Why You Should Be Selling Dental, Vision, and Hearing
Closer to ten years ago, selling any kind of dental insurance was considered “a waste of your client’s money” and I would have said that I agreed with that statement. In the last five to seven years dental, vision, and hearing (DVH) plans have become much more mainstream and the benefits are far more robust than they were in the past. Even if the provider chooses not to accept the insurance, most of these plans will pay cash to the policyholder for services rendered.
Even today, most agents still do not offer these plans, because THEY do not see the value in the product. What they forget is that most of their clients in the senior market are living on a fixed income. If they were to need a root canal and a crown, that $1,200 bill could put them in a big financial bind considering the average Social Security check is around $1,400 a month. Also, included in the plans are vision and hearing benefits that can help your client cover the cost of glasses or even hearing aids.
Not only are DVH plans a great way to diversify your client’s health benefits, but it also allows you as the agent an opportunity to gain a client in situations where you may not be able to. For example, if that client is not healthy enough to qualify for the Medicare supplement you are selling, you now have a guaranteed issue product to offer them that lowers exposures not covered by Original Medicare. What about during AEP? How are you paying your bills when you are out writing Medicare Advantage plans and not getting paid until the first of the year? Selling a DVH plan along with that MA plan, again, helps your client and helps you bring in income while you are waiting on your commission deposit in January. The biggest reason you need to be offering these products is because if you are not, someone else is and you could potentially lose a client because you failed to offer them more coverage.
Overall, DVH sales increase your overall persistency as an agent, the more policies a client has with you, the less likely they are to work with anyone else. Some of the top producing agents and agencies we work with are attaching DVH sales to a third of their sales. According to LIMRA, dental is the most requested health insurance product by individuals. If you ask me, this sounds like an easy way to get your foot in the door as an agent and to lower your overall cost per acquisition.
Written By: Sean Hendricks