Voluntary Benefits
Published by Chris Gobbo on April 9th, 2024
In the early days of my career, I didn’t know that insurance would be my calling. I had always known I wanted to be in sales—drawn to the idea of offering something that could actually help and positively impact consumers' lives—and began my career on an Ancillary team selling supplemental group health insurance products.
But over time, I felt the group ancillary side of the business was becoming more and more commoditized. In one circumstance, I was working on an RFP for a client, feeling extremely confident about delivering them a great rate. I was expecting the client to be impressed and excited. They were anything but. Not only was I high on my rate, but I was also the highest rate among the pack. I felt stuck, only ever chasing the lowest rate. I feared I was never going to get the payoff of helping people in the way I had wanted from my sales career.
It was from that point that I decided to switch to voluntary benefits. With voluntary benefits, it’s not just about the lowest rate, it is about how the solutions you sell actually impact the lives of clients and policyholders. It’s about impact in the real world, not just numbers on a spreadsheet. And for me, I found that the opportunity to bridge the gap between theory and everyday scenarios for clients and policyholders was both fulfilling and fun. Let me share with you a few examples of how I pull voluntary benefits back down to reality to show clients the real-world implications of voluntary solutions.
Life insurance and divorce in New Jersey
Did you know that in the state of New Jersey (NJ), a divorcee responsible for making alimony payments must hold a life insurance policy large enough to cover the entire amount to be paid over the time specified in a settlement?1 If you didn’t, you’re not alone. Many brokers, enrollers, and consumers wouldn’t know this unless this specifically applies to them.
I love opportunities to share nuggets like this! Diving into the details, understanding the world outside of insurance and the impact of coverage not only highlights your knowledge of real-world use cases but can help you build trust and rapport with your clients. Of course, this is very specific to clients in the state of NJ, but when you can make these connections for clients, you’re demonstrating value and making a memorable impression that can lead to a successful sales outcome for clients and policyholders.
Pursuant to N.J.S.A.18A:40-41 or “The halo law”
In the state of New Jersey (and many other states as well), a student who participates in an organized sports program and sustains a head injury with any deterioration of symptoms must have 911 called to be evaluated by a physician or other licensed healthcare provider.2 Which more often than not leads them to a hospital visit, regardless of the severity of the injury. I like to refer to this as “the halo law.”
You might be asking, “Why is this important?” Well, this is yet another example of how voluntary benefits can help policyholders in everyday circumstances they might not think about. That hospital visit can often come with costs not covered by insurance. But, with a Trustmark Accident policy, for example, many of the out-of-pocket expenses from the child's hospital visit would be covered. As a parent to children who play sports myself, I find knowing about these kinds of benefits enticing because I can comprehend their real-world implications.
When I tell this to brokers and clients, especially if they’re parents themselves, there’s usually a moment of “Wow, I’ve never thought about it that way.” Again, communicating everyday examples such as this can help clients, or policyholders, better understand the value of the solution you’re offering. As a bonus, it can add some fun to your work when you can surprise clients with knowledge and perspectives they may not know or have thought about.
Life Insurance to cover student loans
One time, I sat in on an enrollment for a life insurance product where young employees were all asking for very specific amounts of coverage. When I asked why they were being so specific, they brought up that they wanted to cover their remaining student loan debt in the event of premature death.
The next day, I went with another sales representative to present to a broker and incorporated the idea of using life insurance to cover student debt in our pitch. The entire time the broker had a grin on his face, almost as if he was going to start laughing. My sales partner asked the rep “Why do you keep smiling like that?” He responded by saying, “My wife and I just bought life insurance policies to cover our student debt.”
More often than not, student loans are co-signed by parents or guardians, so that responsibility is passed on to them if they pass away. The weight of passing on that debt is much more tangible than the standard jargon, and we were able to communicate that in a way that ultimately connected and won the sale.
Bridging the gap between theory and these everyday scenarios brings the conversation about insurance back down to a human level. People don’t want to be sold a rate, or a product, they want to have a conversation to better imagine how these solutions can actually impact their lives. For me, providing these sorts of “a-ha” moments is what makes this profession so fun.
1. Life Insurance in Divorce. The Law Offices of Peter Van Aulen. 2024.
2. Model Policy and Guidance for District on the Prevention and Treatment of Sports-Related Head Injuries and Concussions. The State of New Jersey. 2023.
