Commission

[maryjd123]

Kyle

i do agree with you -- i wouldnt switch either -- but i am not telling you to switch -- that wasnt what i was saying -- no one has said anyone has to switch from their current carrier
MSIS carries lots of products -- i again -- am signed up with them for the continental care product thru continental life -- and again have just signed up with them for UCT ---
i called contintental life and asked what the street rate was for the cc product --- its 45% -- so in lamens terms if i signed up straight with the company i would be making less commission -- than signing up thru MSIS at 50% with leads.... and as long as you put some apps thru -- with MSIS there are no issues with having leads.
so keep your current carrier at your current rate --
and if c care is in your state -- add it to your portfolio -- its a great add on for you and the customer

hopefully i explained fully this time

 

[Guest]

Thanks Mary.

How many leads are you getting per week?

Also, have you checked what your commission cut is after year one? These companies often will give you a higher first year commission and drastically cut renewals.

 

[maryjd123]

thru continental life -- for continental care - - what im selling is
50% first year 12 month advance
yr 2-6 is 10%
yr 7-10 is 5%

and with UCT it is
20% for the 1st year -- 12mo advance
yr 2-6 10%
yr 7-10 1.5%
now i am sure that i would get more for years 7 thru 10 -- but again if they are still on the books... thats fine with me

because i am in wyoming -- cheyenne -- -- we arent like other big cities --
i get about 30 leads a week -- all turning 65

 

[Guest]

If you are getting 30 leads per week then that is not bad. Glad that's working out for you.

 

[James]

If those leads are what I think they are go here http://www.partdforagents.com/lead_opportunity.cfm?web=sms

6 cents a name for those turning 65. I mean I think I'll buy a thousand for 60 bucks and use direct appointments and pocket the difference in commission level. I use a different source but pay about the same, a local provider.

 

[Guest]

If those leads are what I think they are go here http://www.partdforagents.com/lead_opportunity.cfm?web=sms

6 cents a name for those turning 65. I mean I think I'll buy a thousand for 60 bucks and use direct appointments and pocket the difference in commission level. I use a different source but pay about the same, a local provider.

Surely Mary knows better than to think T65 lists are leads.

 

[James]

If those leads are what I think they are go here http://www.partdforagents.com/lead_opportunity.cfm?web=sms

6 cents a name for those turning 65. I mean I think I'll buy a thousand for 60 bucks and use direct appointments and pocket the difference in commission level. I use a different source but pay about the same, a local provider.

Surely Mary knows better than to think T65 lists are leads.

Well that thousand names would on average get me at least 100 apt's, like I said give me the names and numbers. I mean for 60 bucks I find this hard for anyone not to be able to purchase one list a month at least? Depending upon your closing ratio that would or should equate to about 25-50 sales a month.

Go out and get the best product, sign up directly with carrier if possible and with the greater commissions go take your vacation any dang place you feel like going.

 

[Guest]

My numbers aren't that good...you must be hitting Knoxville to get those numbers. I've been to Maryville...there aren't that many people there Although it is beautiful there.

I dont do that well telemarketing seniors. If I could get 1 appt per 10 calls I would do it all day long. It's more like 1 appt. per 25-30 calls for me.

 

[sman]

but keeping a client on the books these days with the same company - in this day and age -- as the medadvantage plans are overpowering medicare --i don't see the person staying for 10 years.. -- its not the way anymore

Mary, I don't know how long you've been in the insurance business, but the only complaint I ever get about a person that already has a med supp is with the premium (and that's over an 18 year period). These people that can afford a med supp are willing to keep them. They don't like the whole copay thing. They love going to the doctor and not having to pay anything. Will there be some who leave a med supp and go to a Med Advantage plan? Of course, but once they have a taste of a med Supp and can afford the premium, it's nearly impossible to convince them to leave it for a plan where they have out of pocket expense.

20% 12 months advanced -- 1st year
10% years 2 thru 7
5% years 7 thru 10
with Medicare Supplement Insurance Services
United World contract
free leads -- no cost upfront
also they have a contest going on
for new agents that start now they only have to input 50 applications by may to qualify to go on a trip to i think its clearwater florida
in june
3 days 4 nights all expenses paid

That's great. You and I have already had this discussion. I get 16% years 1-6, and 8% years 7-10. As I said before, you do the math. MSIS pays a high first year commission and then eat your lunch the rest of the years. Do you think they do it this way because they know people will cancel their med supps in the early years? Of course not. MSIS knows that once someone gets a med supp, they will keep it for a long period of time. So they give up a little on the first year commission in order to get a large renewal base.

i certainly understand one not wanting to assign commissions over - but my feeling is -- if you have a good account rep - that you are on a one on one basis with and have a good repore -- and you know the company - then that should not be a problem

Generally your account rep is not the person who signs the check. The owner of the agency, or whomever he/she directs to do so is the one that signs the check. It only takes one unscrupulous person to ruin it. For example, I have a friend that was with Raymond James. He worked for an agency. All commissions were paid to the agency and the agency in turn paid its reps. Well the head of the agency decided he didn't want to pay anyone. I'd rather take my chances with an insurance company.

-- im not saying drop all of your direct companies -- certainly i havent -- im just saying -- dont pass up an opportunity just because you are afraid of not getting paid

Please explain the opportunity. Is it to take 4% more commission the first year and give up 6% per year for the next 5 years and 3% the following 4 just so I can have someone give me a lead. I don't view that as an opportunity. And the whole $780/$400 thing was based on two different commission structures. As we discussed, in Wyoming you'd get 22% years 1-6 and 9% years 7-10. You stated you currently get 20% first year, 10% years 2-6 and 5% years 7-10. That's where the $780 difference was. Since the commission structure is different in Georgia, the difference is less ($400-$450).

-- what i did was sign up with MSIS for the continental care -- he also introduced me to UTC -- if i wouldnt of done that i would of just stuck with mutual of omaha medsups -- i didnt know UTC existed -- now i have a better product for my clients -- im not captive
ecery lead i go on that they provide i do sell a continental care product
but that does not stop me from selling the medadvantage plan or medsup along with a final expense or an annuity

I'm glad it works for you. As I've said over and over, I'm not willing to take less commission over the long haul. I'll continue to provide my own leads and keep all the commission.

 

[James]

My numbers aren't that good...you must be hitting Knoxville to get those numbers. I've been to Maryville...there aren't that many people there Although it is beautiful there.

I dont do that well telemarketing seniors. If I could get 1 appt per 10 calls I would do it all day long. It's more like 1 appt. per 25-30 calls for me.

It has grown a lot in recent years. Yet when prospecting I have to include W. Knoxville, Alcoa and Sevier (Gatlinburg and Pigeon Forge) all within twenty miles or so. Plus add in the fact this area is attracting more and more seniors yet many come for the NE and have private plans but still a percentage buys which adds up.

Plus I don't usually get 1 out of 10 on the first try, I would work the list several times to get my numbers up there.