How to Cross-Sell Insurance | Final Expense, Annuities, Medicare Supplements

How to cross sell more insurance.In this article, we’re going to talk about the top ways to cross-sell more insurance.

What we’re going to do in this article is start off with the two techniques to cross-sell. These techniques can be used whether you’re selling any kind of life, health or financial product, like final expense or mortgage protection.

Then, I’m going to give you a couple of examples based on the products that agents in my insurance agency represent. I’ll explain how they cross-sell and when they cross-sell.

This article is a combination of the strategies behind cross-selling and real-life examples about how to actually put it all together.

Top 2 Insurance Cross Selling Techniques

1. Immediate cross-selling after selling the first policy

The first approach you can do is to start cross-selling is the cross-sell immediately after the first sale.

For example, many agents like to make a sale and get the business closed. Then, before they leave, they do the old “Colombo Close” as follows…

They say, “Oh, by the way” and offer some sort of product on top of the original product.

This approach works well with Medicare Supplement sale.

For example, you’ve just saved money on the client’s Medicare supplements by replacing it with a better policy.

Now, you’re in a position with the saved money they now have, you can allocate some or all of money towards a new final expense plan.

2. Policy review meetings

The second way is at a policy review meeting.

Commonly, people think cross-selling means you got to sell it on the first call. This is not necessarily the case.

Perhaps you go back to your existing clientele, you’ve picked up some new products, and now, you want to cross-sell new insurance into your current book of business.

Remember, if you sell more policies to your clients, the stickier the business is going to be. They’ll have more loyalty to you.

Say you are selling Medicare Supplements. The client mentions that they’ve got money in some sort of retirement vehicle that they’re not quite happy with.

Now, you represent annuities, and you liked the idea of what your products can do. So, you go back and have a conversation. You see if you can move some of that money over to an annuity product.

Those are both ways are the only ways really that you can cross-sell, either immediately or at a future date.

Cross Selling Examples

Now, I want to give you some examples from agents I’ve trained to sell insurance products. I want to explain how I teach them how to cross-sell.

I will further explain under what conditions we will do so and what different lead products could compliment with the first original sale to help cross-sell other products.

1. Final Expense Clients

So, the first thing is, let’s start with final expense.

Most agents reading this article probably sell final expense. They might be interested in learning how do you cross-sell final expense or other products on final expense leads.

So, here’s the setup that you would go to.

Cross-selling Medicare Products

One great prospecting strategy is to ask if any of these people are currently on Medicare. Ideally, 80% or more will be. They’re mostly going to be, in the final expense world, on Medicare Advantage with some clients on Medicare Supplements.

If you can’t replace their policy now because they don’t have the low-income subsidy, or they don’t have a special election period that they can take advantage of, then you can go back to them during Annual Enrollment Period at the end of the year.

At that time, roll them into a new and approved plan.

You can learn more about Medicare Advantage and how it works here.

Go back to these clients, especially if you’ve been selling final expense for a while. Most of them are going to have Medicare.

You want to go back and just do a visit, see what they’re doing. Learn how they feel about their plan, then show them something that could improve their coverage.

Upselling With Grandchild Coverage

You could also “upsell” at the time of the original sale with a grandchild policy.

You could use a term rider on some of the products that you represent.

Or you could write their grandchild a standalone policy with Mutual of Omaha’s Children’s Whole Life Plan.

It is a very easy application process. It pays pretty well, and it helps bump your average premium per house.

Plus, it’s a whole life insurance product so they don’t have to worry about their grandkid hitting the 20 to 25-year-old mark where the term insurance rider lapses.

So, the whole life ensures that they have something for the long-term.

Selling Cancer, Indemnity, Annuities

Also, you can pivot to an indemnity product, like selling cancer insurance or hospital indemnity products. Or you can fact find for annuity.

You can be like my agent up in Wisconsin who learned that annuities are all over the place, even on final expense leads.

He began to ask about them consistently and saw a lot of annuity business come in – approximately a million within his first 12 months of asking.

So, just ask. It’s amazing what happens when you do.

2. Medicare Clients

Now, let’s take a look at what happens if you sell Medicare.

It is kind of a similar setup here.

Turning 67+ Medicare Prospects

The easiest way to cross-sell for Medicare is on “turning 67 and older prospects.”

These are people who’ve had Medicare Supplements for a number of years, but they’ve had price increases. They liked their Medicare Supplements and don’t want to drop coverage, but they don’t appreciate the price increases, either.

This is where we come in as Medicare Supplement specialists. We offer them the exact same coverage because all coverage with supplements is homogenized. You can get them the same kind of coverage at a lesser rate per month.

Found Money

The difference between what they’re paying presently for the current policy versus what you’ll save them is what we call “found money.”

Found money in the insurance business is basically where a client doesn’t think he can afford a policy, but through replacing existing coverage and freeing up premium dollars, we find the resources in order to afford the cross sell policy.

With this found money concept, you can also suggest sales of final expense, which is probably the easiest and most common way to get more business. You can also suggest cancer indemnity plans, as well.

People are more willing to spend money they aren’t technically losing versus dipping into savings or a limited budget.

At the end of the day, if they’re still spending the same amount of money, but they’ve got $10,000 in burial insurance that they didn’t have before, they are going to be very happy.

3. Annuity Clients

With annuity sales, we teach our agents to do is to fact-find, not just for annuity sales but also for Medicare and final expense prospects.

And through that fact-finding process we discover if there are opportunities for non-annuity sales.

With our annuity prospecting strategy, some have money and some don’t. That’s why you want multiple options available to make the sale.

If you ask good questions and figure out what else their insurance situation may provide, you may find other opportunities again for final expense for coverage.

You can cross-sell all sorts of products to your annuity prospects. Life insurance, single-pay life insurance, Medicare products, indemnity, long-term care. The list is endless.

When to start cross-selling

The moral of the story is that cross-selling is something you should consider doing.

However, I advise cross selling ONLY circumstances where you have someone advising you on how to do it effectively.

I wouldn’t go bonkers with doing too much cross-selling, especially if you’re brand new to selling insurance.

Understand that the most productive, successful agents often only represent and sell one product. They don’t sell a variety.

It takes a lot of brain power, effort, and energy to remember just one product line. And it’s the most experienced agents that tend to be the best cross sellers.

Remember, work your way into cross-selling over the course of years. In the beginning, one product to focus on after you master your core product.

First-year product plus renewal product

I like the idea of selling renewal-driven products along with high first-year commission products. It’s a nice thing to get a residual check on top of your high first-year income sales.

If you’re selling final expense or annuities, consider cross-selling Medicare supplements just to keep you afloat if you have a poor life or annuity sales month.

Medicare business pays for life if you sell Medicare Advantage. With Medicare Supplements it pays six years and beyond in most states.

I hope you enjoyed this training, and I hope it gives you some ideas on how to cross-sell and when and where to do it.

If you’d like to learn more about what I can do for you, click here to review how I train and recruit agents to sell final expense, mortgage protection, Medicare Supplement, and annuities.