Episode Summary
This podcast provides a comprehensive overview of selling life insurance aimed at health and Medicare insurance agents looking to expand their offerings. It emphasizes that life insurance sales represent a lucrative opportunity to increase earnings with minimal extra effort.
The host opens by noting that all agents with a life insurance license should offer it to clients because everyone needs coverage. There are two main types of life insurance: term and permanent. Term life provides temporary coverage for a set period like 10-30 years. Permanent life offers lifelong protection and builds cash value that can be accessed while living.
Identifying life events like marriages, new children, and retirement is key to recognizing the need for life insurance. For Medicare agents, those aged 65+ may have different needs like smaller policies and simplified underwriting. Younger clients may need larger policies with longer durations. Assessing age, life stage, and resources helps match appropriate products.
Commissions on life insurance average around 50% of annual premiums. So a $500 annual premium policy earns $250. Many policies exceed $1000 annually. The brokerage also provides bonuses for as little as 5 issued policies in a year. So supplemental income potential is significant.
The podcast dispels myths that underwriting is overly complex. Accelerated options like online applications, phone interviews, and electronic policy delivery can issue policies in minutes with minimal hassle. Medical exams are often unnecessary thanks to data analytics improvements. This simplifies the process for both agents and clients.
Resources are available to handle illustrations, quotes, applications, and issue support on one platform. Marketing and case consultation support is also provided by brokerage experts. So getting contracted and selling life insurance is made seamless.
In summary, selling life insurance alongside health and Medicare plans enables agents to become a one-stop shop. Offering multiple products improves client retention over the long term. With simplified quoting and application processes, life insurance sales represent an easy way to generate more revenue while providing more value to your clients. The brokerage equips you with resources and bonuses to capitalize on this lucrative opportunity.
Timestamps
(0:00:03) - You can run a very successful life practice and never leave your office
(0:01:03) - Chris, help us understand the different types of life insurance
(0:02:39) - Medicare and health insurance agents should offer life insurance to their clients
(0:04:58) - How much money can you make selling life insurance? It varies widely
(0:08:32) - Some agents are scared of life insurance for various reasons
(0:09:48) - How has life insurance become easier over the last few years
(0:15:09) - One of your main objections as an insurance agent is selling life insurance
(0:19:22) - Why should our agents consider selling life insurance with the brokerage
