So I have a great relationship with my local credit union as a member. I know they don't have anyone selling life insurance there. I should go in there and present a deal to them. I know they would be interested because a lot of banks already sell life insurance and they don't. I have ideas of how it could work. But how would I make it worth it for the bank? Maybe they would be happy with just offering the benefits to their members, but most likely they would want some commission. I know Im not the first person to think of this and their has to be someone on this forum doing this. Any suggestions or Ideas? What I should pay the bank per sale?
Has anyone been a credit union or small banks "go-to guy" for life insurance?
- Thread starter Stay100
- Start date
- 11,277
I don't know if anyone on the forum is doing this currently, but I was in a credit union as a financial advisor years ago.
Do they have a P&C division? They may be able to sell life, even if they don't promote it.
Do they have an investment division? They may be able to sell life, even if they don't promote it.
Double check to see if they have a CUSO-type of arrangement with a 3rd party firm - Credit Union Service Organization. (Make sure they understand that the occasional mailing about AD&D is NOT the same as having a proper life insurance program.)
For example: A credit union I was with over 10 years ago had a back-office arrangement with CUSO Financial Services, and they do offer life insurance through an IMO arragement. http://www.cusonet.com/
MassMutual uses a strategic alliance program by setting up a unique LLC for each arrangement: https://www.massmutual.com/mmfg/pdf/strategic_alliances_program.pdf
The question THEN becomes... how will you TRAIN them? Just setting it up doesn't mean that referrals will automatically be coming to you.
This is the BEST book on learning how to integrate and coordinate a branch referral training program. It's geared towards investment advisors, but you can make adjustments for it.
Amazon product ASIN 0976020505
Of course, later you can go out with business development officers and offer your products/services to their key SEG groups (Special Employer Groups) that they serve, so you can extend your promotional activities. Just say that "a consultation regarding my products & services are an extension of your credit union member benefit."
Do they have a P&C division? They may be able to sell life, even if they don't promote it.
Do they have an investment division? They may be able to sell life, even if they don't promote it.
Double check to see if they have a CUSO-type of arrangement with a 3rd party firm - Credit Union Service Organization. (Make sure they understand that the occasional mailing about AD&D is NOT the same as having a proper life insurance program.)
For example: A credit union I was with over 10 years ago had a back-office arrangement with CUSO Financial Services, and they do offer life insurance through an IMO arragement. http://www.cusonet.com/
MassMutual uses a strategic alliance program by setting up a unique LLC for each arrangement: https://www.massmutual.com/mmfg/pdf/strategic_alliances_program.pdf
The question THEN becomes... how will you TRAIN them? Just setting it up doesn't mean that referrals will automatically be coming to you.
This is the BEST book on learning how to integrate and coordinate a branch referral training program. It's geared towards investment advisors, but you can make adjustments for it.
Amazon product ASIN 0976020505
Of course, later you can go out with business development officers and offer your products/services to their key SEG groups (Special Employer Groups) that they serve, so you can extend your promotional activities. Just say that "a consultation regarding my products & services are an extension of your credit union member benefit."
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