Chet Marko returns: Opportunities for Critical Illness Insurance sales success

Few brokers know the critical illness insurance market better than Chet Marko. The owner of Texas Family Health Plans returns to Tips from the Insurance Pros to discuss the need for CI amid rising healthcare costs – and to share his advice for prospecting and building relationships.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.

Transcript

spk_0:   0:06
Hello and welcome to a sureties podcast. Tips from the insurance pros In this series, we talk with sales prose as they share ideas and insights that you can use today. I'm your host, Matt. And today I'm here once again with Chet Marco of Texas Family Health Plans. Chet's going to discuss the massive need for critical illness insurance and how you can grow your own. See, I sales. Chet. We are glad to have you back on the show.

spk_1:   0:33
Well, glad to be back

spk_0:   0:34
For those listeners who might have missed your first podcast with us, could you share a bit about your background?

spk_1:   0:40
Yeah, I've been a health insurance broker for over 25 years, and we handle all the major medicals we handle health share, and we do worksite products. We d'oh ah, lot of business with the surety critical illness. We love the product that worked really well for

spk_0:   0:59
Let's Talk about critical illness insurance on Let's start at the beginning of the sale, the prospecting. How do you prospect for see I clients are networking and referrals a part of your process?

spk_1:   1:10
Absolutely. You know it. It's been a bit of a process over the years. You know, we used to spend a tremendous amount of money on Leak something. We were standing, you know, just for me. $800. Ah, week. And, you know, $800 a week and leads would probably produce two or $3000. Man, that was a lot of money. And one day, I just I kind of got irritated, you know, because I was seeing a lot of the same leads coming back around. And it always seems, you know, to be the same type of people that would say yes to a telemarketer. And, you know, it begin to kind of wear me out. And so one day I was kind of upset about it, and I, you know, I'm gonna go out and try something different. I'm gonna go out and canvass.

spk_0:   2:02
And

spk_1:   2:02
so I really perfected that. And my goal every week was to go out and shake hands with 100 business. And, you know, I do that on Mondays and what was interesting. You know, Candace thing is kind of an old art, and everybody's like, Oh, nobody does that anymore. Okay. What? I've had tremendous success with it. You know we'll go out. You know, my goal is the walk in hand, my card hand a flyer Thio, you know businesses and just walk in and say hello and ask him three questions. Do you do in health care with how much is it costing? Nya. And are you happy with what you got? And it made nobody happy sand, You know, nobody happy with their health care. And people are desperate to talk to somebody that actually knows what they're talking about. And nobody goes around and talks to businesses anymore. And I found what I try to do is keep it short and sweet. I go in, try not to waste their time. You know, I asked him a few questions, and then if they listen, I know what to help you. But I'll tell you what, You're busy. I'm busy. Let me get your name and number and a little bit of information from you and let me get some quotes together. And we'll find a time that we both can get together and that it will work and I'll go out and hit 100 and get 15. 20 solid lead can be seen. You know 100 businesses. I mean, goodly. And it works really well for me. And I find that when I go through an area of the first time, I go through, you know, get 15 and I'll go through the same married again a year, two years later, and I'll get the same amount. And when people tell you to three times come by you almost, friend, the third time you go through there,

spk_0:   4:03
yeah,

spk_1:   4:03
and they get to realize you know who you are and what you did. But the good thing is, when you canvas, you're gonna get those people that would never respond to a telemarketer. And I find if I go in to spend couple minutes handed the information to respect their time. So when I called back, I'm a warm call. You know, I'm I'm the big guy that was in your office the other day, and it's not like I'm a telemarketer calling. I'm a local guy and he's been very successful for the everything we do a lot of trying to build here to the lines I talked to account talk, thio, PNC dealerships. There's a ton of them out there. Talk to doctors talk thio, chiropractors Talk to the people that have, you know, books, business and let him know how you can help their clients let them know, especially on the panty. Sometimes they're a little nervous selection on the group's business, but let him know, you know, it doesn't help me Thio miss you over. I want a long term relationship. You know, I would hurt people to you. You refer people to me, and it's amazing how many referrals I get get from building those relationships. You know, if I got somebody, that's a good P and C guy once every couple months, I make go by taking the lunch or something like that, just keep my name out in front of you, you know? So when somebody does call to hate, you know anybody that health insurance you know, Chet Marcus is the guy that I think they call and just doing good business doing right by your client. You'll build up the referral. The anything on the, uh on the canvassing is if you're putting out 100 Flyers week, you know you get your 15 good leads. Well, that's 85 other people to get your flyer may be stuck in the file, and you may get a call from them two years later. Five years down the road, you realize how choirs put out and, you know, get a referral business office stuff you did two years ago. You know, it's really exciting.

spk_0:   6:17
That is fantastic. Those personal relationships are a phenomenal way to build up a good book of business. Now, I remember the last time you were on the show talking about critical illness. You mentioned young people as a good market for see I insurance. How do you prospect specifically for younger clients?

