Baby Boomers are aging fast, creating an opportunity for medical agents to begin selling medical supplements. Selling Medicare supplement insurance is one of the best jobs in insurance at the moment.
The majority of companies pay the same commission for seven years and some even for life. Also, due to the aging population, Medicare supplement sales are peaking. According to the U.S. Census, by 2040, there will be approximately 82.3 million senior citizens.
Why Sell Medicare Supplement Insurance?
In addition to 11,000 citizens turning 65 daily, there are countless more who have reached that mark. New carriers can enter the market or rates can change and so people who already have Medicare Supplement will be looking for avenues to cut back on their premiums. About 3 out of 4 senior citizens qualify for a new Medicare Supplement due to medical reasons. This means you don’t have to wait to enroll since you can write a new policy at any time of the year.
Seniors are willing to talk to you on how to save on medical costs. You can establish yourself as a trusted advisor in this field. You will be surprised how many new clients will be willing to discuss other financial and insurance needs. Selling Medicare Supplement gives way to new sales in long-term care and life annuity sales.
More Reasons to Offer Medicare Supplements
Renewals can later on compound to larger commissions. This is also very easy to sell over the phone compared to other health insurance products. What’s more, you can easily get referrals from folks you talk to due to the large number who need this product. It is easier to sell Medicare Supplements to seniors and then offer them final expense plan with the savings than vice versa. You don’t have to visit low-income areas as other insurance agents might do.
In a Nutshell
If you are an insurance producer with life and annuity products, you will benefit from managing your existing 64 and older customer’s Medicare Supplement needs. You can expand to handling the other healthcare insurance coverage as well.
The right target market for you will be the wealth management and annuity buyers. They are not low income or asset people who eventually end up in Medicare Advantage plans.
The Medicare Supplement is the right tool you can use to shield your wealthy clients from big liabilities that come with health care. This is because an effective retirement plan must consider healthcare expenses during retirement.
As a trustworthy financial planner, you will have your client’s interest at hand and they will appreciate you for this. Selling Medicare Supplements can be an important part of your credentials. If you specialize in this area, there so many opportunities to grow your wealth, build your credibility, and improve your conversion rates. Become one of the in-demand professionals helping the aging population with their healthcare needs. The benefits will be worthwhile.
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