Experience with Senior Life ?

[theinsuranceman]

[QUOTE="rousemark, post: 1373196, member: 22336"]Doesn't make sense that it would prevent active agents from rolling business when they are still being paid first year commission. Pro rollers roll the business after it is a year old so they get another first year commission. Only a complete *** would roll a piece of business on which they have an outstanding advance to receive another advance.

Makes more sense to assume it is a way the company is transferring their acquisition cost to the agent. Nothing wrong with that if an agent wants to accept it but most companies do not do it.[/QUOTE]

Broke agents, and there are a lot of them, will roll business just 3 months old so they can get another quick advance off the same Ms. Jones, and the manager of that agent is left with a debt roll up. Those agents usually fail out in less than a year.

That's probably why vector reporting came into existence.

As far as transferring acquisition costs to the agent, well the agent already paid the acquisition cost (the cost of the lead). If a carrier was transferring acquisition costs as you suggest, they would probably say they don't pay advances until the business has been on the books for 4 months, or maybe no advances at all, only paid as earned.

 

[theinsuranceman]

If that is the sole underwriting/product advantage for SL then I'll pass.

This is just one of their advantages. Imagine that lol, a carrier that does something that a broker with 20 carriers can not do.

Sr Life has plenty of positive things going for it that other carriers just don't have.........group health, cancer, disability, dental/vision, accident. And their TV leads are the best FE leads in the industry. No other lead compares. Super technology and leads just minutes old. Started FE tele-sales in 2004 a decade or more ahead of the competition. There's more but I don't want to sound like an infomercial.

 

[theinsuranceman]

So you actually lie to them to get them on the phone.

Don't always be so serious Rouse. Have some fun with this.

 

[BarryNY]

And their TV leads are the best FE leads in the industry. No other lead compares. Super technology and leads just minutes old.

Maybe...instead of saying "their" (referring to Senior Life's system)...it makes sense to just drop the their..."And TV leads are the best FE leads in the industry. No other lead compares."

I think a 1 second old incoming call beats a "just minutes old call"...LOL...

Independent agents can be with ANY IMO/agency and have ANY carrier they want - and still get incoming live 1 second old calls from people watching TV...

 

[theinsuranceman]

Maybe...instead of saying "their" (referring to Senior Life's system)...it makes sense to just drop the their..."And TV leads are the best FE leads in the industry. No other lead compares."

I think a 1 second old incoming call beats a "just minutes old call"...LOL...

Independent agents can be with ANY IMO/agency and have ANY carrier they want - and still get incoming live 1 second old calls from people watching TV...

Yea but Sr.Life's live transfers are $34 and I believe your live transfers are $53?
A TV lead that's 5 min old for $34 is more profitable than a TV lead that's one sec. old but costs $53. That's why I say Sr Life's TV lead platform is the best.

 

[BarryNY]

Yea but Sr.Life's live transfers are $34 and I believe your live transfers are $53?
A TV lead that's 5 min old for $34 is more profitable than a TV lead that's one sec. old but costs $53. That's why I say Sr Life's TV lead platform is the best.

OK....
First of all...my incoming TV call is NOT a live TRANSFER - it's LIVE period...it's an immediate electronic move of that call to the next available agent. With TRUE 30 second buffer. Without a buffer they probably can be had for $43 each... You'll go broke with no buffer (as an independent agent)...

Second - WHO wants to be licensed with Senior Life? Some people will - but not all...

My program was built for independent agents - no recruiting they are free to get contracts wherever they can. Some guys are 130%+ at carriers with no vesting on the residuals and normal chargeback policies. And they can do the right thing for their customers - giving them great rates and the best program to meet their health conditions...

