Within the mid 1990s Critical Illness Insurance policy came to the United States. Long an accepted plus popular product in European countries and also a newer but popular product within Canada, Critical Illness Insurance has already established a harder time taking root in the United States. This is actually a bit of surprise considering that specified disease policies like malignancy and heart attack/stroke insurance are actually one of the most popular voluntary benefits for more than 25 years. The purpose of this article is to help insurance agents enhance their practice by making Critical Illness Insurance a big part of what they sell.
Step 1 : Identify Your Target Market
Critical Illness Insurance coverage has wide application as an economic planning tool so it is incumbent on the professional insurance agent to identify a target audience. Some potential target audiences may include:
Business owners by employee size
The employee benefit market by employee size
Step 2: Identify Prospect Objectives
When you have identified your target market your next step is to identify what it is that they want to accomplish. A key tenet of my Objection-Free Selling methodology is to ignore needs and focus on what a possibility wants. So the question is: So what do your target prospects want?
1 . Premium control on Health Insurance – Reducing cost which is distinctly completely different from a strategy to get control of premiums and minimize future rate increases.
second . Freedom to seek non-network care – The problem is that the coinsurance and deductibles are significantly higher when an out-of-network facility is used by an insured.
3. Income replacement – The sad fact is that According to Association of Medical health insurance Plans 55% of working Americans have no income protection and people under age 45 do not have enough savings to last more than 3. 5 months.
Step 3: Create a Listing of Compelling Questions
It is important to recognize that people do not know what they do not know. A prospect is highly unlikely to initiate a discussion of Critical Illness Insurance because he does not understand why it is important. Developing great questions is useful in sparking a prospect’s interest. A question for example: “Mr. Entrepreneur, if you were being treated for cancer and were unable to work, where would the money come from to hire a replacement employee? ” An additional benefit of great questions is that they become the time frame for your marketing.
Step 4: Identify Advertising Tools
There is a world of advertising tools available to be used. Your marketing tools may be direct mail, telesales, networking or any other of a broad world of other tools. You begin this step by first identifying those tools that you are comfortable with. The second step is definitely identifying the tools that your target market will probably respond to.
Step 5: Create a Program
With your tools chosen it is time to design the actual marketing plan. If you are using direct mail you may design a program to send out 100 letters every Tuesday morning and follow-up every Mon. Your marketing plan identifies the various tools, the timing of use and the targets. As in choosing your tools it is imperative that you create a program that is in alignment with who you are. Do not over-commit to activity or you will not follow through
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