CI Insurance Is The Right Solution– So Why Arent Sales Growing Faster?
If you look at critical illness statistics alone, the answer to the question posed above is most likely “yes.”
And, if you look at who has either bought or is interested in buying critical illness insurancewhite collar and blue collar; low, middle, and high income wage earners; and traditional and nontraditional worksite buyersyou would have a hard time saying CI insurance is not the right solution for many people.
So why then arent CI insurance sales growing at a faster rate? No one can say for certain, but I suspect that one reason is the reluctance of some producers to sell the coverage.
Many worksite producers havent sold CI insurance either because they dont know enough about the product, or because they havent had the time to “check it out.” Others are waiting for a stronger carrier to offer a CI product, or they are waiting for their “carrier of choice” to offer the product.
Some producers are concerned about the products profitability, how it will affect sales of their other product lines, the products pricing and underwriting, and/or lack of customer interest.
Although all of those are legitimate concerns or reasons, producers who have sold CI insurance shed a different light on the issue. Many claim that producers (worksite or non-worksite) can, in fact, sell CI insurance effectively, that their customers will buy it, and that other product sales wont sufferas long as they take time to educate themselves first and then their customers.
Education starts with understanding why people need this insuranceand why many already have purchased the coverage. It also involves understanding how CI insurance fits with other insurance products and, of course, mastering the product basics and developing the appropriate sales materials and approaches.