Brandon Monty serves as agency manager of Health Connect, an Orange County, California-based shop that aims to “make insurance simple” for consumers. In this episode of Assurity’s Tips from the Insurance Pros, Brandon discusses his techniques for Critical Illness Insurance sales, such as conversation starters and overcoming objections, and how quick turnaround times help both his business and the client.
Brandon: The number one cause of bankruptcy in the United States is medical bills. We approach critical illness by looking at the need, which is the basis for selling any insurance plan. We like to start off with statistics: If you look at the people who are going bankrupt, over 60 percent had health insurance. That demonstrates the need for coverage aside from just a base medical plan. We’ll explain that if the day comes, you’ll still have all the bills you’ve had, all while being on a reduced income.
Brandon: A lot of times you’ll get through presenting and they’ll say, “I don’t think I’ll need that.” We’ll ask them why not; they’ll say, “I’m pretty healthy” or “That kind of stuff doesn’t run in my family.” We remind them they could go from room to room in any hospital and ask people if they planned on being there last year.
We use that logic to help them realize that the need for critical illness insurance is there for anyone.
Brandon: The thing I love most about selling critical illness insurance policies is how every single person is a potential client. In our office alone, we’ve seen dozens of cases of people who have used it.
The person I remember the most was a woman I enrolled four or five years ago. She was in perfect health, and I remember her being very adamant about not wanting coverage, but we persisted. A few years later, she came down with leukemia; it hit her out of the blue, like it typically does. She got $80,000 from her policy. She tells me every year, “Brandon, you saved my life.” That was a big experience for me and helped me realize how important what we do is.
Brandon Monty Agency Manager, Health Connect
Brandon: With out-of-pocket maxes now getting up around $10,000 and cost-sharing plans becoming even more prevalent, there’s even more of a need. They leave you exposed easily to a $10,000 or $20,000 bill if you add up all the costs. Having something that’ll cover them is just smart.
Brandon: I love working with Assurity. If there are any underwriting items needed, it’s very easy to go into the (AssureLINK) Dashboard and see where it’s at in the cycle. Having people you can go to with questions is awesome.
Brandon: It’s nice to have the issue time be so close to our actual conversation. With life insurance policies, sometimes you go a month and a half or two months, and even though you think they would be waiting and ready for that policy, sometimes they forget and you have to refresh their memory. A couple days later, you can put in that follow-up call and say they’ve been approved, and let them know they’re going to get their policy documents in the mail. It’s definitely beneficial for both the agent and the client.
Brandon: You just need to ask. I wouldn’t limit selling critical illness insurance just to people who have health policies; our office sells tons of policies outside of a health insurance transaction. As long as they have a health plan in place, you can bring up the discussion.
An analogy I like to use is that critical illness insurance can be as cheap as going to McDonald’s a couple times a month, or a nice steak dinner. It allocates money you already have toward something that’s going to potentially protect you in the future; it’s not a purchase you’re going to stress about every month.
With simplified underwriting available, there’s never been a better time to sell Assurity’s Critical Illness Insurance. Contact your regional sales team to learn more.