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Why you really need ancillary products
Ancillary products definition: is a product given as a bonus or add-on purchase when buying another product. This product type is usually offered as a giveaway bonus instead of lowering prices or giving discounts to entice customers to buy the main product. More than likely given to the customer for free as a sales incentive or at a discounted price for purchasing the main product. Read More
- updated last on March 25, 2023
The right ancillary products marketing for your specific product
Ancillary products are a wonderful way for companies to increase sales without giving up revenue by offering discounts or improving revenues by upselling customers who have already committed to purchasing one of your goods and services.
Insurance policies can also be bought as ancillary policies. A broker selling ancillary products like cancer insurance, for instance, might offer the buyer critical Illness insurance coverage as an add-on purchase to help cover heart attacks and strokes even if they don’t sell the insurance as a stand-alone product.
In a pure insurance context, what are ancillary policies? They are sometimes used to describe coverages that are not part of the immediate plan, such as optional coverages. Examples of 3 ancillary products in the health insurance context include vision, dental, short-term, hearing, etc. These are ancillary to the main health insurance coverage for accidents and sickness.
Once an employer gets sick, health care is given to him or her through insurance so that he or she can recuperate and join the workforce again. However, a basic health insurance might not be enough so picking up ancillary products is a good choice.
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The best examples of ancillary products ever!
- Accident Coverage – accident insurance is a form of insurance policy that offers a payout when people experience injury or death due to an accident.
- Cancer Insurance – A scheduled benefit cancer policy usually has a long list of specific benefits that it will cover up to a certain amount. The benefit amounts in a single policy can vary wildly depending on what exactly the benefit is for. A policy will almost always cover hospital stays, standard cancer treatments, as well as transportation and lodging to and from an oncology specialist.
Dental Insurance – form of health insurance designed to pay a portion of the costs associated with dental care. There are several different types of individual, family, or group dental insurance plans grouped into three primary categories: Indemnity, Preferred Provider Network (PPO), and Dental Health Managed Organizations (DHMO).- Vision Insurance – Vision care insurance will often cover routine eye health expenses such as eye exams, contact lens fittings, contact lenses, and eyeglass lenses and frames. Some plans may even provide a discount on LASIK procedures and other corrective surgeries.
- Short Term Medical – Short–term health insurance refers to medical coverage that is used for a temporary period of time. Historically, this duration was 364 days or less.
- Telemedicine – the remote diagnosis and treatment of patients by means of telecommunications technology
What is ancillary insurance? These products and many more are products offered at Coach B. Insurance or through one of our partners.
Getting the best deals on ancillary products in hospitals
Ancillary care refers to a wide display of healthcare services that are provided to help support a primary physician’s work. Medical services can break down these into three categories: diagnostic, therapeutic, and custodial. The diagnostic part includes laboratory tests, radiology, genetic testing, diagnostic imaging, and more. Therapeutic services range from rehabilitation to physical and occupational therapy, massage, chiropractic services, and speech therapy. Custodial services include everything from hospice and long-term acute care to nursing facilities and urgent care.
Ancillary care is the fastest growing healthcare sector, representing nearly 30 percent of medical spending. With today’s rising healthcare costs, ancillary providers are frequently a prudent and cost-saving alternative to outpatient hospital and physician services.
The ancillary products for cars that wins customers
Before car buyers drive their new or used vehicle off the dealership lot, the salesperson may offer an extended auto warranty that provides coverage above and beyond the manufacturer’s warranty. In addition to the extended car warranty, several ancillary products extend the range to offer consumers valuable benefits and ensure their out-of-pocket repair costs are minimal. Below are some ancillary products for cars.
Some of these ancillary insurance products include coverage for:
Dent and Ding Repair
In the case of the shopping cart dent above, or perhaps a minor run-in with the garage door, a baseball, and so on, ancillary insurance would cover the cost of fixing the dent, including any chips, cracks, or other damage to the body of the vehicle.
Tire and Wheel
Many people mistakenly think the manufacturer’s warranty covers their tires and wheels. However, they quickly learn otherwise when they get their first flat tire. While roadside assistance offered by many car companies will assist with switching out the bad tire or towing the car to a repair shop, the actual cost of the repair or replacement comes right out of the owner’s pocket – unless, of course, they’d purchased tire and wheel coverage as part of their extended warranty.
Theft Protection
According to the Insurance Information Institute (III), in 2019, almost 722,000 vehicles were stolen in the United States, costing around $6.4 billion. Car thieves continually devise new and sophisticated ways of stealing vehicles, such as acquiring access to smart keys, switching vehicle identification numbers, and even stealing identities to secure loans for more expensive cars. Some ancillary insurance products include theft deterrents or vehicle recovery systems to prevent thieves from stealing your car.
Windshield Chips and Cracks
Did you know a damaged windshield might also interfere with the airbag performance and threaten your overall safety on the road? Even the smallest crack can lead to the destruction of a car’s windshield over time. It’s vital to repair a cracked or chipped windshield as soon as possible, and it’s one of the coverages provided by ancillary insurance.
Key/Key Fob Replacement
Car keys for new vehicles are no longer just simple keys that unlock the doors and start the ignition. While they still do those tasks, almost all new automobiles come with key fobs, devices programmed to communicate with all the car’s systems, including the ignition, doors, and trunk. Many also include a panic button for emergencies. If lost or misplaced, these high-tech devices can be costly to replace. Some carriers can extend ancillary insurance to include the cost of returning the key fob.
Appearance Protection
People want to keep their new vehicles looking as shiny and clean as the day they drove them off the car lot. However, outdoor factors like inclement weather, tree sap, bird droppings, and other elements can damage the exterior. At the same time, discoloration from the sun’s rays or food and beverage stains can ruin the interior. Ancillary insurance coverage can include several appearance protection products that can help preserve the pristineness of your new car, inside and out.
Frequently Asked Questions
What are some examples of ancillary products?
Ancillary products are additional products or services sold alongside a primary product or service. Examples of ancillary products include extended warranties, insurance policies, maintenance plans, and accessories. In the travel industry, ancillary products include seat upgrades, baggage fees, and in-flight meals.
What are ancillary health products?
Ancillary health products are not considered essential for medical treatment but can be used to support or enhance health and wellness. Examples include vitamins, supplements, fitness equipment, and personal care items.
What are examples of ancillary benefits?
Examples of ancillary benefits include dental and vision insurance, life insurance, disability insurance, retirement plans, employee assistance programs, and wellness programs. These benefits are offered besides standard health insurance and can help attract and retain employees.
What does ancillary mean in health insurance?
Ancillary refers to additional benefits or services not included in a standard health insurance plan. These include dental, vision, prescription drug coverage, wellness programs, or telemedicine services. Ancillary benefits are often offered as add-ons to a primary health insurance plan or as part of a comprehensive benefits package.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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