Over 12% of the US population of individuals over 65 are uninsured, and many seniors have difficulty finding the right financial protection products to meet their needs.
Agents working with Aspen Insurance Coaches have access to a broad portfolio of coverage options. But, finding the right insurance plans requires agents to ask the right questions and communicate with customers effectively.
Choosing benefits can be a frustrating and confusing process for many individuals. Agents can simplify the plan selection process by designing a package compatible with a customer’s needs.
Connecting Seniors With the Right Products
As an agent helping seniors select the right Benefits Products, you want to suggest coverages that match the customer’s expectations as precisely as possible. The right combination of benefits promotes policyholder satisfaction and long-standing business relationships.
Every individual has unique financial protection needs, but many seniors do not know which policies best enable them to achieve their goals.
Consider the following Senior Benefits Products:
⦁ Annuities
⦁ Life Insurance
⦁ Long-Term, Short-Term, and Home Health Care
⦁ Medicare & Medicare Supplement Coverage
⦁ Retirement Planning
⦁ Specialized Health Care
Different coverage types apply to different situations, and flexible policy options allow for further customization. Agents that become exceptional listeners and fully understand the needs of their clients and match them with appropriate plans.
Questions to ask When Designing Benefits Plans
By asking customers detailed questions during consultations, agents can know their policyholders’ current and future financial planning goals. Taking the time to connect with clients is critical to determine which plans will be the best fit.
Below are some suggestions for questions that can help you get to know policyholders better:
⦁ What plans do you currently have?
⦁ Do you struggle with expenses due to coverage gaps?
⦁ What is your monthly/annual budget?
⦁ Are you looking for Dental or Vision coverage?
⦁ How often do you visit the doctor or a healthcare specialist?
⦁ Do you have a desired provider?
⦁ What are your current retirement plans?
⦁ Do you have debt?
⦁ Are you adding a spouse or dependents to your plan?
⦁ Do you rent, pay a mortgage, or own your home?
⦁ What are your financial savings goals?
The more you know about the customer’s financial needs, the easier it will be to assemble an appropriate product portfolio. Then, you can begin walking clients through their options and explaining the benefits of each plan.
Walking Customers Through the Plan Selection Process
Once you understand your client’s benefits needs, it is time to walk them through the selection process and address any questions they may have.
⦁ Explain the various plan options – First, tell your client why you selected specific plans for them and walk them through the benefits of each coverage. Explain the difference between a PPO and an HMO, Term Life and Whole Life, or Fixed and Fixed Index Annuities. Comparing plans can help customers understand the differences better.
⦁ Compare pricing options – Show customers plans within their budget and explain the terms deductible, coinsurance, premium, and other insurance jargon in simple language they can understand.
⦁ Compare carriers – Walk clients through different carrier plans. When coverages from multiple carriers offer the best pricing for your client, explain how and why combining plans works.
Customers appreciate when insurance agents take the time to ensure they comprehend their benefits needs and options thoroughly. By guiding individuals through every step of the process, you communicate to clients that they can rely on you to meet their coverage needs.
Final Thoughts
Guiding seniors toward finding benefits plans that promote their financial stability and help them achieve their retirement goals is a rewarding career. Find out how you can change your community for the better by matching individuals with affordable and comprehensive coverage.
Learn more about choosing the right plans for seniors by contacting the professionals at Aspen Insurance Coaches. We look forward to answering your questions.
