Selling Liferaft
Pairing Liferaft with Health Insurance
Liferaft products can work alongside your client’s major medical plan, expanding their coverage and reducing their financial risk.
May 27, 2022
Liferaft products can work alongside your client’s major medical plan, expanding their coverage and reducing their financial risk.
Our products are affordable, simple to understand, and flexible so that you can tailor them to your client's specific needs. With our plans in place, your clients can feel confident they have the coverage they need to protect themselves financially in case of an unexpected illness or injury.
In this article, we will review various tools and resources that help you introduce Liferaft products to your clients, as well as guidance about how to recommend the right level of coverage.
You know your client's health insurance won't cover all of their medical costs. But your client likely does not understand what their health insurance covers, and what it does not. Helping your clients understand the basics of health insurance can help them to see the value a supplemental plan can provide.
Our most successful brokers make sure to spend the beginning of their meetings with clients reviewing the basics of how health insurance works. Make sure your clients understand the terminology, such as a deductible, co-pay, co-insurance, monthly premium, and out-of-pocket maximum.
Your clients may be interested in a higher level of healthcare coverage but are unable to afford the monthly premium that goes along with a Silver or Gold level plan. Liferaft products can provide additional financial protection during major medical events for a lower monthly premium than a higher-tier healthcare plan.
Many people don’t even know that supplemental insurance exists, let alone what it covers. When reviewing their major medical options, explain that supplemental insurance is an additional policy that can be purchased to cover expenses not included in a regular health insurance plan. During a significant medical event, supplemental insurance will help pay for their out-of-pocket costs, including their deductible, co-pay, coinsurance, and even day-to-day expenses, depending on the plan they select.
This video is a quick and helpful way to educate your clients about supplemental insurance and Liferaft. If you would like a branded video with your logo at the end, you can request one here.
Health insurance can be confusing. Breaking down the numbers with specific scenarios will help clients better contextualize how choosing one package over another might impact them financially down the road.
Many of our most successful brokers rely on personalized collateral like our Plan Side-by-Side flyer. This flyer breaks down how pairing Liferaft with your client’s specific major medical plan can impact their monthly premium and out-of-pocket costs during major medical events.
By showing your client exactly how much money they would save in these specific scenarios, you will better illustrate when and why a supplemental health insurance plan can be valuable for them.
In your Broker Portal, search for a specific medical plan to download a pre-made flyer. If the plan you are looking for isn’t there, you are welcome to request one here.
You can also save specific plans to your account and then load them into Liferaft’s Quoting Tool, breaking down the numbers for your client in real-time. This guide goes into detail on how to get the most out of selling with Liferaft’s Quoting Tool.
Each Liferaft product offers different levels of coverage, from Basic to Premium for both individuals and families. This allows you to tailor a plan that is perfect for each of your clients. When generating a quote using Liferaft’s Quoting Tool, you will see three bundle options. These bundles are a helping starting point when guiding clients through the application and what level of coverage might work for them.
Additionally, you can help your clients select the right level of coverage by following the below guidance.
Liferaft Accident Supplement reimburses eligible medical expenses due to an accident.
When tailoring this product to your client’s medical plan, selecting the level of coverage that will 100% cover their out-of-pocket max makes the most sense. Any additional coverage is unnecessary since the Accident Supplement only reimburses eligible medical expenses instead of providing a cash indemnity.
If your clients are diagnosed with a critical illness, they should expect significant out-of-pocket expenses. Folks diagnosed with a critical illness are often unable to work full-time. Travel expenses, newer treatment options, or even a second opinion may not be covered by their healthcare plan.
At a minimum, your clients should select a level that will cover at least two years of their plan’s out-of-pocket maximum. Any additional coverage will help alleviate some of the other financial challenges that come with a critical illness.
Liferaft’s Hospital Supplement is an affordable way to provide peace of mind and a financial cushion for clients if they are hospitalized. This product offers cash payments in the event of a hospitalization due to an accident or illness, making it more financially feasible if you suddenly need care. We recommend choosing the highest level of coverage that is still affordable for your client, as this will give them the most financial protection from paying their full deductible.
We know there are other supplemental insurance providers, but Liferaft products are easy-to-use, flexible, and affordable. And our competitors don’t offer the same level of support and service as Liferaft.
Just as we believe that policyholders should be able to easily access their plan details and quickly submit a claim, we believe that brokers should have access to the best tools and resources available to increase their sales. Our straightforward platform is designed to be easy to use so brokers can quickly generate a quote, submit an application, and complete their open tasks without any hassle.
We provide expert sales and marketing support to help brokers grow their business, including lead generation, digital marketing strategy, and comprehensive promotional materials and training.
Plus, Liferaft offers products worth selling! Our plans are straightforward, guaranteed issue, and designed to fill a coverage gap.
Yes! You can request a specific Plan Side-by-Side flyer in your Broker Portal > Broker Sales Tools > For Clients section or by clicking directly here. This helpful sales tool allows you to compare the pricing and specifics of Liferaft products directly with your client’s major medical plan.
To add a new plan in the Liferaft Quoting Tool, click on the "Advanced Options" button located under Liferaft Product Bundles. Next, you will see a button, "Add a New Plan." Click that button and a popup window will appear asking you for your plan’s name, state, monthly premium, deductible, hospitalization co-pay, maximum out-of-pocket, and co-insurance amounts. Providing these details will allow you to generate accurate numbers for your client’s quote and applicable use cases. Once you add a plan, it will remain a saved option on your account.
Liferaft products can work alongside your client’s major medical plan, expanding their coverage and reducing their financial risk.
