What if there were a roadmap that gave structure to your appointments? And what if that roadmap also helped you cross-sell with minimal effort?
There is, and that roadmap is called a fact finder.
Here's everything you need to know about fact finders in the senior market, from fact finders you can download right now to best practices on using them effectively.
An insurance fact finder is a questionnaire you use with prospects and clients to understand their needs and make personalized coverage recommendations.
Because we're in the senior market, our fact finders are heavily focused on topics that include Medicare, retirement savings, and long-term care.
But a fact finder can be whatever you want it to be – you can add your own questions or remove them. You can also rewrite questions so they better fit your style and personality.
If there's a need you want to uncover with your client, you can add a question that addresses it to your fact finder.
Related: The Ultimate Guide to Cross-Selling Insurance in the Senior Market
Our team prefers fact finders with psychologically-charged questions.
We want agents to have meaningful conversations that flow naturally, and we also want to invoke emotion with our clients.
If your questions are matter-of-fact, your relationship with your client likely won't develop, and they'll be less likely to open up.
Here's a quick example:
Typical question: Do you currently have a long-term care policy?
Psychologically-charged question: Have you had a family member use home health care or go into a nursing home? Followed up with: 1) How did they pay for it? and 2) How would you pay for it?
It's easy to see which option will help your client open up and really visualize the need for a long-term care financial plan.
Related: 8 Questions to Get Your Clients and Prospects Talking Every Time
There are lots of different fact finders out there. We've developed one and many carriers provide agents with their version to use or adapt. Some of our Integrity partners also have some great fact finders to check out.
If you don't see exactly what you're looking for, take bits and pieces from everyone and make your own!
Here's a quick look at a variety of fact finders you can download and start using today.
Related: Ultimate Guide to Cross-Selling
Over the years, we've developed and fine-tuned what we call the Client Needs Assessment.
It's specifically for a well-rounded agent in the senior market who is prepared to help a client with the following needs:
We also ask a quick health question at the beginning. This way, if that client would never qualify for a cancer policy as an example, you skip over that question.
If this sounds like a good fit for you, you can download it for free here:
A lot of agents like the simplicity of this fact finder as it addresses all of a client's needs, yet it's only 1 page.
This needs analysis is an in-depth tool designed to enhance your client consultations.
Here's what this 11-page, editable worksheet offers:
Comprehensive Client Profile: Capture essential details like current health coverage, life insurance, and Medicare eligibility, ensuring no gaps in your clients' protection.
Streamlined Assessments: Quickly assess client needs across multiple areas, from term life insurance to Medicare Advantage plans, making your recommendations more targeted and efficient.
Medicare Penalty Alerts: Easily track Medicare enrollment dates and potential late penalties, helping your clients avoid costly mistakes.
Customizable Coverage Review: Tailor your suggestions based on specific client needs like prescription drug coverage, long-term care, or final expense plans.
This fact finder ensures no stone is left unturned, allowing you to offer extremely personalized services. Plus, you don't have to print it since the PDF is editable.
If you're more focused on retirement/estate planning and products like long-term care, life insurance, and annuities, this 9-page Financial Planning Questionnaire is a very in-depth fact finder you might take a look at.
It's definitely all about the facts and less about getting conversations going.
But if you need to gather information such as family members, assets and liabilities, monthly income, Social Security benefits, retirement expenses, existing life insurance policies, and more, this is a good way to make sure you don't miss anything.
The last page also lets you check off which documents you need your client to bring to the next meeting.
If you're interested in selling annuities, this review packet from SILAC can be a huge help in structuring that appointment.
You can jot down your client's goals, the big financial picture, and answers to questions like "Does having enough money saved for retirement keep you up at night?"
It's obviously created to help you sell SILAC's products, but it can also give you some additional ideas of things to ask your client and information to gather.
Another great fact finder for agents who sell annuities and assist with retirement planning is this questionnaire from Athene.
It actually allows your client to take charge of the fact finder as they need to fill out the worksheet.
Their answers can help you talk about the need for an annuity, and it'll also give you a good idea of which type of annuity might help them reach their goals.
If you're doing a prescription drug appointment, this Part D fact finder could be a good way to quickly gather information and have it on hand.
It is developed by Washington State, so there is a line in there specific to Washington, but the rest of it is applicable no matter where you are.
It has a section to write down their current prescriptions as well as their pharmacy of choice. Even if you don't use this specific fact finder, perhaps it'll give you some inspiration for creating a version of your own.
Not seeing the questions you'd really like to ask? Here's a list of other questions you can copy and add to your own, unique fact finder.
Medicare health plan questions:
Hospital indemnity plan questions:
Life insurance questions:
More ideas: 31 Best Questions to Ask Life Insurance Prospects Ages 60+
Annuity questions:
Long-term care questions:
When using a fact finder, there are a few tips to make sure you get the most out of it.
First, don't fill out your fact finder digitally, if you can help it. Fill it out by hand in front of your client. This lets them know you’re catering your service to their needs, and you’re not just doing some standardized pitch to every client.
Ask all of your questions and give a summary of recommendations at the end.
If there are several needs, start with the most pressing so you don't overwhelm your client. Here's what Michael Sams, a high-volume producer, says in this situation:
"It's a little overwhelming to address all of these needs in one setting, so let's start with the most pressing need, which is [Insert Product Here]. We can talk about the other needs at a later appointment."
Lastly, scan your finished fact finder into your CRM or other management system. You want to be able to reference your client's answers in the future.
Here's an example of a scanned fact finder:
Get more tips here: Top 10 Client Needs Assessment Tips for Medicare Agents
Using a fact finder is great way to guide your appointment, get the essential information you need about your clients, and cross-sell to fill their needs.
Whatever fact finder you use, the important thing is that you're asking the questions and understanding your client's big picture. That'll allow you to make the best recommendations for your client's life, health, and wealth.
The bottom line? You'll never know if you don't ask.