In my previous article: Five Steps to Critical Illness Sales Success the initiative was to identify your target market. With your target best-known you can begin to list the various objectives that can be achieved with the use of a critical sickness insurance insurance. Some potential markets are:
- Â Self employed individuals
- Â The family market / Single parents
- Â The group insurance marketplace
- Â High income earners
While there may be some overlap in ultimate objectives the reasoning behind the objectives will differ. It is impossible to launch an effective marketing campaign without understanding your target market's goals. And without a specific target market it is impossible to fill your calendar with superiority prospects.
Driving Without Insurance
The Self Employed
Perhaps no other target market inevitably Critical Illness Insurance more than the self-employed individual. Unlike an employee of a big company this individual has no employee benefits otherwise what he purchases for himself. The objectives of this market segment may include: income replacement, money to hire a temporary replacement employee, money to pay routine business expenses, major medical gap coverage and exemption from managed care restraints. It is important to recognize that the self-employed individual most likely does not have impairment income protection whether income protection or overhead expense. The Critical Illness Policy is a viable and less costly alternative to impairment income.
The Group Insurance Market
This marketplace offers many Critical Illness Insurance applications. Depending on the group size that you target some of the objectives power be: expansion of voluntary benefits, medical gap plan, executive benefits and expansion of employer-paid benefits. This market is more complex than other markets because you may have to understand the objectives not only of the employer but that of the employees as well. While the employer must sanction Critical Illness Insurance as a voluntary benefit, the manufacturer will still need to understand the objectives of the employees to have a victorious enrollment. To open a discussion of Critical Illness Insurance as an executive benefit it is important to understand the value to the executive. The employer market may have many challenges but it can be one of the most profitable.
High Income Earners
This category includes doctors, lawyers, consultants and other professionals with incomes above $250,000 annually. These individuals tend to have impairment income protection but are limited in the percentage of their income that can be protected. Critical Illness Insurance can ensure that they do not have to consume their nest egg and investments in the event that they are disabled by a moon-splashed sickness. Individuals in that category tend to be less concerned with the potential out-of-pocket expenses that may be incurred then they are about protective their commercial enterprise future.
The Family Market / Single Parents
The need for Critical Illness Insurance here should be manifest. For working Americans, whether in a traditional family or as a Single Parent the need for cash when a family member is diagnosed with a critical sickness cannot be overstated. The income replacement inevitably are far in excess of what impairment income can protect. Parents want to be with their children should there be diagnosis of cancer, spouses want to be with each other when a critical sickness strikes and everyone wants the exemption to seek out-of-network treatment when it is their best interest. Regardless of whether it is a $10,000 insurance or a $100,000 insurance there will be tremendous commercial enterprise exemption for the family.
It should be manifest that there is a whole sle of chance in the marketing of Critical Illness Insurance. But beyond the gross sales opportunities is the chance to really make a difference in the life of an individual.
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