I've heard about Senior Life and I'm sure you'll chime in to dispute a few things:
1. 4 months for chargeback for all advanced $$. Does that mean if I received 9 months advance and the insured cancels after 3 months - I owe the entire 9 months advance back? I don't keep the 3 months?
2. What's your deal on the residuals for year 2 and beyond - if someone leaves SL after 10 months do they KEEP all those year 2-10 residuals or do they need to be vested for 2 years?
3. Most of your policies are coming back standard or graded versus preferred
4. What is the real true commission level that an agent will receive on the bulk of their sales - is it 80%...90%...what?
5. How great are your prices for the non super preferred?

So - Let's deep dive into profitability. Send me your commission and year 2-10 residual schedules. Send me your contracts to see if there are any nits like non competes and vesting rules. We'll compare and contrast on the forum...

I'd gladly spend the extra $80/deal in marketing (that's paying $53 vs $34) to be FREE from a captive organization that holds my destiny in their hands...I bet my profitability at just 125% with 7.25% renewals (with normal chargeback terms) will blow away your profitability.

Let's look at it for year one...then for year 2-5...OK?? Fair enough?

 

[theinsuranceman]

OK....
First of all...my incoming TV call is NOT a live TRANSFER - it's LIVE period...it's an immediate electronic move of that call to the next available agent. With TRUE 30 second buffer. Without a buffer they probably can be had for $43 each... You'll go broke with no buffer (as an independent agent)...

Second - WHO wants to be licensed with Senior Life? Some people will - but not all...

My program was built for independent agents - no recruiting they are free to get contracts wherever they can. Some guys are 130%+ at carriers with no vesting on the residuals and normal chargeback policies. And they can do the right thing for their customers - giving them great rates and the best program to meet their health conditions...

I've heard about Senior Life and I'm sure you'll chime in to dispute a few things:
1. 4 months for chargeback for all advanced $$. Does that mean if I received 9 months advance and the insured cancels after 3 months - I owe the entire 9 months advance back? I don't keep the 3 months?
2. What's your deal on the residuals for year 2 and beyond - if someone leaves SL after 10 months do they KEEP all those year 2-10 residuals or do they need to be vested for 2 years?
3. Most of your policies are coming back standard or graded versus preferred
4. What is the real true commission level that an agent will receive on the bulk of their sales - is it 80%...90%...what?
5. How great are your prices for the non super preferred?

So - Let's deep dive into profitability. Send me your commission and year 2-10 residual schedules. Send me your contracts to see if there are any nits like non competes and vesting rules. We'll compare and contrast on the forum...

I'd gladly spend the extra $80/deal in marketing (that's paying $53 vs $34) to be FREE from a captive organization that holds my destiny in their hands...I bet my profitability at just 125% with 7.25% renewals (with normal chargeback terms) will blow away your profitability.

Let's look at it for year one...then for year 2-5...OK?? Fair enough?

You sound mighty angry that I challenged your TV lead system. I wish you well with it, I know my agents do extremely well with the Sr Life platform. Answering your questions above:

1. 4 months for chargeback for all advanced $$. Does that mean if I received 9 months advance and the insured cancels after 3 months - I owe the entire 9 months advance back? I don't keep the 3 months?

I've never had that problem. I believe it depends if you're a broker or not.

2. What's your deal on the residuals for year 2 and beyond - if someone leaves SL after 10 months do they KEEP all those year 2-10 residuals or do they need to be vested for 2 years?

You are vested with your 1st sale. In fact you get life time renewals with Sr Life (as long as the biz is on the books) not just 10 years. Sounds like your renewals end on the 10th year? Sr Life's renewals are life-time.

3. Most of your policies are coming back standard or graded versus preferred

How can you say that when you have zero experience writing Sr Life policies? You are speculating at best. Your credibility is lowered when you say things that are not true, while pretending to know the truth.

To help you out a little, I'd say approx. 50% of policies written in NC are preferred or super-preferred. In states with less tobacco usage the % would be higher.

4. What is the real true commission level that an agent will receive on the bulk of their sales - is it 80%...90%...what?

