The last couple of years have been about changes and some challenges for health insurance agents.
Agents have dealt with carrier withdrawals from markets, subsidy changes, tougher regulations on agents, and insurance plans scaling back coverages. This has led to client turnover and some frustration among agents trying to figure out how to navigate in this new landscape of Medicare and ACA insurance sales.
The good news is agents are adapting. The ones who stay on top of the changes and guide their clients to better coverage are still seeing success.
Another way to broaden your success is to open up new lines of insurance you can sell, and health agents should add life insurance to their offering of products. Pandora agents can sell life insurance by contracting with us for life insurance sales. Let’s explore this opportunity more.
Why Life Insurance Fits
Adding life insurance is a natural for agents selling health insurance. Here’s why:
- Those purchasing health insurance are already in the mindset to get coverage. Talking to them about life insurance makes a lot of sense.
- When you handle a client’s health insurance and life insurance, the relationship is stronger. This leads to long-term clients and better commissions for you.
- You are helping the client get complete coverage, and they only deal with one person.
The Financials
Here are reasons why adding life insurance can help your business financially:
- Your marketing efforts can lead to more sales without increasing marketing costs. If your advertising turns up a good lead, and that client buys health insurance and a life insurance plan, you are getting more business for the same dollar spent.
If your marketing leads to only a life insurance sale, you have still gained because you could not have sold the life insurance policy before adding that line.
Simply adding that you offer life insurance in your marketing can open new doors.
- Life insurance policies pay commission differently compared to ACA commissions. Life insurance pays a lot the first year, 50 to 100 percent of a policy’s first-year premium. Renewals are much smaller, 2-5 percent.
So selling life insurance policies results in “faster” commissions that are a chunk of money, and it is also a way to fill in the income dips that occur after open enrollment periods for health plans.
A Different Kind of Sales
With life insurance, you are “on the hunt” more since recurring business does not pay very much commission. To grow income through life insurance sales, you must always have a flow of leads coming in, and you must be able to offer products that help your client in order to close sales.
Selling ACA plans is more about building the business early, maintaining the book of business, and seeing the fruits of a large recurring revenue base. This comes after years of hard work and guiding clients to health insurance plans that work.
It is easy to see the income opportunity available for agents who have a good book of business tied to ACA and Medicare insurance sales and then adding the upfront commissions associated with life insurance.
Being able to sell both life and health insurance creates diversity and much more opportunity for an agent. Pandora Insurance can help you get started in life insurance today!
How Pandora Insurance Helps
Pandora Insurance partners with National Life Insurance and major insurers in the Medicare market and the ACA market. We have the training, commissions, and marketing support to help you.
Enjoy these benefits when contracted with us!
- Freepre-license courses for our contracted agents
- Industry leading carrier contracting
- Federal Marketplace Certification for Affordable Care Act (ACA)
- Knowledge-based and practical training
- Partnerships with proven sales professionals
- Carriers include: ACA (Obamacare), Medicare, life, and supplemental
- Commission and bonus reporting
- Bilingual support.
Start today on your path to growing your business! Contact us at 305-603-7603.