A 25-year industry vet, Chet Marko has made a name for himself as one of the Lone Star State’s top health insurance brokers. Now owner of Texas Family Health Plans, Assurity has long been a significant portion of his portfolio – including Critical Illness Insurance.
In this episode of Tips from the Insurance Pros, Chet shares his take on the critical illness market, who needs coverage, and the questions producers should be asking to get their business.
Chet: One question I ask single clients is, “If you go down with something major, who’s going to take care of you?” You see a kind of panic come over their face, as if they’ve never thought about it. I ask business owners the same thing – what would happen to their business or their family? And then I just shut up and listen.
Chet: One of the biggest objections is money, because health insurance has become so expensive – some don’t want to pay for anything more than their health care.
The other is young people who think they’re invincible. People in their mid-40s and 50s have had a friend go down [to injury or illness], but for those in their 20s and 30s, it’s never happened.
When I’m sitting in front of a couple, I’ll ask the husband, “What would happen if you went down for six months or a year?” Ninety-five percent of the time, he’ll say, “Man, it would put a world of hurt on us.” And I look at him and say, “Well, we can fix that.” I tell them that upon diagnosis of these conditions, they’d get a check for $50 grand. They get kind of excited about that.
Chet: A client had malignant melanoma and got his check. He called me and said, “I just got a check for $50 grand – can I actually deposit this? Can I have it?” I just started laughing and said, “Sure, it’s yours – it’s part of the benefit.” He was super excited.
But I promise you that if you have a client go down and they have to use their critical illness insurance, they’ll be loyal to you forever for selling it to them.
Chet: The less you have to bother a client after you make a sale, the better. A quick turnaround is great for them, especially because it’s hard to get people excited about getting their blood withdrawn. And from the agent’s side, it’s nice because applications submitted through the E-app get quickly approved, and you get paid.
Chet: Again, with single people – always ask them point blank, “Who’s going to take care of you?” Make them think about it.
When I’m dealing with young people, I remind them they’ll never be able to buy this product as cheaply as they can today – lock it in while you’re young.
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.
FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. NOT AVAILABLE IN NEW YORK.
Policy Form Nos. I H1820, I H0810, CI 005, l H0820, CI 007 underwritten by Assurity Life Insurance Company, Lincoln, NE.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. Product availability, features and rates may vary by state.