When you break it down, there are four key steps for selling cancer insurance that successful agents follow. Ready to learn what they are?
Cancer insurance is a great product to cross-sell to your clients, especially if you’re already selling Medicare products. (Don’t believe us? Check out our post “Why Is Cancer Insurance Worth Selling?”)
Listen to this article:
If you’d like to offer this product, but aren’t sure of the next steps, keep reading to learn how to get started selling cancer insurance.
1. Identify Ideal Clients for Cancer Insurance
Cancer insurance doesn’t make sense for everyone. No insurance product does. Some people may be better off in a critical illness plan. Some may not need the extra protection at all.
Who is an ideal client for cancer insurance?
- Someone who has a higher risk of developing cancer
- Family history of cancer
- Tobacco users (especially those who also consume alcohol)
- People who tan or are out in the sun a lot (many policies don’t cover skin cancer, though)
- Someone who knows somebody else who battled cancer
- Could be a family member or friend
- Witnessed the financial impact of cancer
- Someone with a Medicare Advantage (MA) plan
- These plans go nicely with a $0-premium MA plan
- This is also a good plan for people with other types of coverage
2. Bring Cancer Insurance into the Conversation
Selling insurance isn’t always rainbows and unicorns — but neither is life. Some products are just downright depressing. They make us think about our own mortality. Cancer insurance can be one of these types of products, which can make it a little difficult to work into a conversation.
What can you ask to comfortably bring up cancer insurance?
- “Do you know anyone who’s been diagnosed with cancer? May I ask who?”
- “Do you remember if they had any difficulties paying for treatments?”
- “How would you and your family pay bills if you received a cancer diagnosis?”
3. Show the Need for Cancer Insurance
Nobody wants to pay for something they might not use, and people really don’t like thinking they might be someone who has to deal with the big “C” when they get older. As you’re making your insurance sales pitch, you may hear some common objections to cancer insurance. It’s possible to keep the conversation moving forward when you familiarize yourself with them and how you can respond to them.
You may hear some common objections to cancer insurance. It’s possible to keep the conversation moving forward when you familiarize yourself with them and how you can respond to them.
Objection: I don’t think I’ll need it.
According to a report published by the American Cancer Society, 40 percent of men and 38 percent of women may develop cancer at some point during lifetime. Your client may not need a cancer policy — that’s true — but what if they’re one of roughly two out of five people who have to deal with this disease? What if they’re one of the many Americans who might be able to benefit from a policy with a heart attack or stroke rider? Even if they don’t end up using the policy, with a return of premium rider, if they don’t use it, they don’t lose the premiums they paid. Instead, they get them back.
Objection: I don’t think it’s worth it to purchase a policy.
Solution: Make sure your client is aware of the different costs they could incur from diagnosis to recovery. Then, tell them specifically how a cancer policy could help them pay for those expenses.
Did you know that 36 percent of cancer patients deplete their savings and 24 percent borrow against their retirement plans, according to a Cancer Support Community report? Many people don’t think about the fact that their primary health plan might not cover experimental treatments. And with cancer, there are also a lot of indirect costs that aren’t always immediately apparent. For instance, people who are battling cancer often lose a lot of weight. They might need to buy new clothes. They might also need to pay for the following:
- Special food
- Loss of productivity (e.g., hire a housekeeper or babysitter)
- Loss of income
A lump sum payment from a cancer plan could help pay for all these types of expenses and more! If your client is still on the fence, ask them where they would find the money to cover these costs if needed.
Objection: I can’t afford a policy.
Solution: Let your client know that a cancer policy might be a worthy investment. Also, check if your client is paying too much for their current insurance policies, and determine if it would make sense to change up their coverage.
Maybe your client doesn’t know that cancer plans only cost $30 to $60 per month for lump sum benefits that can range from $5,000 to $100,000. If you tell them this and they don’t seem phased, you could ask, “If you can’t afford $30 a month, how do you plan on affording the high medical bills associated with a diagnosis and treatment, not to mention your existing bills?” We realize that this is a pretty blunt approach, which can make a conversation uncomfortable; however, insurance is all about weighing risks and making sound decisions to avert future troubles. Alternatively, you could offer to review their current policies and see if they’re in the most cost-effective plan(s) for their coverage needs and budget.
Maybe your client doesn’t know that cancer plans only cost $30 to $60 per month for lump sum benefits that can range from $5,000 to $100,000.
For example, if a client has a Medicare Supplement Plan F, you may be able to switch them to a Medicare Supplement Plan G or N. This move could free up some premium dollars for cancer insurance and still save them some money in premium every month!
4. Write the Application
Have a client who’s interested in buying cancer insurance? Great! Then, all you have to do is find the right plan for their needs and help them sign up for a policy. This step should be the easiest, since you’re already a great closer.
If your client is ready to purchase a policy, go over all their benefit and rider options. Then, determine how large of a benefit they’d need monthly and how large of a benefit they could afford monthly. (A good starting point would be to add up their existing expenses, such as their mortgage, utilities, loans, and health insurance deductibles.) Once your client decides on a plan, help them complete the application. Be sure that they answer the “Yes” and “No” health questions!
● ● ●
Cancer insurance may be a little dreary to think and talk about, but it can make all the difference in someone’s life — a client’s or maybe even your own. Start offering it today and provide more people the financial peace of mind they may need to be able to focus on recovery and what matters most.