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Life Health > Health Insurance > Health Insurance

Is it a product, feature or benefit for your client?

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I have written about features vs benefits previously, and if you have been selling for any amount of time you have heard the value in knowing how to distinguish the difference between a product feature, which is what the product has or does, and the benefit of that feature, in other words, the why that our prospect would want to spend money on those features.

I have used a simple example before, if you have something that is metal instead of plastic then the feature might be that it is made of metal. The benefit of this feature might be that it is more durable, longer-lasting or unbreakable.

So it is important to remember that features are the language of logic. People buy on emotion but are moved to action by logic. When you are talking features to people it helps to keep in mind that no one catches logic, however, they can catch excitement, enthusiasm for a feature. Even people who insist they buy logically or based on features do so because of how that makes them feel, that’s what makes them feel better.

Benefits focus on emotions, not intellect. People buy on emotion but are moved to action by logic.

How do you explain the features while personalizing the benefits of that feature? I am going to demonstrate two examples, one using the Medicare Supplement Plan F and the other with riders that are available on a number of different annuities.

There are two things people are always interested in: hearing their name and having their opinion asked. Your senior clients are not interested in how much you know until they know how much you care. Seniors’ top concerns tend to be outliving their assets, maintaining their independence, their own health and safety issues and for seniors over age 75 the issues tend to gravitate to family and friends, leaving a legacy and their reputation.

You can help by using active listening, helping design a solution with features that meet their needs and presenting those features as benefits to your clients lifestyle issues and concerns.

Medicare Supplements – Plan F

If I were going to discuss the features and benefits of Medicare Supplements – Plan F, I would take this approach:

Need: I could use something that would take care of the big expenses of having to go the hospital. 

Feature: It will pay the Part A deductible.

Benefits: First, you don’t have to worry about paying the first $1,216 if you enter a hospital. It will be paid for you. Second, you’ll have no expenses during any hospital stay, even if it’s a lengthy one.

Features and benefits of annuity riders (nursing home/LTC)

Needs: What if I need to recover at home after a procedure or declining health requires skilled care in a facility?                 

Features: Provide income to cover cost or access to annuity value or a combination. 

Benefits: You won’t have to take money, pay uninsured expenses from savings, investment or borrow the money. 

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