Assurity's Tips from the Insurance Pros

Brandon Monty: Why you should sell critical illness insurance

October 16, 2018 Assurity Season 1 Episode 5
Assurity's Tips from the Insurance Pros
Brandon Monty: Why you should sell critical illness insurance
Chapters
Assurity's Tips from the Insurance Pros
Brandon Monty: Why you should sell critical illness insurance
Oct 16, 2018 Season 1 Episode 5
Assurity

Assurity sits down with Broker and Agency Manager Brandon Monty to talk about his sales success with critical illness insurance. He shares valuable insights on how to best approach clients, overcome objections and make a rock-solid case for CI protection.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.

Show Notes Transcript

Assurity sits down with Broker and Agency Manager Brandon Monty to talk about his sales success with critical illness insurance. He shares valuable insights on how to best approach clients, overcome objections and make a rock-solid case for CI protection.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.

Speaker 1:

[inaudible] .

Speaker 2:

Hello and welcome to assurities podcast tips from the insurance pros. In this series we talk with sales pros as they share ideas and insights that you can use today. I'm your host Matt, and I'm excited to bring you a new topic this month. Critical illness insurance. Today I'm here with Brandon Monty , a full service agent and agency manager at health connect insurance agency. Welcome Brandon. It's great to have you with us here today.

Speaker 3:

Hey, thanks for having me. Happy to be here.

Speaker 2:

Brandon, can you tell us a little bit about your background and your company?

Speaker 3:

Yeah, I um, entered into the insurance business right out of college and it was my pretty much my first job and I started out working for a big insurance conglomerate, stayed there for about five years and then branched off and uh, went to health connect for about two to three years ago.

Speaker 2:

Well, it's great that you're , uh , here today sharing your experience with us. In your opinion, how have recent changes in healthcare and healthcare law impacted critical illness sales?

Speaker 3:

Yeah, so that's an interesting one. You know, I think typically you would, you know, at surface glance you would think that it would help the business. But truthfully I think it's kind of hurt the critical illness sales. And I think the, the reason why is because it's , it's opened up the types of consumers that are looking to purchase the plans to a much wider income range. And you know, it results in people having their, their incomes change, you know, more frequently and therefore not being able to afford the plans. You know, having people go back to work and lose coverage. Just things like that. You know, before the law went into effect, you know, it was one price for all the insurance plans and when we would offer the critical illness, you know, they had a set income that they knew they were going to have and you know, a budget for their insurance. But once it, you know , kind of changed over and you know, you could get subsidies from the government, it Kinda ends up with a different market. So overall I'd say it hasn't been quite as beneficial as you'd think.

Speaker 2:

How do you go about approaching prospective clients about this need?

Speaker 3:

So the way that we approach critical illness is we look for the, the need, which I think is the basis for selling any insurance plan. And we like to start off with the statistics, which you know, is the number one cause of bankruptcy, United States medical bills related. And if you look at the majority of the people that are going bankrupt due to medical bills , um, I think it's over 60% had health insurance. So that kind of demonstrates that there's a greater need for additional coverage aside from just a base plan to help you cover all the bills. So we'll explain that. You know, if that big day does come, you know, you're still having to float all your traditional bills along with, you know, that you've been doing, you know, the whole year, all while being on a reduced income. So that's typically the point that we'll focus on.

Speaker 2:

What are the common objections you run into when trying to sell critical illness insurance ? And how have you learned to best deal with these objections?

Speaker 3:

Yeah, the, the biggest objection that we faced is I'm not going to need it. And that's actually probably the funniest one. You know, a lot of times you'll get through presenting and they'll say, oh, you know, I , uh, I , I don't think I need that. And, you know, we'll ask him , well, you know, why, why is it that you don't think you're going to need it? And they'll say, well, I'm , I'm pretty healthy, you know, or that kind of stuff doesn't run in my family. So, you know, it's , it's, it's almost comical, you know, and then you , you know, you tell them , well, it's like, look, you know, I'm sure we all know someone that's dealt with this type of thing. You know, where you could go down to any hospital and go room by room and ask anyone, you know, did you plan on being here last year? And none of them were going to say yes. You know? So for you to say that you don't think you'd need it is, you know, it's just irresponsible. So, you know, we try to pull it their logic and you know, help them realize that a need is there for anyone to have critical illness.

Speaker 2:

Well, on that note, can you share a story about a client who had a need for critical illness insurance and how you helped them to fill it?

Speaker 3:

Yeah, so I think the , the thing that I love most about selling the critical illness policies is that every single person is a potential client. You know, really the only people that you would not be able to sell the policies to are those that already have it and have a decent rate, which is, you know, hardly anyone. So it makes it very easy to , to find clients for that. And just in our office alone, you know, we have dozens and dozens of , uh, cases of people that we've seen use it. But I think it's, you know, it's tough to call it your favorite because it's obviously a, a , you know, it's a sad situation. But the one that I think of the most when these products come to mind and when I'm presenting to my customers is a gal that I enrolled, you know, maybe four or five years ago, she was in perfect health at the time of enrollment. And I specifically remember this client because she was very adamant about not wanting to have the coverage. And you know, of course we persisted and you know, we recommended and we went through all the reasons why and we've mapped out the financial aspect of it, how much it would cost versus how much a they would get in benefits and ultimately decided to take the policy. And four years later, two came down with leukemia and you know, bone marrow cancer and you know, just hit her out of the blue like a typically does. And she got $80,000 from the critical illness policy. And you know, she wrote me all these letters. She sends me a gift basket every year. Thank God that she's, you know, has beat the beat, the cancer. But you know, she tells me every year, you know, Brandon, you saved my life because, you know , there's no way I would've been able to float everything had I not had that policy. So it was , uh , that was a, you know, a big experience for me and definitely, you know, helped me realize how important it is. You know what we do.

