By: Michael Miller, Smart Choice® State Director
Selling health insurance gets a bad rap these days. Bad press has convinced some insurance agents not to touch it with a 10-foot pole. But another’s loss is your gain. Here are three reasons you should add health and life insurance to your list of offerings in 2016.
Life and health could become real money makers for you
Agents who market wisely and invest their time and effort into selling health and life insurance often find it eventually makes up a large part of their business. In a 2013 study of insurance agents, 31 percent of agents reported that life insurance accounts for the majority of their income. For 23 percent of agents, health was the biggest money maker.
The health markets will grow as baby boomers age
Between now and 2024, spending on health care is projected to grow faster than the Gross Domestic Product (GDP) at an annual rate of 5.8 percent. Growth in Medicare spending is expected to be a large portion of that as the baby boomers retire and start shopping for Medicare coverage. Agents who position themselves as resources for aging boomers stand to see a large increase in their health insurance business.
The millennials market for life insurance is largely untapped
The majority of Americans haven’t purchased life insurance because they believe it’s too expensive. Indeed, an Insurance Information Institute study found that millennials largely overestimate the cost of life insurance by a whopping 213 percent. A little education can go a long way. Reach out to younger adults and educate them on the benefits of life, disability, and long-term care insurance to tap this largely ignored market.
Bonus: Keep your commissions
One benefit of selling more life and health is keeping more of your commission in your pocket.