It would depend on the hiring mgr. and would also depend on what the agent brings to the table.
_High producer with supporting newsletters?
_Full- time with us? Or a part-time broker?
_Lots of hand holding with someone who just got licensed and never been in sales before?
_Someone with a vector?
_Someone who prepays for leads or needs their manager to cosign for their leads on credit?
_Someone who wants charge-backs deducted from their next advance or deducted from their pay-thru (unadvanced commission)?

These things are considered my a recruiter with experience. A recruiter with little experience thinks the magic ticket is to give the highest contract they can give and make 5% over write. They just don't know that 5% may not cover their risk of debt roll up.

5. How great are your prices for the non super preferred?

I hear our preferred is fairly competitive. You are a broker so you should be able to look that info up without my assistance.

To help you out a little: one company's standard is equivalent to another carrier's preferred. Each carrier has different health questions, different look back periods, and even scrutinize prescription meds differently. You're basically left comparing apples to oranges rather than apples to apples.

Barry I'm not going to debate you anymore about this as I've covered your questions. I was really surprised you raised your ire, didn't know you were so emotionally attached to your upcoming $54 FE lead program. Wishing you success!

 

[BarryNY]

You sound mighty angry that I challenged your TV lead system. I wish you well with it, I know my agents do extremely well with the Sr Life platform. Answering your questions above:

1. 4 months for chargeback for all advanced $$. Does that mean if I received 9 months advance and the insured cancels after 3 months - I owe the entire 9 months advance back? I don't keep the 3 months?

I've never had that problem. I believe it depends if you're a broker or not.

Barry I'm not going to debate you anymore about this as I've covered your questions. I was really surprised you raised your ire, didn't know you were so emotionally attached to your upcoming $54 FE lead program. Wishing you success!

Greg - Thank you.
Brother I'm not angry or mad. And it's $53 not $54 for each live call...
You didn't challenge my new program - you just stated your's was the best most profitable. It's not emotion - it's strictly business.

I'm not recruiting anyone for anything. I've solved a problem for me (not being able to buy live calls from TV ads as an independent agent) and realized it was probably a problem for other indy agents too... so I set up the co-op advertising group to level the playing field.

Let's finish this up...
#1 - I don't think you gave a straight answer. I'll ask again:
If I join SL and I sell a policy and I get 9 months advance and the insured cancels after paying just 3 months - how much money does SL take back?
#2 - OK thank you for clarifying you keep everything no matter how long you are there.
#3 - I told you upfront it was what someone told me - so I apologize if that's not correct.

 

[BarryNY]

Typical profitability analysis:

Male/NS/70/Ohio/$10k policy - typical meds qualifies for Level @ LBL = $73.31/month.
$73.31 = $879.72 @ 125% = $1,099.65 @ 75% = $824.74 cash advance.
Deal cost @ 23% close ratio @ $53/call = $230.43.
Net = $594.31 cash profit after everything.

Male/S/70/Ohio/$10k policy - also Level now at SNL = $95.64/month.
$95.64 = $1,147.68 @ 120% = $1,377.22 @ 75% = $1,032.91 cash advance.
Deal cost @ 23% close ratio @ $53/call = $230.43.
Net = $802.48 cash profit after everything.

Gotta love those smokers...

 

[rousemark]

[QUOTE="rousemark, post: 1373196, member: 22336"]Doesn't make sense that it would prevent active agents from rolling business when they are still being paid first year commission. Pro rollers roll the business after it is a year old so they get another first year commission. Only a complete *** would roll a piece of business on which they have an outstanding advance to receive another advance.

Makes more sense to assume it is a way the company is transferring their acquisition cost to the agent. Nothing wrong with that if an agent wants to accept it but most companies do not do it.

There is far more to the acquisition cost than the cost of the lead. You have the HO overhead, salaries, etc. On policy that lapses in three moths the company doesn't make anything. However, most companies are willing yo eat it rather than shift a portion back to the agent. In fact, most companies advance and they do not charge back the "earned" portion of the premiums on regular business.