Cancer Plans??

[RonRoberts]

I market exclusively with CI. I'm not a fan of stand alone cancer plans though. The big three illnesses are cancer heart attack & stroke. You never know which one you may get so why not cover all three. I love GTL's CHS plan! If you can say no to three questions your approved! and it's 0-89 so it's a good product to pitch everyone. However if they can qualify health wise I recommend Assurity's CI plan. It's covers much more and it has a built in return of premium if you die of any cause while the policy's in force! I'm not of fan of ROP. You definitely pay for that benefit! But this feature is included in the premium! Clients like that!

How do you market? Direct mail? Even though the majority of my marketing is through seminars I don't care if I'm selling a $400K rollover or a $100k term I am pitching a cancer/ci policy. IMO the lump sum is a deal maker.

 

[xrac]

I market exclusively with CI. I'm not a fan of stand alone cancer plans though. The big three illnesses are cancer heart attack & stroke. You never know which one you may get so why not cover all three. I love GTL's CHS plan! If you can say no to three questions your approved! and it's 0-89 so it's a good product to pitch everyone. However if they can qualify health wise I recommend Assurity's CI plan. It's covers much more and it has a built in return of premium if you die of any cause while the policy's in force! I'm not of fan of ROP. You definitely pay for that benefit! But this feature is included in the premium! Clients like that!

What kind of pay out do you have on this plans and what is a typical face amount and premium amount.

 

[thomasm]

What kind of pay out do you have on this plans and what is a typical face amount and premium amount.

I write a lot a tiny policies. My thinking is the first app is always the toughest. They just met me 15 minutes ago. Once their a client, I can always go back for a policy review and do a proper needs analysis. For example, I just wrote a 52 year old female, heavy smoker a GTL CHS policy for $10,000 at $26 per month. With GTL you can write up to $75,000 and in my state it's unisex rates no tobacco surcharge, although that may be changing soon. With Assurity the same 52 year old female, smoker with the $10,000 policy would pay $29.57. Not much more but she would've been turned down because they have way more health questions to qualify for. You can write up to $50,000 on Assurity's Simplified CI plan.

 

[houcoogster]

I did some checking around yesterday American General has a really nice CI plan except for one small detail .....the policy terminates at age 75. I don't know how anybody could sell something like that. I guess if you needed a CI for a period of time like a Term CI it would be good. But that's not my target market.

Xrac, that redfish was caught where the Brazos river meets the Gulf of Mexico. He was a monster

 

[xrac]

I write a lot a tiny policies. My thinking is the first app is always the toughest. They just met me 15 minutes ago. Once their a client, I can always go back for a policy review and do a proper needs analysis. For example, I just wrote a 52 year old female, heavy smoker a GTL CHS policy for $10,000 at $26 per month. With GTL you can write up to $75,000 and in my state it's unisex rates no tobacco surcharge, although that may be changing soon. With Assurity the same 52 year old female, smoker with the $10,000 policy would pay $29.57. Not much more but she would've been turned down because they have way more health questions to qualify for. You can write up to $50,000 on Assurity's Simplified CI plan.

What kind of comission do they pay?
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I did some checking around yesterday American General has a really nice CI plan except for one small detail .....the policy terminates at age 75. I don't know how anybody could sell something like that. I guess if you needed a CI for a period of time like a Term CI it would be good. But that's not my target market.

Xrac, that redfish was caught where the Brazos river meets the Gulf of Mexico. He was a monster

That is a monster.

 

[rousemark]

I did some checking around yesterday American General has a really nice CI plan except for one small detail .....the policy terminates at age 75. I don't know how anybody could sell something like that. I guess if you needed a CI for a period of time like a Term CI it would be good. But that's not my target market.

Xrac, that redfish was caught where the Brazos river meets the Gulf of Mexico. He was a monster

If that is the same product we have with AGLA, they underwrite the hound out of it... You will have a lot of folks turned down. You have to do an oral fluid on everyone. Over 100k can require APS, Exams, EKGs, etc. You can sell the plan for 10, 20, 30 yr or lifetime benefits. The lifetime benefit will continue past age 70 for loss of independent living only.. Don't know about the AG contract but the AGLA Special Rep contract pays virtually no renewal commissions.

 

[TXInsuranceAgent]

What kind of comission do they pay?
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Hey xrac, I think it's 50% on the CHS plan

 

[rousemark]

What kind of comission do they pay?
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Hey xrac, I think it's 50% on the CHS plan

That is what it is on the contract they sent me.. I think it might be 45% in Indiana. Renewals are low for supplemental health coverage.

 

[thomasm]

How do you market? Direct mail? Even though the majority of my marketing is through seminars I don't care if I'm selling a $400K rollover or a $100k term I am pitching a cancer/ci policy. IMO the lump sum is a deal maker.

Good old fashioned D2D!





Hopefully because of the lower commissions, this niche won't become so crowded with agents like the FE market is, and I can clean up!
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[houcoogster]

Good old fashioned D2D!





Hopefully because of the lower commissions, this niche won't become so crowded with agents like the FE market is, and I can clean up!
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Which plan do you think would work best ie lump sum or scheduled plan? Which Co.?