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- #11
- 263
Yeah, thats a good point. Could be different practices. Either way, I'll sniff it out and have a full report Thursday night for everyone.
Assurecor - Anyone familiar with this company?
- Thread starter Corporate Death
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Yeah, thats a good point. Could be different practices. Either way, I'll sniff it out and have a full report Thursday night for everyone.
- Thread starter
- #12
- 263
Ok, here we go. I have mixed feelings.
Health Insurance is how they get you into the house, of course. They have several companies other than the ones in their list, including United American, American Republic, and Wellpath for example. They will try to get contracted with any company that any agent brings to them that they feel have decent products. Yes, they do sell the UA plans as limited policies to the folks who cannot get MM, but sell the limited policies based on the old theory of "use the limited policies first, then the MM as a catastrophic coverage". Those who cannot get MM, get an option of several limited policies, including UA.
They want you to talk about the clients Life Insurance needs while there of course (that goes without saying I think). They also have retirement planning, senior market products, accident riders, and of course, the Limited health expense products.
They brag about NEVER running out of leads. Every agent is given 40 leads per week on Friday. They are to call them on Monday to setup appointments for Tues, Wed, and Thursday. Friday morning you turn in your apps and take the day off.
The leads are A and B leads, A=fresh, B=called with no contact, or called and put off til a later date. The prospects (small business owners), are cold called by their telemarketing staff and asked if they would be interested in a quote on Health Insurance for themselves and their families. They know an agent WILL be calling.
Agents are assigned leads based on production:
If you have 1 sale per week, the following week, you'll get 10 "A" leads, and 30 "B" leads.
2 sales = 20 "A" Leads and 20 "B" leads
3 sales = 30 "A" leads and 10 "B" leads
4 sales = 40 "A" leads.
More production = better quality (although he did mention that they seem to be having more success with the 1-2 week old "B" leads).
Health Insurance
Health Commission (from any company policy used) is 20%. 6 mos advanced the following week.
Avg premium is $500 (without a life policy of about $40 premium).
The remaining commission is paid out monthly, I believe after 6 months (forgot to ask when it starts).
$500/mo premium = $6000 annualized, commission = $1200, $600 advanced.
The advances are NOT charged interest!
Life Insurance
Commission is 85% of Annualized premium. $40 avg premium x 12 mos = $480 x 85% = $408, six months advanced = $204.
They DO furnish tools for doing electronic presentations and online quotes, including electronic applications. They will appoint you for ANY state you are licensed in and give you leads to that state. Forgot to ask if they could break them by zip code.
THEY HAVE IMMEDIATE VESTING!!! NO WAITING 10 OR 20 YEARS FOR FULL VESTING. I asked half-jokingly if he could put that in writing, he said it was written as plain as day on the contract you would sign coming in.
If you are producing at LEAST one app per week, you'll get a $350 "car allowance" each month, that they wish you would use to help purchase your own health insurance. You bring your gas receipts in, tire changes, oil change receipts, etc, and they reimburse up to that $350..... as long as your doing at least one app per week.
If your doing at least 3 apps per week, it shoots up to $650/month!!! (This is also in writing....... I asked).
There are NO chargebacks........ AS LONG AS YOUR PERSISTENCY IS AT LEAST 70%.
Appointment fees are $99 for all companies that they are contracted with (Avg what, $30 per company? They have about 12 or 13 I believe).
BTW, I asked on my way out: "so, NO charge at all for those leads?" He said "NOTHING, but if your not producing, we'll stop giving you leads and fire you".
He's apparently been in the business about 22 years, starting with US Health Group when it was a baby back in 1984 in their only office in Texas. He retired after 10 years, supposedly with $25,000/month in renewals coming in, and tried his hand at the computer biz. Lost his a$$ in that and returned to Insurance. Knows David Keeler (y'all know him, right?) but refused to say anything bad about him (understandable, thats not very classy..... but I could see his eyes rolling behind his eyelids).
I guess their gimmick is that they wanted to try to start a company that was geared toward agent retention.
What say you? (It's going to be a while before I get licensed and start anywhere anyway).
Health Insurance is how they get you into the house, of course. They have several companies other than the ones in their list, including United American, American Republic, and Wellpath for example. They will try to get contracted with any company that any agent brings to them that they feel have decent products. Yes, they do sell the UA plans as limited policies to the folks who cannot get MM, but sell the limited policies based on the old theory of "use the limited policies first, then the MM as a catastrophic coverage". Those who cannot get MM, get an option of several limited policies, including UA.
They want you to talk about the clients Life Insurance needs while there of course (that goes without saying I think). They also have retirement planning, senior market products, accident riders, and of course, the Limited health expense products.
They brag about NEVER running out of leads. Every agent is given 40 leads per week on Friday. They are to call them on Monday to setup appointments for Tues, Wed, and Thursday. Friday morning you turn in your apps and take the day off.
The leads are A and B leads, A=fresh, B=called with no contact, or called and put off til a later date. The prospects (small business owners), are cold called by their telemarketing staff and asked if they would be interested in a quote on Health Insurance for themselves and their families. They know an agent WILL be calling.
Agents are assigned leads based on production:
If you have 1 sale per week, the following week, you'll get 10 "A" leads, and 30 "B" leads.
2 sales = 20 "A" Leads and 20 "B" leads
3 sales = 30 "A" leads and 10 "B" leads
4 sales = 40 "A" leads.