spk_1:   6:35
Well, you know the problem with younger clients. They all think they're bulletproof and they all think they're bulletproof. You know, sometimes they haven't had enough life experience to know that they have the need for health care. You know, I think sometimes it's when people get into the thirties or something like that. Have actually had a few friends go down. But I just telling that young kid that way, You know, we never know when something's gonna happen and when it does happen, if you don't have health care, your life could be ruined. Funny, and you don't wanna be in that sometimes, you know, we have to have kind of, like, you know, the elderly parents, reminding them that life is so we curveballs thrown, things happen. Things happen to young people all the time.

spk_0:   7:25
Yeah, absolutely. Um, moving on big conversation happening. An insurance right now and specifically in C I rising health care costs and those air a great conversation starter when selling. See, I insurance. So how do you go about talking about rising health care costs with your clients? How do you start that conversation?

spk_1:   7:46
Well, I have a thing that there's in chaos. There is opportunity. And right now I don't think the market has been more out of control than it is right now and have a Nadiya. The thing that is absolutely, supremely is, you know, I go in and sell a group or I go in and selling individual policy major medical to the next year. I come back and what your premiums have gone up anywhere from 10 to 30%. And you either pay the extra money or you load your business and, you know, it's kind of in saying cycle to be in because, you know, these people. They're super frustrated by, you know, in the group side, uh, you know, You sure a family is anywhere from $4,802,000 a month, and you go whatever show can afford that, you know? So a lot of walking businesses. Hey, I complaining. Am I handle all the products, get what you're gonna have, You know, a 7900 out of pocket on the planet. Now, let me ask you a question. How many of your employees could actually come up with 7900 something bad happened in, You know, just see the honor started shaking head. You know, he first did he know nothing frustrating. I go and then you have to go. Are you really helping your your employees? If you get into something they can't afford within our apartment, they can't afford. And some of these people are looking at almost 30,000 number Yes, premiums up. And you have about a pocket that they would be out of pocket 30,000 if they had. Anything major happens. But now we built in these other products that helped them. When they get into that crisis situation, So instead of this health care being a product that's unreachable or, you know, having out of pockets, they can't meet. Now we have products that we add in that will absolutely turn their lives around when they have that crazy. I've got a client right now. Good. She been quiet for a long time and they were on a healthy share with had a 1500 out of pocket and when they just got diagnosed with severe cancer and I put $50,000 with the critical over a song. So not only are they on the health care product only gonna be out of pocket 1500 but they had 50,000 in critical owned. Well, now they're gonna make 48,500 and they're like, Oh, I'm so glad And they didn't want to take it. And I've talked him into taking it, and sometimes we have to realize that we will absolutely turn these people's lives around if they have a bad health crisis, because then having that extra 48,500 means that they can afford to take off time from work because they have the extra money now on side to pay for their time off to pay their car trip to pay their hotel costs. You, you know, pay for baby sitters to watch the kids while they run down to M. D. Anderson in Houston. I mean, there's so much and in a crisis thing, and most of it's just your life gets turned upside down by. My dad had a small heart attack, had a triple bypass. He was unopened. You Ryan in Houston and he was unable to work for five months. And, well, when you're in overdue, Ryan, you are addictive. If you're not working, all these other people in office depend on you to be there and to do your job. When you're not there. The job doesn't get done. So many businesses, 3 to 4 employees and the owner is one that brings in the business that keeps everybody busy. If he goes down, there's a lot of people gonna get hurt in the process. So the idea of critical illness, I'd call it almost like a mini disability policy. You know, you get 50,000 and money that's there to keep you from having to sell your trucks and sell your equipment and putting you out of business because you can't use that stuff to make a living. So critical illness is the muscle. You really you've got to take the time to educate your clients on critical illness. Because I've yet to have a client that had a major situation that wasn't absolutely so happy, You know that they had that money to make it through that crisis. I'm doing really well. This has been a good business. No information is power and chaos. There is opportunity. And, you know, you're the guy with the answers. You're gonna get their attention. And people are desperate for answers right now. If you can go in there with the information to get their attention, then you you got their business for life.

spk_0:   13:07
That is a great point that you bring up right there now changing. Ah, attack. Just a little mitt. You meet with a lot of people between your canvassing and your referrals and regular client meetings. So what can brokers do to build better relationships with their clients?

