Are you a Med Supp agent looking to expand your product offerings and increase your revenue? Consider cross-selling annuities. In this blog post, we've compiled insights from 3 Med Supp agents who have successfully added annuities to their portfolio.
From jumpstarting their business to becoming their clients' trusted insurance agent, these agents share their experiences and explain why cross-selling annuities is a smart move for any Med Supp agent.
Jumpstart Your Business
Sherry Bopp, a relatively new senior market producer, shares that she needed a bigger income source than just Medicare Supplement commission to get started.
"The $20 or so per month per application wasn't enough to get my feet off the ground," she shares.
But the jumpstart to her business was only the hook – the benefits have gone far beyond just the paycheck.
Many of her clients have money just sitting there, waiting to pass on to their beneficiaries. "They don't even plan to touch it," she says. Not only is their money not earning much interest, but Sherry has found these clients often don't have a financial advisor or anyone to give them guidance.
"It hardly takes time at all to offer it, and if they take you up on the offer, it is definitely worth the ask," she says.
And probably the best perk of offering annuities for Sherry? It's nice to have a product that has no out-of-pocket cost, but instead, makes her clients money. "It's a win-win!" she says.
Life, Health, and Wealth
Luke Hockaday, a high-volume producer for over a decade, explains that he started selling annuities when he realized his clients were buying them from someone else.
"I found my clients were getting financial products from banks, financial advisors, and even other insurance agents in town. I can't say I'm a senior market agent if I don’t truly take care of the life, health, and wealth aspects of their portfolio," Luke says.
Rather than being known as "the Med Supp guy," Luke transitioned into being his client's insurance agent.
The client enjoys a competitive, guaranteed interest rate, and he gets paid for helping them.
Clients Want to Hear About It
Amanda Creamer, a senior market agent for a couple of years, explains that talking about money can be intimidating, but from her experience, clients want to hear about all the products she offers.
"Most of my clients don't realize I can help them with their investments until I bring it up," she says.
She uses the Client Needs Assessment to guide her appointments, and when she gets to the question about 401(k)s and investments, she lets her clients know she can look over what they have. If she can do better, she'll be happy to help them.
"I make them aware that we do not charge any fees and they are guaranteed to never lose a dime. Usually during this conversation, it sparks an interest, and they want to hear more," she says.
While her initial motivation was the amount of commission you can earn cross-selling annuities, she has become very passionate about just how much she can help her clients.
Conclusion
Cross-selling annuities is a smart move for Med Supp agents looking to boost their revenue and provide more value to their clients.
As Sherry, Luke, and Amanda have shared, adding annuities to your portfolio can help you become your client's trusted insurance agent, jumpstart your business, and offer your clients a comprehensive range of financial products.
Don't be intimidated by talking about money - your clients want to hear about all the ways you can help them achieve their financial goals. Start exploring the benefits of cross-selling annuities today and take your business to the next level!