But over time, I felt the group ancillary side of the business was becoming more and more commoditized. In one circumstance, I was working on an RFP for a client, feeling extremely confident about delivering them a great rate. I was expecting the client to be impressed and excited. They were anything but. Not only was I high on my rate, but I was also the highest rate among the pack. I felt stuck, only ever chasing the lowest rate. I feared I was never going to get the payoff of helping people in the way I had wanted from my sales career.
It was from that point that I decided to switch to voluntary benefits. With voluntary benefits, it’s not just about the lowest rate, it is about how the solutions you sell actually impact the lives of clients and policyholders. It’s about impact in the real world, not just numbers on a spreadsheet. And for me, I found that the opportunity to bridge the gap between theory and everyday scenarios for clients and policyholders was both fulfilling and fun. Let me share with you a few examples of how I pull voluntary benefits back down to reality to show clients the real-world implications of voluntary solutions.
Life insurance and divorce in New Jersey
Did you know that in the state of New Jersey (NJ), a divorcee responsible for making alimony payments must hold a life insurance policy large enough to cover the entire amount to be paid over the time specified in a settlement?1 If you didn’t, you’re not alone. Many brokers, enrollers, and consumers wouldn’t know this unless this specifically applies to them.
I love opportunities to share nuggets like this! Diving into the details, understanding the world outside of insurance and the impact of coverage not only highlights your knowledge of real-world use cases but can help you build trust and rapport with your clients. Of course, this is very specific to clients in the state of NJ, but when you can make these connections for clients, you’re demonstrating value and making a memorable impression that can lead to a successful sales outcome for clients and policyholders.
Pursuant to N.J.S.A.18A:40-41 or “The halo law”
In the state of New Jersey (and many other states as well), a student who participates in an organized sports program and sustains a head injury with any deterioration of symptoms must have 911 called to be evaluated by a physician or other licensed healthcare provider.2 Which more often than not leads them to a hospital visit, regardless of the severity of the injury. I like to refer to this as “the halo law.”
You might be asking, “Why is this important?” Well, this is yet another example of how voluntary benefits can help policyholders in everyday circumstances they might not think about. That hospital visit can often come with costs not covered by insurance. But, with a Trustmark Accident policy, for example, many of the out-of-pocket expenses from the child's hospital visit would be covered. As a parent to children who play sports myself, I find knowing about these kinds of benefits enticing because I can comprehend their real-world implications.
When I tell this to brokers and clients, especially if they’re parents themselves, there’s usually a moment of “Wow, I’ve never thought about it that way.” Again, communicating everyday examples such as this can help clients, or policyholders, better understand the value of the solution you’re offering. As a bonus, it can add some fun to your work when you can surprise clients with knowledge and perspectives they may not know or have thought about.
Life Insurance to cover student loans
One time, I sat in on an enrollment for a life insurance product where young employees were all asking for very specific amounts of coverage. When I asked why they were being so specific, they brought up that they wanted to cover their remaining student loan debt in the event of premature death.
The next day, I went with another sales representative to present to a broker and incorporated the idea of using life insurance to cover student debt in our pitch. The entire time the broker had a grin on his face, almost as if he was going to start laughing. My sales partner asked the rep “Why do you keep smiling like that?” He responded by saying, “My wife and I just bought life insurance policies to cover our student debt.”
More often than not, student loans are co-signed by parents or guardians, so that responsibility is passed on to them if they pass away. The weight of passing on that debt is much more tangible than the standard jargon, and we were able to communicate that in a way that ultimately connected and won the sale.
Bridging the gap between theory and these everyday scenarios brings the conversation about insurance back down to a human level. People don’t want to be sold a rate, or a product, they want to have a conversation to better imagine how these solutions can actually impact their lives. For me, providing these sorts of “a-ha” moments is what makes this profession so fun.
1. Life Insurance in Divorce. The Law Offices of Peter Van Aulen. 2024.
2. Model Policy and Guidance for District on the Prevention and Treatment of Sports-Related Head Injuries and Concussions. The State of New Jersey. 2023.
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Written by Chris Gobbo
Chris Gobbo serves as Trustmark Voluntary Benefits Regional Sales Director for the New Jersey region. Chris has over 25 years of experience in the insurance industry, with experience at Unum, Sun Life, and several others in the industry. he is described by his peers in the industry as a strong leader who can adapt to any situation
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