Antex Medicare Supplement

[Frank Stastny]

Frank,

I could see your point if there was a huge difference in premium, but there isn't (in this case the premium is more). The commsions will just keep going down if we let these companies rip us off like this. There is no reason that they should pay such low commissions. It just goes to show what ANTEX thinks about agents.

I totally agree. It isn't just Antex, they all treat us like redheaded stepchildren. In order for that to change agents across the country would have to act in unison. You and I both know that isn't going to happen.

They will keep screwing us and we will bitch about it here but that is as far as it is going to go.

I think a bigger issue is getting our commissions cut after six years. We bust out ass to keep our clients happy with us and the company we represent and how does the company reward us for our efforts? By sticking it up our ass and slashing our commissions.

It didn't use to be that way. I'm still getting full commission on policies I sold in the early 90's when I was captive.

 

[senior-advisor-indiana]

Yeah,
Bitching on here doesn't get anything done. Getting paid for longer than 6 years would be nice BUT I haven't seen a company recently that can be competitve for 6 years.

 

[btfinpa]

We bust out ass to keep our clients happy with us and the company we represent and how does the company reward us for our efforts? By sticking it up our ass and slashing our commissions.

Maybe if you weren't busting out your ass they wouldn't keep sticking it up there.

 

[G.Gordon]

I kinda have a rule when offering a plan to the client.

Company A vs company B

Premiums difference $7/mo and under I offer the plan that pays me the most. Premium diff. of over $7 but under $10/mo... depends on the client. Are they a PITA... I get paid more for PITAs.

Prem difference of more than $10/mo... lowest premium wins.

It makes it easier when you run into a couple like we just signed. They still had Washington National/Conseco... $310... EACH/month. I saved them $270/mo. wrote them with U.O. that only pays 11% for replacement business in Missouri. The second place carrier was $45/mo more... I couldn't do that for 8% more in commissions.

I write a good amount of business with ANTex. 12% contract with them still isn't my lowest. They have fairly loose underwriting and their first and only rate increase on the Missouri book was 3.2% after 2 years on the street. That's great in it's self.

Sounds like some of us need to concentrate more on the number of people they can get rather than the amount of $$/client.

 

[jacobtn]

Here in TN we have a 20% contract with 15 month advance, no interest on outstanding advance amount. Basically equals a 25% contract except renewals don't get in until month 16. Their underwriting is similar to Shenandoahs before receivership.
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It makes it easier when you run into a couple like we just signed. They still had Washington National/Conseco... $310... EACH/month. I saved them $270/mo. wrote them with U.O. that only pays 11% for replacement business in Missouri. The second place carrier was $45/mo more... I couldn't do that for 8% more in commissions.

Dude you need to have your head checked. You saved them $270 mth, I would have sold them the higher one, and also mentioned final expense. You left a LOT of money on the table. Could have probably written each of them a $50 FE plan on the same deal, still saved them over $100 mth and made a TON more money.

Many companies have comboapps where you can write both MS and FE on the same app. If you give them the option to use some of the savings to purchase FE, many will opt to do so. If you run into Wash National/Conseco/Bankers Life, and you don't then you are crazy IMO.

 

[HarryRenard]

Its not always about saving people money, its about adding value. You should always try and cross sell, they are allready spending the money, this way just they are just "getting more for their premium dollar". -stastny '09

 

[VaDwayne]

Here in TN we have a 20% contract with 15 month advance, no interest on outstanding advance amount. Basically equals a 25% contract except renewals don't get in until month 16. Their underwriting is similar to Shenandoahs before receivership.
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Dude you need to have your head checked. You saved them $270 mth, I would have sold them the higher one, and also mentioned final expense. You left a LOT of money on the table. Could have probably written each of them a $50 FE plan on the same deal, still saved them over $100 mth and made a TON more money.

Many companies have comboapps where you can write both MS and FE on the same app. If you give them the option to use some of the savings to purchase FE, many will opt to do so. If you run into Wash National/Conseco/Bankers Life, and you don't then you are crazy IMO.

I agree with you about selling final expense, but to charge them $45 a month to put more money in your pocket is thievery. You write the more expensive policy and a guy like me is going to run into them at some point, tell them how they are paying to much, and replace your business; and, probably get the FE business too.

Don't go for instant gatification; do whats right and have a customer for life.

 

[G.Gordon]

Jacob,

I make more than I need so I don't worry about every sale's max return. I've reached this point via doing what is right for the client.

This case:

They are both over 80 so IMO too late for FE. They'd be better served going to the funeral home and prepaying.

She has some serious health issues so if not for the MO GI law she'd still be paying $310/mo. So my industry knowledge got her into a better place. That's all I was trying to achieve.

I met them on the 28th of August. Their policy dates were Aug 3, 1999. What does that mean. To use the GI law I had five days to get them talked into it, get copies of policies they didn't have, and get Conseco canceled before they drafted $620.

Serve your clients interest well and you'll get paid in other ways. Referrals and client loyalty are worth more than making another buck or two off each client.

 

[jacobtn]

Jacob,

They are both over 80 so IMO too late for FE. They'd be better served going to the funeral home and prepaying.

nonsense. I have sold many, many clients FE who are over 80. Yes it costed more, but they won't be paying the premiums as long as someone who are 60. I wrote a $217/mth Foresters FE to an 85 yr old man in GA last week. Total first yr commission? $3,124.80. They advanced interest free into my checking this morning $2343. Not bad for one sale. I could've sent him to the funeral home, but decided to sell him myself

Are you a salesman or an ordertaker? there is a difference. Anybody can sell, it takes a salesman to cross-sell. I'm not talking about misleading, but seizing an opportunity to mention another product at the time of sale, (adding value). Trust me, they will spend the savings somewhere. Just not with you (now).

 

[G.Gordon]

I don't have to "sell" anyone anything other than myself and then they usually do what I suggest.

I suggest only what I would do at this point in their lives given the knowledge that I have at this point in my life and in this profession. Doing what we do gives us tremendous insight and the ability to understand what is a true value vs. commissionable value.

No one gave me the order for the case I mentioned earlier. I had their name on a list and just walked up and introduced my services. I then did the only thing I know how to do. Sell them on trusting me, gaining knowledge about their situation, and advising them on actions that needed to be taken in a way that they would feel safe and fully understand. I did for them what I would want done for me... and that is priceless. I'm content with the $37.40/mo income I will get for doing a service to those folks... month after month... for the next six years.

Don't assume that every time you save someone money you have to take that back in another sale. They aren't positively going to spend that money on "insurance". Maybe they will enjoy a little slack in their monthly budget... what a thought.

Treat others like a piece of pork and you'll keep having to work for that "advance" income. Me... I'd rather of had $260/mo added to my as earned income streams. By the way, how much will you earn on that case next year?