Commissions

[Guest]

Can existing health insurance and Medicare Advantage commissions be reassigned to another agent? I am considering new employment due to low commissions in health care reform and do not want to sell people multiple policies to pad my pockets and end up having multiple chargebacks when they cancel policies.

The insurance company I am considering working for will require me to cancel my company appointments if I am hired (due to non-compete policies). My wife is an appointed agent and I was wondering if Medicare Advantage and health insurance carriers would let me reassign my renewals to her. I would hate to lose them and not have anything to fall back on if the new job does not work out. Any ideas?

 

[Josh]

Depends on if the carrier allows for changing the agent of record and not all do. Too bad you didn't contract as an agency.

 

[sman]

Can existing health insurance and Medicare Advantage commissions be reassigned to another agent? I am considering new employment due to low commissions in health care reform and do not want to sell people multiple policies to pad my pockets and end up having multiple chargebacks when they cancel policies.

The insurance company I am considering working for will require me to cancel my company appointments if I am hired (due to non-compete policies). My wife is an appointed agent and I was wondering if Medicare Advantage and health insurance carriers would let me reassign my renewals to her. I would hate to lose them and not have anything to fall back on if the new job does not work out. Any ideas?

Is the company you are considering in the same market? Selling the same products? If not, it really shouldn't matter if you keep your other appointments. Have you explained the situation to them? I've known agents who have gone captive and were able to keep their other appointments just for the renewals. I would give it to them in real dollars and cents. Tell them exactly what they're asking you to do. Throw away money you've earned.

If they aren't willing to allow it, then maybe they aren't worth it.

 

[xrac]

Is the company you are considering in the same market? Selling the same products? If not, it really shouldn't matter if you keep your other appointments. Have you explained the situation to them? I've known agents who have gone captive and were able to keep their other appointments just for the renewals. I would give it to them in real dollars and cents. Tell them exactly what they're asking you to do. Throw away money you've earned.

If they aren't willing to allow it, then maybe they aren't worth it.

This is good advice and worth trying.

 

[Guest]

Thanks for the advice. Here is my situation. I have been a self-employed agent for the past five years. I currently am only appointed with health and life insurance companies. I am considering working for a well-known P&C company doing liability claims. They are saying that it will be a conflict of interest even though I am in life and health and the new company does P&C. I was in sales and am now going to claims. I do not see the problem with this (but they do) and will be forfeiting $13,000 a year in residuals to make $37,000 a year at the new job.

 

[Josh]

Sounds like a good career move. I presume the new gig would be 37k w2 plus benefits which would be closer to $50-$55k?

 

[Yagents]

I disagree. I may be mistaken, but "claims" seems to be service related, very narrow, boring and career suicide. Sales is where the money is. Always has, always will. Every product that you buy was sold at some point by someone. Sales is not for everyone. You're at the tipping point where your book builds momentum. I'd rather pivot and sell some other type of insurance/annuity with unlimited upside. But if you like fixed/stable income, and you need to pay the bills, and keep the girl; then take the job........and just give your clients to me (or consider selling them off to an agent in your state.) Your book has some value.

 

[taterpeeler]

I disagree. I may be mistaken, but "claims" seems to be service related, very narrow, boring and career suicide. Sales is where the money is..

13 K yr in renewals ater 5 years ... this is a good move, this game aint for him... however telling him to piss away the renewals... i would just not do it... i think they are being pricks on this

 

[Yagents]

U r right,that is pretty low.

 

[Guest]

I had to start over a couple of times so the renewals are really from about two years.
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The problem is that I have been using shared leads from Norvax. I have not had to pay for them though because of their leads credit system. It would be nice to get my own leads, but I do not know what to do without spending money other than going through friends and possibly holding seminars if they are worth it.
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Josh,

The new job would include all of the benefits as well.
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I have also been a top seller nationwide all last year with Go Health, but the pay with health insurance is marginal and I am not all about padding my pockets with multiple policies per client. I tried it but they usually keep the health insurance (which is what they wanted to begin with) and drop the critical illness plans.