Considering these misconception, brokers have an opportunity to garner interest for CI using these effective approaches:

Explain how this benefit is different from other plans, such as medical insurance, long-term disability, or long-term care. Break down CI's "health insurance" myth.
Transform the line item into something actionable; don't just mention the benefit availability. Explain how it helps people to meet their financial obligations while they recover from a serious illness, and that it's not simply for paying out-of-pocket medical expenses. Give examples of people in similar situations with and without CI insurance.
Bring comparisons to the cost issue. Is it truly a luxury? And is it an expensive option compared to the benefits it provides? Re-focus potential CI buyers to think about their financial risks, not their health threats. Explain that 6 in 10 Americans have less than $1,000 in savings, while the average out-of-pocket medical expenses in the event of critical illness can easily amount to $10,000.
Use the positive language and be a dynamic educator! Highlight the high-survival rate for catastrophic illnesses, but point out that people can insure themselves against the steep costs with a CI plan.

Brokers and carriers must look beyond premiums and recognize that true industry growth will come from the increased number of people taking coverage. Ultimately, the long-term potential for the CI industry centers around the efficiency of educational and communicational campaigns. If current marketing strategies fail to address CI misconceptions and allow the myth that CI is just another health benefit to continue, it is unlikely that we will continue to see the pace of increases in CI sales that we have witnessed in the past.

Instant Insights /

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