I know that a majority of our readers are health agents who write health insurance policies for the large captive agencies that offer association group health insurance policies, so I wanted to share a cool visual that really helps a potential health client to fully understand the benefit of association group health policies.
In most states , when presenting an association group health policy, the health insurance must present the association group first. The biggest benefit to association group health insurance protection offers is that the member’s premiums are determined by the usage of the entire group (risk pool) whereas an individual policies premium is determined by the individuals claims.
The way that health insurance premiums are determined is:
rate (regulated by state DOI) x risk pool (there can be up to seven on individual policies, only one on association group) = premium.
Ever had a health insurance prospect unable to grasp this?
Here is a good visual to add into your presentation to give your health insurance prospect a much better way of understanding the benefit that association group health insurance will have to them over the long term.Then ask them what risk pool they start out with and point to the first card. Ask the health insurance prospect witch one they would be placed in if they had a major ($50,000) claim. Point out the fifth card and ask if they would be willing to pay five times as much for their insurance.
Now stack up the seven cards and tell them that this represents the protection of association group health insurance. There is only one risk pool. Ask them the same question, which one would they be placed in for a $50,000 claim. Point at the stack. A $100,000 claim? Point at the stack. A million dollar claim? Point at the stack.
You will see that they really get the point.
Then hand them the stack and tell them if they know of anybody they know of would like the same sort of protection that they are about to get (remember to assume the sale) you would love to hear from them, because you are there to help.
You will be surprised at how this closes your sales from the start and also generates great referrals.
Good Luck and thanks for coming by my health insurance leads blog.
Cheers,
Mac
