The Fact FinderA tool to undercover prospect/client needs,

an opportunity to plant seeds along the way

People like to talk!

� Most people:◦ have insurance needs they have not discussed with any insurance professional

◦ May well be unaware of personal risks they have not addressed

◦ would like to have a simple plan to cover risk ◦ would like to have a simple plan to cover risk and minimize their financial exposure

� Most agents:◦ do not ask simple questions to uncover those needs

Opening up to discovery

� Mrs. Rothschild…I am confident you will be pleased with the plan you’ve put in place to help pay for dental, hearing and vision expenses you will face.vision expenses you will face.

� Allow me to ask a few additional questions for your file.

Complete the Fact Finder

� Cross selling an existing client is easier than creating a new client

� Client retention grows with a second productproduct

� Discover potential needs:◦ More affordable/beneficial health or drug plan

◦ A better way to handle LTC planning

◦ Handling final expenses

Be prepared!

� Have a portion of the fact finder completed before you deliver the DHV policy ◦ as much of the personal information as possible

� Get details about things you do not know:� Get details about things you do not know:◦ Do you have children/grandchildren?

◦ How much are you paying for your health plan?

◦ When does your CD mature?

Mining for the Medicare sale

� You mentioned that you have a Medicare Supplement Plan F. ◦ Do you pay that plan monthly?

◦ Who is that coverage with?

◦ What is the premium?◦ What is the premium?

� Note – Medicare Supplement plans are not subject to Lock-In, and in many cases may be sold over the phone, online, through the mail, or face to face.

Mining for Final Expense Sales

� Have you planned for your final expenses?

� How have you done that?

� Is there a special person, charity, or group that you would like to leave a legacy gift?that you would like to leave a legacy gift?

� By the way, here’s a tool that helps with the planning process (Memorial Guide Worksheet)

Mining for Long Term Care Sales

� Do you know the costs of long-term healthcare expenses?◦ Home health care per hour

◦ Assisted living or nursing home

If you suffered a stroke and could not take � If you suffered a stroke and could not take care of yourself, how would you pay for that care?

� Have you discussed this with your loved ones?

Find the “God Forbid” Account

� Are you happy with the return on your investments?

� When does your CD mature?◦ Assume they own a CD

� Do you currently have an annuity?

� What amount of your portfolio is savings versus investments?

Ask for referrals!

� Who else do you know that might benefit from my products and services?

� Are you active in any groups or clubs that might benefit from learning about these types of programs?types of programs?

� Referral tip: visit LinkedIn or Facebook pages to see who they know, then ask “would your golf buddy Mr. Jones would benefit from my products/services”

Asking for the Medicare Asking for the Medicare Related products

Medicare Supplements, Medicare Advantage and PDP’s

Review Medicare plans

� Step 1◦ Get the prospect involved with the actual calculations of their own expenses

� Step 2◦ Show the prospect alternatives to their current planplan

� Step 3◦ Complete the cost/benefit comparison, along with modified minimal underwriting

� Step 4 ◦ Close the deal and sign them up

Step 1 – Calculate with your client

� Plan premium – what is paid monthly/quarterly/annually for premium

• Plan type - Are there out-of-pocket costs remaining?remaining?

� Are both the husband and wife on the same plan?

� Do either have current health conditions?

Step 2 – Discuss plans

� What Medicare Advantage plans are available? Are they aware of these options?

� Are they attached to any particular doctors or hospitals?doctors or hospitals?

� What drug cost do they have?

� Are they making use of generic medications?

� Do they qualify for any assistance programs?

Step 3 – Compare the options

�Involve the prospect - do the math!

�Use the PDP Worksheet, or a laptop computer with a wireless internet connectionconnection

�Utilize the comparison tools at www.Medicare.gov

�Save the results online

Step 4 - Close the deal

Remember, they are not locked into their Medicare Supplement plan, and can change coverage if it benefits them and they so desire. No Scope of Appointment is needed. is needed.

What would make the change worthwhile?◦ Premium savings (and/or)

◦ Coverage enhancements (with)

◦ Minimal underwriting concerns

Step 4 - Close the deal (MIPPA Alert)

� If they qualify for a Special Election Period to change their Medicare Advantage or Prescription Drug Plan, you have a 48 hour “Cooling Off” Period if you uncovered that need through your questioning. that need through your questioning.

� If they broached the topics before you brought up the subject, you can complete a Scope of Appointment then and there and proceed with the presentation.

How much can a broker make?

� Sell one Medicare Supplement per week

◦ Typical premium $150 ($1,800 per year)

◦ Typical commission is 20%◦ Typical commission is 20%

◦ Annual commission - $360

◦ 50 issued policies is $18,000

How much can a broker make?

� Factor in one additional PDP sale and one additional Medicare Advantage sale per month until AEP

◦ Typical PDP commission is $40

◦ Typical MA commission is $200◦ Typical MA commission is $200

◦ Additional annual commission is 9 x $240

◦ 18 additional issued policies is $2,160 in additional annual commission

Go forth and prospect!Go forth and prospect!

Make your policyholders your best source for qualified referrals!