Speaker 2:

Wow. That's absolutely incredible. You a talked about clients needing more than their base medical plan. What kind of conversations do you have with your clients about high deductible health plans?

Speaker 3:

Yeah, yeah. I saw the piece by Mark Steven that came out and I thought that was really good. Um, you know, when the clients have a , a medical plan, you know, their out of pocket maxes or you know, now seven and getting up around $10,000 , um , and in the coming years, you know, the cost sharing plans are becoming more prevalent. So, you know, it's even more of a need. It's basically your medical bills after it does its job or your medical insurance plan after it's , it does, its job is going to leave you exposed to , uh , easily. You know, 10 to $20,000 bill if you add up all the costs. So having something that'll cover it is good. And you know, I think it's just smart.

Speaker 2:

How has the quick turnaround time for issuing critical illness policies helped your business?

Speaker 3:

That's been awesome. You know, I love working with assurity obviously and there , you know, you guys, the policies get communicated to us right away if there's any underwriting items that are needed, it's very easy to go in and see on the dashboard how you know, where it's at in the cycle. Having a people like Hillary that you can go to with questions and you know, help with the amendments and everything is awesome. So a , I'd say that the turnaround policy definitely makes it very easy to do in bulk.

Speaker 2:

And how has the quick turnaround time for critical illness impacted the customer as well?

Speaker 3:

Yeah, that's great for them too because you know, it's, it's nice to have. That's a great point. It's nice to have the issue time be so close to our actual conversation and presentation. You know , like the life insurance policies, sometimes you go into a month and a half, two months. And you know, even though you would think that they would , uh, you know, the customer would just be sitting, waiting and ready for that policy. Sometimes they forget, you know, and you have to kind of refresh them. So to have it come, you know, just a couple of days after, it's nice to put in that followup call and say, hey, you know, good news, you've been approved for the policy that we talked about. I'm kind of covered again, recap it real quick. And then , uh, you know, let them know they're going to be getting their policy documents in the mail. So it's definitely beneficial for both the agent and the client.

Speaker 2:

What's one piece of advice that you would share about how to sell more critical illness insurance?

Speaker 3:

Yeah, so I think the biggest thing it's going to be like any insurance policy is you just need to ask and you need to bring it up. You know, I definitely wouldn't limit selling critical illness just to people that have a health policy. Because, you know , I know in our office, you know, we sell tons of policies to , you know, outside of, you know, a health insurance transaction. So you don't want to just limit yourself to a health insurance transaction. Um, you know, any property and casualty clients, you know, it's really, it's anyone, as long as they have the health plan in place, you know, you can bring up the discussion and, you know, I say, so I would say, you know, just keep an eye out for it. Bring it out every time. And you know, a nice , uh , analogy that I like to use is it can be as cheap as going to McDonald's, you know, a couple times a month or, you know, getting one steak dinner. We all have that money that we're going to use, you know, for whatever it is that we choose. This is just allocating it towards something that's going to protect you potentially in your future. So getting the client to understand that it's not something that's going to be a major purchase that they're going to have. So , you know, just stress about every month. Um, and then on that note, also making sure that you qualify the client's budget and you only offer them as much policy as you think they can afford to pay every month. We stress that a lot. You know, we want to make sure that this is something that's not just gonna , you know, not , not that you're just going to be able to pay for a month or two, but we want this to be something that you feel comfortable paying all the way up until age 75. One thing that I would caution about with the whole ACA thing is you would think that it's like, oh, it's goals. You know, having the ACA and having all these clients that, you know, just, you know, are looking for their medical and they have a reduced premium . But it really, really is, is a , a big time double edge sword because a lot of the consumers that buy those policies, you know, they're, they're terrible clients. They've, they forget, you know, that they have it. They're in and out of the policy every month. Their finances change on a , on a dime. So you know, I would almost recommend try to build your business outside of those ACA plans. That'd be my advice.

Speaker 2:

Brandon, thanks for joining us today. We appreciate you taking the time to spend a few minutes with us as we talk about the important role critical illness insurance can play in people's lives.

Speaker 3:

Yeah, thanks for having me and uh, hope to continue selling not to critical illness.

Speaker 2:

And to our listeners, thanks for tuning into assurities podcast series tips from the insurance pros. Stay tuned for our next episodes to get more ideas on successfully selling critical illness insurance. In the meantime, if you'd like to learn more about assurities critical illness product, head over to critical outlook.assurity.com you can also email [email protected] and we'll be happy to connect you with one of our regional reps in your area to take a deeper dive. Thanks for listening.

Speaker 1:

[inaudible]

Speaker 2:

before producer use only not for use with the general public, not for use in New York, assurity is a marketing name for the Mutual Holding Company, assurity group, Inc and its subsidiaries. Those subsidiaries include but are not limited to a surety life insurance company and Assurity Life Insurance Company of New York insurance products and services are offered by a surety life insurance company in all states except New York. In New York, insurance products and services are offered by a surety life insurance company of New York, Albany, New York product availability, features and rates may vary by state.

Speaker 1:

[inaudible] .