As an independent insurance agent, there are certain products senior clients need to feel reassured about their healthcare and future. While Medicare Supplement and Medicare Advantage plans are essential in the senior market, there's one other product in particular they can genuinely benefit from - final expense insurance.
Final expense insurance is a considerable asset for yourself and your clients for several reasons. From an agent’s perspective, most policies are very straightforward, have simple underwriting, and you'll always have a vast pool of clients to choose from. For your clients, final expense policies have very affordable premiums, and it provides their families with the resources to cover funeral costs and other unexpected expenses. The key is finding a final expense carrier your client can trust, and that's when an established household name like CVS Health can assist.
CVS Health’s final expense policy is underwritten by Accendo Insurance Company and, as an Aetna affiliate, is part of the CVS Health family. This plan offers your clients whole life insurance at an affordable rate with additional incentives. If you're ready to begin selling final expense insurance, then continue reading to learn about the unique features of CVS Health's policy.
CVS Final Expense: Providing Total Peace of Mind
Final expenses like funeral costs, hospice care, or surprise medical expenses can be problematic for your clients and their families. The average funeral cost can exceed $10,000, and whether it's the entire family or one person dealing with these expenses, this financial burden can be stressful. CVS Health's whole life insurance policy provides senior clients peace of mind, because it ensures they won't leave behind costly expenses for their loved ones to manage. The best part? Choosing this whole life insurance policy doesn't just benefit the client. CVS Health makes sure their agents earn competitive commissions and receive the best compensation for their service.
Selling CVS Health's final expense insurance policy has a lot of benefits for agents and clients alike, including the following:
- Age Eligibility
- CVS Health's policy issue age is relatively wide, so if you're looking to sell final expense insurance outside the senior market, you can. The starting issue age is 40 and goes up to age 89. Most final expense plans can't be written after age 80 or 85. The wide issue age means you can pursue senior clients and younger clients looking to protect their families from financial hardship.
- Super Preferred Ratings
- Clients may qualify for the super preferred rate, which is 10% lower than the preferred rate. If your client already has an Aetna or Accendo Medicare Supplement, they can easily find out if they're eligible based on their current health.
- Competitive Commissions
- CVS Health understands you work hard for your clients and wants to reward you fairly. They offer a competitive commission program for agents who sell their Medicare Supplement and final expense policies.
- Easy E-Applications
- The online e-app lets agents and clients quickly complete their application online and answer the simple underwriting questions in no time. This means policies are issued quickly and you get paid quickly!
- Accommodating Add-Ons
- Depending on your client's circumstances, they can include additional protection to their policy with riders. These add-on benefits include an Accelerated Death Benefit Rider, Children's Term Rider, and Accidental Death Benefits Rider.
- No Medical Exam
- Instead of taking a medical exam, your clients only have to answer a few simple health-related questions. A modified benefit is available to clients who have more challenging health issues.
- Agent Incentive Program
- After your third policy is issued and paid, CVS Health extends a $200 bonus to their agents, rewarding their hard work. Agents are also eligible for PinnaclePoints, a unique sales rewards program just for agents selling for Savers Marketing and Pinnacle Benefits.
Thinking about the future can be intimidating for some, but with final expense insurance sales, you're not just assisting your clients - you're helping their family have peace of mind after they're gone.
Why Sell Final Expense Insurance?
It's no secret that final expense insurance sales can at times be emotional for clients. Discussing such a heavy subject is bound to be complicated; however, selling final expense insurance is a considerable asset for yourself and your clients in the long run.
Final expense insurance sales are among the most straightforward policies to sell because there is such a high need among consumers. Adding this product to your portfolio doesn't just mean you’re giving your clients peace of mind - you're also increasing your commission ratings!
Most importantly, these policies protect your clients' families from paying out-of-pocket costs. Overall the underwriting and affordable annual premiums make final expense insurance a valuable product. Not only do you get to help serve your clients - you're adding a high-need product to your portfolio.
How to Sell Final Expense Insurance
For many agents, selling final expense insurance can be a challenge. Having these difficult conversations and approaching clients about the end of their lives can be difficult, and even emotional. Some agents have this conversation after helping their clients with Medicare Supplement insurance, so it doesn’t have to be a separate and more emotional meeting. By combining these conversations, your client can feel at ease about their future, and final expense insurance doesn't become a separate conversation.
However, if your clients aren't ready for these difficult conversations, begin building a stronger relationship with them. Schedule bi-monthly check-ins or have several follow-ups after they've enrolled in Medicare Supplement insurance. Eventually, broach the subject and see how they feel. Be sure to mention the low monthly premiums and rider benefits.
However, it's important to note that all clients are different. Emails and phone calls might not be the best way to reach them. Arranging in-person meetings will put the client's mind at ease and show that you care about their well-being. Take the time to practice your pitch, and make sure this policy is something your client or potential client would be interested in.
Most of all, sell final expense insurance that has easy-to-navigate underwriting and a policy that fits your client's circumstances. If they're already a long-term client, you'll be familiar with their health. However, if this is a lead you're meeting for the first time, be sure to ask about their medical history and make sure this is something that fits their needs.
If you're ready to break into final expense life insurance or take your current sales to the next level, an FMO like Savers can provide you with the resources, training, and valuable assets you need to be successful.
Sell CVS Health Final Expense Whole Life Insurance with Savers Marketing
When it comes to the final expense market, there are plenty of seniors turning 65 every day. As an agent selling final expense insurance, you're providing peace of mind and filling in the gaps in their current coverage. If you're ready to add a product like CVS's whole life insurance policy to your portfolio, Savers Marketing is here to support you every step of the way. As an FMO, we believe in supporting our independent agents however we can, by offering a vast number of resources, online carrier training and individual support. Now, it’s easier than ever to get contracted through our online application!
Learn more about becoming a part of the Savers Marketing family in our free resource, See the Difference with Savers!