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Cross-Selling for Medicare Agents: Life Insurance, Annuities, and Ancillary Products

Posted by WAP Team on 1/19/23 10:01 AM

the benefits of cross-selling for medicare agents

Now that you have wrapped up AEP, it’s time to circle back to your clients and set up appointments to review how their Medicare plan is working for them. It’s also the ideal time to dig a little deeper to identify what other needs they may have. It’s an opportunity to let your clients know the full scope of products you offer.

Adding other products to your portfolio increases both your earning potential and your value to your clients. These products can include life insurance, final expense, annuities, and ancillary health insurance products.

CMS Rules for Cross-Selling

You can sell ancillary health insurance products such as hospital indemnity, dental, vision, and hearing plans at a Medicare meeting. It is important to document them on the Scope of Appointment form.

Non-health-related products such as life insurance, annuities, and long and short-term care cannot be sold at a Medicare meeting. However, it is OK to mention that you offer these products. If your client shows an interest in discussing them, you must schedule a separate appointment for another time to discuss them in detail.

The Benefits of Cross-Selling

The benefits of cross-selling are twofold. The obvious benefit to you is that you will do more business and earn more commissions throughout the year. It also allows you to strengthen your relationships and build “stickiness” as a one-stop shop for all your client's needs. You are more likely to retain clients and increase referrals.

Cross-selling can also benefit your clients. They may have unidentified needs and gaps in coverage that unknowingly leave them at risk. You can help provide peace of mind and protection against that risk. It can give them comfort to know you can offer the products they need, and they don’t have to shop around.

Assessing Needs

A good needs assessment is like a fact-finding mission. What current policies and retirement plans are already in place? When was the last time they were reviewed? Have their circumstances changed? What are their concerns? Every client is different and should be approached sincerely and thoughtfully so they know you have their best interest at heart and are not just trying to sell them another product.

It's a simple yet effective way to uncover more business. Just ask the questions and continue to educate clients. And you might be surprised what happens when you do. Not every conversation will lead to more sales, but if you do not ask, you could be overlooking additional opportunities that exist with each client.

Align with the Right Carriers and Know Your Products

The key to successful cross-selling is to be able to do it effectively. This means making sure you are aligned with the right carriers who offer the products your clients want. It’s equally important to be knowledgeable about all the products you offer, so that you are recommending the right product for the right situation. Otherwise, you risk harming your credibility and the trust you have worked so hard to build with your clients.

Do you want to know more about how to be successful at cross-selling?

Call us today.Western Asset Protection provides products and tools to support your success.

Topics: insurance cross selling, cross-selling

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