Looking to Sell My Medicare Book of Business!!

[Phillyinsuranceguy17]

Hello all I am new to the forum so I apologize if I'm not doing it correctly. Basically I am a top medicare producer, have roughly 400 medicare clients with my FMO and have elected to take a partnership with a large firm to run their department. Because I'm captive I'm looking into selling my book of business and I must cancel my contracts. Any advise would be appreciated and also any legal information about the do's and don'ts would also help. Thank you all

 

[maalox]

Who pays your commission's the FMO or the carrier ?

 

[tins]

Hello all I am new to the forum so I apologize if I'm not doing it correctly. Basically I am a top medicare producer, have roughly 400 medicare clients with my FMO and have elected to take a partnership with a large firm to run their department. Because I'm captive I'm looking into selling my book of business and I must cancel my contracts. Any advise would be appreciated and also any legal information about the do's and don'ts would also help. Thank you all

If you're captive, it isn't your book of business to sell.

 

[Sgt. Taylor]

Phillyinsuranceguy17:
I have some experience with this - last yearn I sold a block of Med Supp & LTC business to ACCESS Capital Group (based in Omaha, NE). They were good to work with and paid me a fair price. Their phone # is 1-800-560-2872. I would suggest calling them to see if they would be interested in making you an offer.

 

[Phillyinsuranceguy17]

If you're captive, it isn't your book of business to sell.

no my new position I would be captive, I am not captive now!
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Phillyinsuranceguy17:
I have some experience with this - last yearn I sold a block of Med Supp & LTC business to ACCESS Capital Group (based in Omaha, NE). They were good to work with and paid me a fair price. Their phone # is 1-800-560-2872. I would suggest calling them to see if they would be interested in making you an offer.

Thanks SGT Taylor much appreciated. Any legality issues that held up the sale of your book of business?
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Who pays your commission's the FMO or the carrier ?

The FMO pays the commissions

 

[Midlevel]

This is a question I had also about what my wife would do with my block of business should I suddenly pass away. I have nothing in place for that. What would a person expect to get for an independent agency? I believe I've heard it is your annual commission x 1.5 or 2.0. Is that anywhere near correct?

 

[Phillyinsuranceguy17]

This is a question I had also about what my wife would do with my block of business should I suddenly pass away. I have nothing in place for that. What would a person expect to get for an independent agency? I believe I've heard it is your annual commission x 1.5 or 2.0. Is that anywhere near correct?

that what ive heard 2-2.5 times

 

[VolAgent]

The FMO pays the commissions

That is going to pretty much destroy the value. I wouldn't trust the FMO to keep paying commissions. You'd have to roll it all to be safe.

 

[sman]

The FMO pays the commissions

That's likely a deal killer. If the commissions are assigned to the FMO, they would have to agree to sell the book. In all reality, it's not your book, it's theirs.

 

[Josh]

that what ive heard 2-2.5 times

Another question is what lines are the clients. If it's MA that's a hell of a bet.

The number your hearing is typically more of a P&C number which is a much more stable book and even at that no one in their right mind is usually paying much more than 2.

Why don't you transfer it to your wife's name and enjoy the renewals?

Maybe sell it to the FMO?