral requirements
  6. Whatever isn’t forgiven has to be paid within 2 years

To apply for a PPP loan, you need to contact your bank. Make sure they are a Small Business Association lender, or a SBA lender for short. The SBA is the only association that will be writing the approval for these loans through member banks. The total amount of these loans are limited to $350B, and while that sounds like a lot, it is expected to run out quickly. This means you will want to take advantage of the Payroll Protection Program quickly.

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