One solution I have been marketing is a Cancer Insurance product designed for the senior market. Smart design...cash indemnity, both upon diagnosis and a comprehensive schedule of benefits, along with a 10 year return of premium rider. Issue age to 89 with competitive premiums.
I talk to many agents that don't sell cancer plans, or say they are a very "tough" sell. One agent who sells a lot of Cancer Insurance (primarily cross selling after addressing Medicare and Final Expense) told me his secret is to ask his client what kind of Cancer Insurance Plan they carry. The common response is "I don't have Cancer Insurance." He follows up with, "have you ever known anyone, a relative or friend perhaps that was affected by cancer?" The vast majority of clients all have some story to tell, and they often are aware of the high costs involved in treatment. He then follows up with showing them the gaps in their existing insurance when it comes to expensive cancer treatments - Part B and Part D coinsurance, which can span over more than one calendar year, along with non-medical costs like travel for treatments or dealing with loss of income.
This cancer insurance high producer told me, "it's really not tough at all if you have the client/prospect share the story of someone they know or knew to get them invested in the process, and then show them some plan options that fit their budget. A good return of premium option really helps; when a client knows that if they do not ever get cancer and keep the policy in force for a limited period of time and get all their premiums back, they think that is good insurance to have." Comments?
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