spk_1:   13:23
Anything you can do to retain quiet? It lets them know that you're there. My persistency is extremely hot. And the reason why My persistence is extremely high is because people feel like I'm shooting straight with them, and then I'm gonna be there for ruined happy crisis. And one of the sad things about this business is agents are terrible about taking care of their clients in, You know, some people I won't care that you get a because I answer my phone, you know, because I do what I say I'm gonna do. I take care of my clients. And if I had a problem, you know, I made a mistake. I kind of feel and character is something that has been lost. Kopstein from the best insurance on the helmet I've ever seen not making any insurance. And the reason why they don't make it is because they're here. D'oh! Business day in, day out, day in, day out. Like my candidacy. It's 100 on Monday to make phone calls on Cheese Day. I've set my appointments for Wednesday, Thursday, Friday and I follow the same path. And so the secret being successful in this business, it's love among your crimes and consistently doing the same thing week after week, you know, everybody's at me. What's kicker to be successful and selling insurance, learning how to manage your time. That's it. If you made it, you're trying. I've been treated like a 40 hour week job and get out there very money. You'll have a great if you don't, you will bear. And, you know, I'm at a point now where, you know, I've been in this business a long time. I've got over 3000 plants and my mail box money is off. I do very well, and the only way you can get there it is by learning to consistently manage your time. No, your products level of your clients. I'm at a point in my career when I get a ton of reforms. But, you know, that's 25 years of doing what I was supposed to get. It's a many thing when you look back. If you could do that consistently did the same thing over and over and over again. For 5 10 years, you'll look back and go on out. Look what I created, you know, unbelievable. And and you make a lot of your money by someone assuring your products. You have those? They got great tools. It's great mailbox money. Uh, It's where you add this on and make a good living.

spk_0:   16:09
Yeah, absolutely. I think consistency and dedication are 100% a big part of the key to success. And I think they got up a valuable point about education as well. In that Ah, sometimes giving your client the answer isn't as important as making yourself a resource for those answers. Right? So you bring up a lot of very good points there, shot. I want to go to something that you ah alluded to earlier when you were talking about group sales. Ah, you were talking about cross selling different products and I want to talk about specifically critical illness, insurance and life insurance. What kind of successor you having pairing C I and life insurance sales? And ah, what sort of tips can you share with producers that are looking to do the same

spk_1:   16:51
on the individual side? What I do is when I go in there hell, sure made medical whatever I have to quote, And if you have a critical illness, quote and then you have a life with critical illness, and so I will put anywhere from 300 to $500,000 alive. Adequately Bonus. Now when you go look at the difference in cost which way? Straight out, quick alone, a plan and a life plan with critical illness. There's not a whole lot of difference in twice, you know. So what I'll do is I'll go in there and I'll present. And what if I get in a fight on? I don't know. No, that's hot. You know, I have $300,000 with life onto this policy onto your C I policy for 30 bucks or 70 bucks. Really, that's it. And it's really I mean, when you compare it wife with C, I you know the difference in premiums for me and you tell us what you're doing. You're saying you tell them the difference in the box. So that started Buck 50 bucks. You say I give you 503 $100,000 with extra life insurance number 30 50 hours? Yeah, you could say, you know that's the problem. I have a date is a lot of time. So listen, we're not selling products we're selling about. They may hate with their pain, but the reason why they hate their pains because they don't think it's worth the price. Now if I can offer them lower pocket C I and why? For let them with their pants. You think they see the value in there? Absolutely. And, you know, it was kind of a a large minute throwing. And it is amazing how many times those people will tell you. Yeah, going to them that all. Honey, I'm eat, eat like insurance. I don't know what it is, but people had kind of a bird talk about health insurance. All that all life insurance is something that's a little bit of they don't want to go there until one of them over you can get on the end of the cell. And I love doing that. Get life on. And when you if you sell just the eye the commission on that product load, like get you get a on the life insurance condition and I don't know what your life insurance commissioners that more than me, I promise you that. So all of a sudden, now you get a lot more money. When you do a lot of key, I am Bo over. Just see, I the little bark it regular simple Shiite and federal Newell's. But life in the eye has a lot better.

spk_0:   19:59
Well, Judd, you have been absolute wealth of information. I'd like to thank you once again for joining us today. Do you have anything more you'd like to add for our listeners before you sign off?

spk_1:   20:11
You know, surety is great company, and I've been more more. I get nothing more. More. I love my rep is paying filled. And these guys have been there for me any time I need. And they they helped educate me. And, you know, I think a lot of people don't realize the wealth of information and help. They have it. A surety. You know, I've been out in the field and Arco customer service. No. Give me a quote right over the phone. Any time I call where I had a problem with a client, they've been on confident calling me back and, God, companies like a surety. You know, I've represented a lot of companies over the years, and surety is by 41 of the best one out there. They live in there. They got great trips. They got great products. I've never had a problem with them. paying me, and they're very loyal to their agents. I've loved the relationship, you know, and I don't see myself ever doing business anywhere else, even if they offered me more money. So I really do. Furious

spk_0:   21:30
Incredible company, Really working. Well, Chet, we're glad to work with you too. And thank you again for sharing all of your incredibly valuable insights here. I'm sure our listeners will definitely get a lot from hearing your advice and to our listeners. Thank you so much for tuning into a sureties. Tips from the assurance pros To learn more about a sureties critical illness, contact your regional sales steam or email us at podcast at a surety dot com, and we'll be happy to connect you with the representative. Thanks for listening for producer use only not for use with the general public not for use in New York. Sure, it is a marketing name for the Mutual Holding Company, a surety group incorporated headed subsidiaries. Those subsidiaries include, but are not limited to a surety life insurance company and a surety life insurance company of New York. Insurance product and service is our offered by a surety life insurance company in all states except New York in New York, insurance, product and service is our offered by a surety life insurance company of New York, Albany, New York Product availability features and rates may vary by state.