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Tips for Selling Life Insurance

Tips for Selling Life Insurance

Tips for Selling Life Insurance
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There are many types of life insurance that are available for individuals to purchase. As a life insurance agent, how do you know what type of product, amount of coverage, and how to best structure an illustration? You want to be competitive so you do not lose the business to an internet quoting tool, but you also do not want to give them an unrealistic quote that will cause you to be unable to place the case down the road. 

The ultimate goal as a life insurance professional is to conduct good field fact-finding and field underwriting so that you are able to give the best options to your prospect. The reason your clients have an interest in life insurance can vary to include protecting their family, retirement income, burial expenses, college planning, and more. So how do you go about this part of the process? First, have a good fact-finding process you follow. There are plenty of fact-finding documents that can help you have this conversation. Learning about a client’s family, their assets, current insurance policies, and household income are just some of the important facts you will uncover. 

Once the goal of the prospect is discovered you are able to offer the best product option from the wide variety of life insurance types, and sub-types, from term insurance to universal life, and whole life insurance. If they are looking to protect their family in case something was to happen to them then a term life could fit the bill as an income replacement option. Maybe you uncover your prospects have maxed out their 401k contributions and are looking for other ways to supplement their retirement income. Now an Index Universal life might be the way to go. A permanent cash-growing plan that your prospect can contribute that will give the opportunity for cash-free income in retirement, permanent death benefit coverage, and in some cases long-term care-type benefits. 

The next part of the process now that you have an idea of the goal and type of policy that will fit the situation is looking at can your client medically qualify for a policy. Field underwriting is incredibly important so that you can give a quote that is accurate for a particular client’s situation. 

 Some field underwriting considerations: 

Age: Obviously it is less expensive the younger you are. Usually, you are healthier when you are in your 20’s and 30’s than you are in your 50’s and 60’s. 

Male vs Female: A women’s life expectancy is longer than a man’s. Therefore, premiums are less for women than for men. 

Health History: This category has several factors. 

First: are they going to the doctor and if so, what for? 

Second: are they on any medications? 

Third: what are their height and weight? 

Fourth: do they smoke cigarettes or cigars or use chewing tobacco? If they quit, how long has it been?

Lastly: what does their family history look like? Has a parent died at an early age due to a heart attack or cancer or are they still alive in their 90s? 

Extracurricular Activities: What does this have to do with pricing? Everything! If your customer is a race car driver on the weekends or a scuba diver in shark-infested waters or likes to jump out of a perfectly good airplane once a month, they are at higher risk for death. Underwriters are not big fans of these activities. On the other hand, does your customer participate in 5K’s, or are they an avid gardener or belong to a gym? If this is the case, they could qualify for a better-rate class. 

MVR: Does your client have a clean driving record or do they have speeding tickets and DUI’s? If they are reckless with driving, they might be reckless with their health. 

Career: This is similar to activities, especially if your customer is an electrician or works at a nuclear power plant. Any high-risk occupation could classify them as a risk. 

With the answers to these important questions, you can now give the most accurate rate quote possible. 

Also, keep in mind that individual insurance carriers can look at a particular client differently. Just because one company might give your client a standard rate does not mean they cannot get a preferred rate with another. 

At the end of the day when you prepare, and give accurate quotes based on the goals of the prospect, you are more likely to place more business, have happier clients, make more income and garner more referrals. 

Contact the team at Pinnacle Financial Services to assist with your next life case. From easy issue final expense to cash value Index Universal life we can make sure you have the best options for your client. 

 

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x6003 | lifesales@pfsinsurance.com

Bob Brzyski

Bob Brzyski

Vice President, Marketing

x7742 | bbrzyski@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Prescription Drug Savings

Prescription Drug Savings

Prescription Drug Savings
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The high cost of inflation has all Americans looking for ways to save money. Prescription drug saving options are increasingly important as costs continue to rise.  Advances in technology have made it possible to extend life for millions of people and improve the quality of life for millions more. But the high costs are making it increasingly more difficult for average individuals to make ends meet. There are options that insurance agents can use to help their clients save money.

GLIC RX

The GlicRx prescription discount card helps provide relief from the high costs of prescription medication to everyone, whether they are insured, are on Medicare or do not have insurance.

GLICRX FOR AGENTS

Great news!  Pinnacle Financial Services is a preferred organization making GlicRx available for agents and agencies to give to everyone.  Easy and quick to get set up.  GlicRx will give a personalized landing page and code for agents to give the GlicRx prescription drug discount card free to everyone and GET PAID!

GLIC Pharmacy Options

GlicRx has a national network of drugstores and retail outlets, including Walgreens, CVS, Walmart, Costco, Kroger, Publix, and many others. That’s almost 35,000 pharmacy locations in the US that have partnered with GlicRx to offer lower prescription prices. You can find participating pharmacies near you by searching for your zip code on GlicRx.com.

