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More Ideas to Sell CI Insurance

Don’t miss out on the opportunity to sell this product and form client relationships for life.

By Preeti Vasishtha

There are only two critical illness (CI) insurance opportunities available to every advisor. The first is through referrals, said Mark J. Halpern, CFP, FMA, owner of, at the 2009 MDRT Annual Meeting. But if you don’t want to get over your head with CI insurance, find somebody you can refer the business to and let him do it. After all, 50 percent of something is much better than 100 percent of nothing, Halpern said, as he discussed ideas to sell CI insurance.

This article features more sales ideas from Halpern, some of which were featured in last month’s article.

  • Target your market. While Halpern concentrates on meeting mostly high-net-worth and high-income clients, he refers other clients to about 60 other advisors across Canada and the U.S. CI insurance represents only 20 percent of Halpern’s business revenue; he gets the rest from selling life insurance. Halpern views CI insurance as “the thin edge of the wedge to provide comprehensive planning to prospects.”

  • If clients are contacting you, it means they don’t have an advisor or they don’t have one who is doing the job properly.
  • Don’t forget lost clients. If clients are contacting you, it means they don’t have an advisor or they don’t have one who is doing the job properly. This probably means that the clients have an insurance portfolio that has not been adequately managed, which presents an opportunity for you.

  • What about liability? Advisors need to remember that they have a huge responsibility on their shoulders. What will happen if your client’s husband has a heart attack and calls you to find out how much CI she will be collecting? If you tell the client that you never talked about it, you need to have really good liability insurance, Halpern said.

    To protect yourself from liability and to also increase sales, send all your life insurance clients a letter. Tell them about CI insurance and why they need to buy it. If they don’t want to buy it, they should sign off on the letter saying that you told them about it and are no longer liable. This is a remarkable way of saving a dying sale.

  • Position yourself the right way. Halpern positions himself as the financial Mayo Clinic. “I crash-test the lives of busy and successful people,” he said. “In order for people to appreciate what I do, I kill them, maim them, retire them and act as the government tax department.” He tells them about upcoming changes in health care. He looks at their wills, powers of attorney, titles and beneficiaries, and makes sure they have an up-to-date estate directory, life insurance and income replacements. He wraps up the analysis with health benefits, mortgage financing, investment and retirement planning, and planned charitable giving. This process makes him different from others; it also leads to multiple sales and solidifies relationships with clients for life.

  • Don’t ignore rated cases. CI insurance is harder to qualify for because companies not only look at the client’s personal health, but also his family history. Advisors are often discouraged because of rated cases. But Halpern enjoys working on rated cases because they create a sense of urgency with the client and increase the advisor’s commissions. The client has never been told he was rated for insurance before; as a result, the advisor has an opportunity to look at the client’s entire insurance portfolio.


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