More production = better quality (although he did mention that they seem to be having more success with the 1-2 week old "B" leads).
Health Insurance
Health Commission (from any company policy used) is 20%. 6 mos advanced the following week.
Avg premium is $500 (without a life policy of about $40 premium).
The remaining commission is paid out monthly, I believe after 6 months (forgot to ask when it starts).
$500/mo premium = $6000 annualized, commission = $1200, $600 advanced.
The advances are NOT charged interest!
Life Insurance
Commission is 85% of Annualized premium. $40 avg premium x 12 mos = $480 x 85% = $408, six months advanced = $204.
They DO furnish tools for doing electronic presentations and online quotes, including electronic applications. They will appoint you for ANY state you are licensed in and give you leads to that state. Forgot to ask if they could break them by zip code.
THEY HAVE IMMEDIATE VESTING!!! NO WAITING 10 OR 20 YEARS FOR FULL VESTING. I asked half-jokingly if he could put that in writing, he said it was written as plain as day on the contract you would sign coming in.
If you are producing at LEAST one app per week, you'll get a $350 "car allowance" each month, that they wish you would use to help purchase your own health insurance. You bring your gas receipts in, tire changes, oil change receipts, etc, and they reimburse up to that $350..... as long as your doing at least one app per week.
If your doing at least 3 apps per week, it shoots up to $650/month!!! (This is also in writing....... I asked).
There are NO chargebacks........ AS LONG AS YOUR PERSISTENCY IS AT LEAST 70%.
Appointment fees are $99 for all companies that they are contracted with (Avg what, $30 per company? They have about 12 or 13 I believe).
BTW, I asked on my way out: "so, NO charge at all for those leads?" He said "NOTHING, but if your not producing, we'll stop giving you leads and fire you".
He's apparently been in the business about 22 years, starting with US Health Group when it was a baby back in 1984 in their only office in Texas. He retired after 10 years, supposedly with $25,000/month in renewals coming in, and tried his hand at the computer biz. Lost his a$$ in that and returned to Insurance. Knows David Keeler (y'all know him, right?) but refused to say anything bad about him (understandable, thats not very classy..... but I could see his eyes rolling behind his eyelids).
I guess their gimmick is that they wanted to try to start a company that was geared toward agent retention.
What say you? (It's going to be a while before I get licensed and start anywhere anyway).
It sounds like a good set-up, almost too good to be true. You said that you will not be starting for a while, I would ask if you could talk to a current agent and just make sure everything the manager said is true. Heck, if you know someone that works there just dial them up.
Is this a 1099 or W-2? It sounds much like a W-2. If you write 2 health policies and 1 life policy a week 1400 per week for your first year not bad at all. Now if you write 3 health a week that car allowance jumps up to $650.00 a month, do they require you to put the 650 towards health insurance or an auto allowance? I was involved in a similar non insurance position where I recived a car allowance but it had to be put toward an auto. I was content with my current car and I just wanted to net the extra money every month but that was not allowed. Imagine that.
Just things to consider im sure we will have lots of questions for you to ask before you sign on the magic line.
Is this a 1099 or W-2? It sounds much like a W-2. If you write 2 health policies and 1 life policy a week 1400 per week for your first year not bad at all. Now if you write 3 health a week that car allowance jumps up to $650.00 a month, do they require you to put the 650 towards health insurance or an auto allowance? I was involved in a similar non insurance position where I recived a car allowance but it had to be put toward an auto. I was content with my current car and I just wanted to net the extra money every month but that was not allowed. Imagine that.
Just things to consider im sure we will have lots of questions for you to ask before you sign on the magic line.
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- Thread starter
- #14
- 263
Yeah, it does sound too good. Thats why I'm still looking for holes. Not exactly happy with the fact that they sell UA Products (not that I'd be forced to sell them), but I could swallow that.
I dont know any current agents there, but will definitely be looking for one.
This is a 1099 captive contract. Yeah, that income does sound good, especially with the car allowance. They said that they would "LIKE" for you to spend it on your own health insurance policy that you write on yourself, but I can get Tri-Care (military) for MUCH cheaper. You just turn in your receipts (up to $650 per month) and they give you a check. I'm pretty sure that will also show on the 1099.
I'm going to keep digging. I have some time anyway. I still have to put some $$ away to get licensed, and to sock away about two - three months of income before I hop that fence.
I dont know any current agents there, but will definitely be looking for one.
This is a 1099 captive contract. Yeah, that income does sound good, especially with the car allowance. They said that they would "LIKE" for you to spend it on your own health insurance policy that you write on yourself, but I can get Tri-Care (military) for MUCH cheaper. You just turn in your receipts (up to $650 per month) and they give you a check. I'm pretty sure that will also show on the 1099.
I'm going to keep digging. I have some time anyway. I still have to put some $$ away to get licensed, and to sock away about two - three months of income before I hop that fence.
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Corporate, if you still have a couple of months you will find out one way or the other is this legitate or a scam. Maybe you could attend one of those sales meetings, find a buddy then dig a little deeper and really find out if it is crap or not. If you see the same faces at every meeting they most likely is is real. However if you see different faces at every meeting...
- Thread starter
- #16
- 263
Know what? Thats a great idea!! I should ask if I would be allowed to at least attend one of their Friday meetings! Apparently they dont meet for long. They turn in apps and go over any news and new products if any.
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