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So because they don't have time to compare, its ok to stick it to them? I take it there is no ethics CE required in Illinois?
AETNA - Amazing Underwriting / Horrible Pay.
- Thread starter AllenChicago
- Start date
So because they don't have time to compare, its ok to stick it to them? I take it there is no ethics CE required in Illinois?
I'm impressed, not only did you help the client and yourself, you're willing to come on here and discuss it.
There are a lot of broke people that didn't look out for themselves and wonder how they got that way. They're full of integrity, that's it.
Allen makes me ashamed to be an insurance agent
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It isn't always about max'ing commission on every sale. Do what is right for the insured and you will eventually be smothered in referrals.
I have always operated under this approach: take all plans with the same benefits and quote the lowest priced plan under the same benefit configuration. EX: if i quote a family 2500 ded copay plan with RX coverage I will run quotes from all the players, bcbs, cigna,humana,aetna,UHC, world, IAC, assurant and the list goes on... all the same benefits, at that point may the lowest cost plan win, period.
I get paid more on UHC but they cost 2 much to sell in most cases however I could quote their limited doctor visit option or remove the RX card and now they are a player. I guess i could do that and compare them to the unlimited plans and then jam UHC down their throat but NO. i will have a problem laying my head on the pillow at night and staring at the heavens knowing god is looking down waging his finger at me for being a bad boy.
also, if you quote the higher priced plan some other agent will come along and flip that biz to the plan they should have been on to begin with creating massive lapses.
I mostly do only internet leads and have learned that folks that shop online will "check your work" so dont give them any reason to doubt you.
these reasons are why I said a certain agent makes me ashamed to be an insurance agent
I get paid more on UHC but they cost 2 much to sell in most cases however I could quote their limited doctor visit option or remove the RX card and now they are a player. I guess i could do that and compare them to the unlimited plans and then jam UHC down their throat but NO. i will have a problem laying my head on the pillow at night and staring at the heavens knowing god is looking down waging his finger at me for being a bad boy.
also, if you quote the higher priced plan some other agent will come along and flip that biz to the plan they should have been on to begin with creating massive lapses.
I mostly do only internet leads and have learned that folks that shop online will "check your work" so dont give them any reason to doubt you.
these reasons are why I said a certain agent makes me ashamed to be an insurance agent
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Do always best for the client and you will be rewarded.
- Thread starter
- #27
- 8,448
I try hard to maximize commissions on every sale by using a high-deductible policy mated with an Injury Plan and Critical Illness plan. The client saves money by taking this route vs a low deductible policy with no add-ons. When they get their 15% increase the next year, it's only on the major med portion of this package. I've been doing this since 2002 with not a single client ever requesting to be moved to a lower deductible.
In fact, about 40% of my business comes from referrals who have this type of package. You feel good when someone calls to say "thanks" because they only had to pay $250 for the injury, or $0 out-of-pocket for cancer treatment, heart surgery, etc.. In March a client treated me to a nice "thankyou dinner" because he was bit by a spider, it got infected, but he only had to pay $250 of the $1,200+ in medical bills thanks to the WBA Injury plan that we added to his HDHP major medical.
From my point of view, after 20 years in this business, what's best for the client is RARELY an expensive low-deductible policy. Most people will never get sick often enough to justify owning one. Besides...poor people can't afford them and well-off people don't need a low deductible.
As a side note... I want to thank members of this forum that describe their experiences with clients and insurance companies in various scenarios. Were it not for your sharings, I would not now be selling Aetna and Humana. Some criticize my methods and motivations, but even those posts add depth and perspectives for other forum members and visitors to learn from. Cheers!
Appreciatively,
-Allen in Chicagoland
Allen, you're a true gentleman. These guys gave you grief over what you said (and you deserved it by the way), but you came back with a good explanation and a respectable "thank-you". I appreciate that.
I agree with DS4 who said, "It isn't always about max'ing commission on every sale. Do what is right for the insured and you will eventually be smothered in referrals". That's about the best advice I've ever heard. That's a big secret to longevity in this business.
