Ancillary products are a great way to bolster your business and provide necessary benefits to your clients. Not everyone is looking for coverage beyond basic health insurance, however. So, where are the best places to look for people who are in need of both? To answer that, we’ll take a look at the best markets for selling ancillary products.
Retirement-Aged Adults
Seniors are a great market for ancillary products because people close to retirement age will start looking for Medicare and there will be an entire market of seniors who also need extra coverage on top of healthcare. This can include vision, dental, hospital indemnity, and final expense, among others. There is a fairly good chance that your customers will have specific health needs in one of these categories, and these types of coverage fill the gaps left by Medicare. This will enhance your clients’ benefits and help you retain these valued customers.
One of the keys to selling to the senior market is to not “sell” at all. It’s better to build sincere relationships and trust between your customers and you. Having already sold them their initial Medicare coverage, you’re one step ahead. The next thing you should do is identify what problems they still have and fix them with ancillary insurance products.
Reaching seniors can sometimes seem like a daunting task, too, but if you know where to look, it’s not so hard. Having communication with employers in your community, for example, is a great way to find potential retirement-aged clients. Employers are also great for selling ancillary products to, as it turns out.
Employers
Group healthcare is another lucrative market for ancillary products. Employers are often looking for more than just health insurance for their employees, opening up an extra market to you. Selling ancillary products to employers is not only great for your business but has many benefits for their business, such as higher employee retention and lower medical premiums.
The problems faced by employers when it comes to insurance are often the same as seniors and other individuals since health insurance often leaves much to be desired. Everyone needs dental insurance and a large percentage of adults need some type of vision correction, therefore also needing vision insurance. Plus, employees in many cases are looking for more than just basic coverage, like life, disability, and other insurance.
Once you have established a relationship with an employer, it’s fairly simple to pinpoint the gaps in their coverage and add on ancillary products. The best thing to do is to make sure your clients know that you are genuine and have their best interest at heart.
Individuals
While seniors and employers are great markets for ancillary products, individuals are another market that benefits from additional insurance. There are plenty of people out there who are self-employed, unemployed, or just uninsured and are looking for affordable insurance.
Similar to selling ancillary products to retirement-aged adults and employers, individuals with health insurance often need additional insurance to fill the gaps in their coverage or serve another purpose. The good news for individuals is that the premiums for ancillary products do not usually increase as they age.
Ancillary insurance is one of the easiest products an agent can sell and it can provide your business and your client’s many benefits.
Download our Guide to Selling Ancillary Products to Individuals | Download our Guide to Selling Ancillary Products to Employers
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