GETTING STARTED WITH GLICRX

To get set up for GlicRx today reach out to the team at Pinnacle Financial Services.  We can be reached at 800-772-6881 x-7731 or by email Healthsales@pfsinsurance.com.

The GlicRx Prescription Savings Program is NOT insurance. To learn more about the GlicRx Prescription Savings Program, including eligible pharmacies, included prescriptions and related pricing, and other important terms and conditions and contact information, please visit www.GlicRx.com.

*Prescription savings vary by prescription and by pharmacy.  There is no cost to sign up. For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Bob Brzyski

Bob Brzyski

Vice President | Marketing

x7742 | bbrzyski@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Agent Call Recording Solutions for Medicare Sales

Agent Call Recording Solutions for Medicare Sales

Agent Call Recording Solutions for Medicare Sales
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The Centers for Medicare and Medicaid Services (CMS) Final Rule goes into effect for Contract Year 2023.  In essence, AEP businesses with a 1/1/2023 effective date for Medicare Advantage and Medicare Part D will be required to follow the new guidelines.

CMS FINAL RULE 2023- SUMMARY OF MARKETING CHANGES

The following is a summary of the changes published.

All field agents must begin recording all marketing phone calls that are part of the chain of enrollment with beneficiaries

The disclaimer “We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options. “must be conveyed as follows:

  • Verbally conveyed within the first minute of a sales phone call.
  • Electronically conveyed when communicating with a beneficiary through email, online chat, or other electronic means of communication.
  • Prominently displayed on third-party marketing organization websites
  • Included in any third-party marketing organization marketing materials, including print materials and television advertisements.

TPMOs are defined by CMS as organizations and individuals who are compensated to perform lead generation, marketing, sales, and enrollment-related functions as part of the chain of enrollment. (The steps taken by a beneficiary from becoming aware of a Medicare plan or plans to make an enrollment decision). TPMO also includes independent agents/brokers.

Pinnacle Financial Services is providing several all-in-one solutions free of charge to our agent partners through Connecture, SunFire and MyMedicareBot.

These voice Recording Enrollment Systems are now available to agents of Pinnacle Financial Services through our proprietary Connect4Medicare platform.

Seamlessly record your calls and stay compliant with the new CMS regulation.  The call recording systems through Connect4Medicare are FREE for all agents with Pinnacle Financial Services. Stores recordings automatically for the 10-year required period.

Pinnacle Financial Services is your one-stop for all the technology you need to quote, compare and enroll your Medicare clients. Use any of the approved compliant platforms depending solely on your preference. 

To receive access, please make sure you are contracted and certified for all of your Medicare carriers through Pinnacle Financial Services.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Bob Brzyski

Bob Brzyski

Vice President | Marketing

x7742 | bbrzyski@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Getting Started with Medicare

Getting Started with Medicare

Getting Started with Medicare
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So, you are thinking of getting started with Medicare sales. Like any business, the first steps are always the most challenging.  Where to start? Who to call?  Am I going to do individual sales or have an agency?  In this article, we will take a 30,000-foot view of some critically important items to consider.

Starting a Medicare Business.

As with any business, building a Medicare Business can be difficult. Understand that it is possible to grow a successful Medicare business without Medicare sales experience but there will be a longer learning curve. If you are currently selling annuities, life insurance, or even P&C your sales background will translate over to the Medicare market. The opportunities in Medicare are endless once you make the decision to begin to offer Medicare as the primary or part of your overall practice. Let’s talk about Medicare in general.

The Parts of Medicare

Medicare can be difficult for beneficiaries to understand Consulting with a knowledgeable expert in navigating the Medicare Maze is of utmost importance for clients. If you are going to make Medicare a part of your practice knowing the benefits associated with Medicare is a must.

  • Medicare Part A, Hospital Insurance, helps cover inpatient care in hospitals as well as skilled nursing facilities, hospice, and home health care.
  • Medicare Part B, Medical Insurance, helps cover doctors’ services, outpatient care, and many preventative services such as vaccinations.
  • Medicare Part C, aka Medicare Advantage Plans, are health plan options run by private insurance companies that contract with Medicare covering Medicare Parts A and B and additional benefits such as prescription drugs and possibly dental, vision, and hearing benefits for example.
  • Medicare Part D, prescription drug coverage, is run by private insurance companies approved and under contract with Medicare. Helps cover the cost of prescriptions and may help lower drug costs.
  • Medicare Supplements are standardized by Medicare and cover all or part of the gaps in original Medicare Parts A and B. Clients can choose to purchase a Medigap plan from a private insurance company.

