Colonial Life Vs Aflac

[Northeast Agent]

Thanks for the detailed and well-thought out message, GLG.

Do you have any worksite carriers you prefer over others? I mainly work the PA and NJ markets for individual Medicare but am starting to offer group retiree Medicare plans as a lot of T65 + are still working. I want to have other products in my bag.

 

[Sean OHara]

Do you have any worksite carriers you prefer over others? ... I want to have other products in my bag.

I'm also interested to hear what GLG has to say on this topic. Being that I'm in CA and in a similar field, is there products I should keep my eyes open to?

I've thought about offering a "benefit suite" where I could walk into a business not offering any benefits, and set them up 100%.

This suite would include MM, Med supp, future planning and FE. Maybe even offer an IUL

@glgamerica - I really like your story about how you would perform if you were to start from scratch tomorrow. Please elaborate what you think are the best practices for

 

[Northeast Agent]

Aflac Organizes Medical Debt Awareness Campaign

Aflac Organizes Medical Debt Awareness Campaign | ThinkAdvisor

Disability insurers and other insurers have envied the power of the Aflac Duck for years.

If the new Close the Gap campaign is successful, it could buoy sellers of all supplemental health insurance products — such as accident insurance, hospital indemnity insurance, critical insurance and Medicare supplement insurance — that help consumers pay major medical insurance deductibles, co-payments and coinsurance amounts.

The campaign could also give retirement income planners new language for communicating with clients about pre-retirement and post-retirement health cost planning

 

[rousemark]

If anyone has not seen the video, :The Park Bench", it is here:

Aflac | America’s Most Recognized Supplemental Insurance Company

Powerful video. An agent can always use others companies' promotion to make money. I used to used to ask people if they had heard of AFLAC. (who hasn't}.. I would then tell them that we do much the same thing .... and then smile real big and say, ..... only we do it better and you don't have to listen to that duck!

If this campaign takes off, I won t mention AFLAC by name but will tell people that we help close the gap between what their medical insurance pays and what their medical bills actually are.

 

[rousemark]

Group benefits are issued under group contracts between the employer and the insurance company. Examples of group contracts are:

1. Basic group life insurance
2. Supplemental group life insurance
3. Group accident plan
4. Group critical illness

Group insurance is controlled by one master contract where each participant may or may not get a certificate of coverage. Employees sometimes never see the group contract and really never know the provisions.

Worksite benefits are individual contracts between the employee and the insurance company. The best example of a worksite contracts is:

1. Individual whole life insurance
2. Individual accident plan

Each participant actually receives a policy and owns their coverage.

While it's a subtle distinction, the lines are becoming blurred because insurance companies are increasingly offering benefits under a "group chassis". They are doing that because it's easier (and faster I think) to file and get group contracts approved with the states department of insurance for approval.

Often employees don't really know there's a difference since both group and worksite premiums are paid via payroll deduction and both may often have some sort of portability built in.

Personally, given a choice, I'd rather offer true worksite products with individual contracts because I feel it's better for the employees to have their insurance agreements directly with the insurance company and own their policies.

The individual "voluntary benefit plans" are fully portable which is good for the insured and pay 3-4+ times more first year commission which is good for the agent.