June 27, 2017
Selling critical illness (trauma) insurance is not about statistics nor policies and premiums but about providing for clients when they need help, according to an adviser who made claims against his own critical illness policy.
Speaking at the recent MDRT Annual Meeting in Orlando, Florida, Darren Ulmer from Sun Life Financial in Saskatoon, Canada said critical illness insurance (CII) does not take away medical problems but removes financial stress and its effects from policy holders.
Ulmer, who was successfully treated for a cancerous growth behind his ear, asked attendees if they sold CII or whether they held it themselves and said it can be presented to clients through natural conversations and without having to quote statistics or present cold data.
He said he created a scrapbook of personal stories about the financial and emotional stress of being diagnosed with and treated for a critical illness, such as cancer, which he kept in the waiting area of his office, and which client often used to start discussing their CII needs with him.
“The conversation usually starts by us talking about something they found interesting in the book,” Ulmer said.
“I explain to them that this is one of the greatest things I get to do. You see, I deliver get-well checks.”
“Then I ask them, ‘What if you couldn’t work for a year or two because of a serious health issue, something such as cancer or a heart attack, where even if you wanted to go back to work, you physically couldn’t?”
“I would like to show up at your home with a get-well card and a get-well check. How big would you like that check to be” Ulmer said, adding that this approach allowed the client to determine their need for insurance and level of cover without the adviser raising the issue of premiums and policies.
Ulmer said clients who have experienced a critical illness within their family already have an understanding of the need for CII and he asks them what level of cover would have eased the emotional and financial stress around medical costs and treatments and the impact on family income and savings.
He said he presents the need for CII as a question around what amount of money would be required to cover the time it took to recover from a critical illness and asks clients to sign blank checks for those amounts, with Ulmer promising to bring a real check for that amount if they ever made a claim.
“I explain to them that this is one of the greatest things I get to do. You see, I deliver get-well checks. If you are diagnosed with one of the covered illnesses and you have a critical illness plan, I get to deliver this check to you. If you don’t get to use the plan because of a tragedy, I will give your family this check, You see, if you get sick, you get a check. If you die, your family gets a check,” Ulmer said.