But as I get older, I realize that the cheapest premium isn't always what's best for the customer, nor what the customer wants - even when the "cheapest premium" is created by raising the deductible and designing a common-sense approach to insuring the large expense rather than funding the routine expenses. When I was young, I shrugged my shoulders at those who wanted to "buy quality" and said, "you get what you pay for". A lot of younger folks were buying insurance from me as I was quoting the lowest prices while still retaining sound coverage. Older, more established folks weren't buying from me.
I had a boss 30 years ago who told me to sell the customer what he wants while still addressing what he needs, and to learn to "sell to the customer" in the same style that the customer uses to run his life. When in Rome, do as the Romans do. I can see why a business owner would pay more to have less hassles. Sometimes money is more available than time or energy!! It would be wrong to sell him on a carrier that's lowballing the premium this year and buying bad business through marginal underwriting. The extra premium is worth it to the client. And if you've been in the business long enough to attract and retain those types of clients, then you deserve the extra commission.
I don't have history with IAC, but you said they pay claims well and provide good customer service. I'm a little squeemish about your health+critical illness+accident approach, and I've never done it nor researched it, but I'm open to listen.
I agree with DS4 who said, "It isn't always about max'ing commission on every sale. Do what is right for the insured and you will eventually be smothered in referrals". That's about the best advice I've ever heard. That's a big secret to longevity in this business.
But as I get older, I realize that the cheapest premium isn't always what's best for the customer, nor what the customer wants - even when the "cheapest premium" is created by raising the deductible and designing a common-sense approach to insuring the large expense rather than funding the routine expenses. When I was young, I shrugged my shoulders at those who wanted to "buy quality" and said, "you get what you pay for". A lot of younger folks were buying insurance from me as I was quoting the lowest prices while still retaining sound coverage. Older, more established folks weren't buying from me.
I had a boss 30 years ago who told me to sell the customer what he wants while still addressing what he needs, and to learn to "sell to the customer" in the same style that the customer uses to run his life. When in Rome, do as the Romans do. I can see why a business owner would pay more to have less hassles. Sometimes money is more available than time or energy!! It would be wrong to sell him on a carrier that's lowballing the premium this year and buying bad business through marginal underwriting. The extra premium is worth it to the client. And if you've been in the business long enough to attract and retain those types of clients, then you deserve the extra commission.
I don't have history with IAC, but you said they pay claims well and provide good customer service. I'm a little squeemish about your health+critical illness+accident approach, and I've never done it nor researched it, but I'm open to listen.
You da man!
I have been fortunate over the years to have worked for some real class acts who were willing to take an eager rookie and teach them the right way to deal with prospects and clients.
I have also worked for some dirtbags, but that is another thread.
One thing I learned in my short career in individual life sales was "find the need, find the money".
Until you uncover what they really need you won't make the sale.
If they can't afford it, you still won't make the sale.
You find the need by asking questions, listening, and taking copious notes.
You do the same by finding a way to pay for it.
Health insurance is a relatively easy sale when they already own the product. Not so easy when they don't own health insurance.
Some agents will take a person paying $500/mo for health insurance and show them how to spend the same money but allegedly get more for their dollar.
I take the same person and cut their premium to $300 with the same or less OOP on a major claim while at the same time giving them something simple they can understand.
No moving parts health insurance.
In times like these you can be a real hero showing someone how to save money rather than loading them up with junk supplemental plans that may never pay off and are mostly just commission generators.
There is a reason why those plans are low premium and high commission. Chances of the carrier ever paying a claim are slim.
Last thing I need is someone complaining about how their cancer or CI plan didn't pay the claim because their illness didn't match the contract language.
All they know is "I got cancer and this policy didn't pay a dime".
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Bob: You bring up a good point...Which CI policies have the most restrictive language....Lets not be shy here, which CI company sucks and why. I hear this concern brought up often, but nobody has the expertise to prove why some companies CI policy blows. I think Bob has a valid point, but who has dissected this question / concern about CI? And technically, the same argument could be brought up about definitions in DI contracts.
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