Building a Medicare Agency

If your goal is to build an agency deciding on the payment structure for your Medicare Insurance Agents who are in the field selling is a big decision. In Medicare, there are direct pay agents and what are known as licensed only agents or, loa. So will you have the insurance carriers pay your Medicare agents or do you want all commissions paid to your agency and then you pay the agents?  Some things to consider in making this decision is what other value adds are you providing your agents. Are you giving or co-oping a Medicare Lead Program? Are you allowing them to use your office space for doing business?  Do you want more flexibility in what you are paying your agents? Are you equipped to handle the accounting if you are wanting to pay your agents?

Medicare Agent Training

Training for Medicare agents whether new or seasoned is a key feature of a successful Medicare Agency.  The Medicare industry is ever-changing.  New CMS rules are the norm.  New Medicare carriers are always entering the market.  New technology can be daunting for those without the support and training to stay at the forefront of the Medicare sales industry.

  • Technology in general is something that as a Medicare agency you will need. Keeping your team efficient and successful take dedication and investment in the future. If you are not moving forward you are moving backward.  Technology is a must to grow a successful Medicare business.

A critical decision you need to make is what FMO, field marketing organization, you choose to partner with. Let’s talk about what an FMO can do for your agency’s success.

Medicare FMO

The Medicare market has grown by leaps and bounds over the past several years. Independent insurance agents have plenty of options when searching for the Best Medicare FMO to help them grow their Medicare business.  When searching for your FMO partner you will hear plenty of claims such as, “The Best Medicare FMO”, or “Best IMO” you can find. But what does it take to truly be considered “The Best FMO”?  And what factors do you need to consider when making this decision for your Medicare agency?

Does your FMO provide at no charge all the tools and technology you will ever need?

The decisions you make in steering your Medicare business will make all the difference.  Having key partners can be the difference between living and dying in the early years.

Pinnacle Financial Services prides itself on assisting new and established Medicare agencies take the next step in their business.  Our team of Medicare experts can give you the support and guidance you need to make it in an ever-changing business. 

Contact a Medicare expert at Pinnacle Financial Services today to take the next step in growing your Medicare practice. 1-800-772-6881 or Sales@pfsinsurance.com

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Bob Brzyski

Bob Brzyski

Vice President, Marketing

x7742 | bbrzyski@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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CMS Final Rule 2023

CMS Final Rule 2023

CMS Final Rule 2023
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As of now, you have probably heard of the  CMS Final Rule 2023 that was announced May 2022. The rule is set to go into effect on October 1, 2022, and will require all Medicare and Medicaid marketing calls to be recorded and stored.  Many believe this is CMS’s response to the many TV ads showing celebrities that at the very least have been viewed as misleading.  It looks as though CMS decided to throw an all-encompassing net around all agents whether field agents or others requiring all calls to be recorded.

CMS Final Rule 2023- NAHU Looks for Clarification

NAHU spoke with CMS officials for clarification into the scope of the final rule’s requirements for recording beneficiary phone calls. The recording requirement applies to all agents who enroll beneficiaries into new plans, whether they are current or new clients. The wording of the rule references “marketing” calls, but NAHU confirmed that CMS interprets “enrollment” as “marketing.” Online applications that agents walk through with their clients are also subject to recording. SHIPS are exempt from the rule.

Our friends at NAHU, are continually working towards a resolution and clarification from CMS as the current state of the rule is quite cumbersome to agents, to say the least.  For a copy of the CMS Final Rule, you can go directly to the article.

CMS Final Rule 2023- Summary of Marketing Changes

The following is a summary of the changes published.  Keep in mind that there could be changes and/or additional clarification on the rule from CMS.

  • All field agents must begin recording all phone calls with beneficiaries
  • The disclaimer “I/We do not offer every plan available in your area. Please contact medicare.gov or 1-800-MEDICARE to get information on all your options” must be conveyed as follows:
    1. Verbally conveyed within the first minute of a sales phone call.
    2. Electronically conveyed when communicating with a beneficiary through email, online chat, or other electronic means of communication.
    3. Prominently displayed on third-party marketing organization websites
    4. Included in any third-party marketing organization marketing materials, including print materials and television advertisements.

CMS Final Rule 2023- Solutions for Agents

The team at Pinnacle Financial Services has several solutions so that agents are able to meet these ongoing changes.  We will continue to have the latest technology needed so that all of our agent partners will be able to continue selling in a compliant way.

As the guidance updates the Pinnacle team will keep you informed of the changes.

“When I make a joke it’s a joke, when government makes a joke it’s the law” Will Rogers.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Bob Brzyski

Bob Brzyski

Vice President | Marketing

x7742 | bbrzyski@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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