New to Medicare

[joshril]

I wrote some Medigap back when I was captive several years ago and I am now a fairly successful underage independent agent. I am getting back into Medigap sales for several reasons...

As and independent, what 5 carriers should I have in my portfolio for Medigap? I am getting contracted with Mutual of Omaha and noticed that years 1-7 pay between 22-24% commissions.. Is this customary? If so, I should have gotten back into this market long ago. Also, what methods do some of you use as far as cross-selling?

Thanks again!

 

[senior-advisor-indiana]

Mutual of omaha is priced out of the market in most states. Better to use United World which is owned by MOO. The commish is 15%-18% years 1-8. I don't think you will need 5 med supp carriers. There should only be 2 or 3 companies that are competitve. It all depends on your state.

Cross selling. I write the med supp and before I leave I ask them if they are happy with the rate of return they are getting on thier investments. If no then I talk to them about annuities. For final expense. I talk to them about that when I deliver the policy. Some tie it in to the med supp sale. Whatever works better for you. I think cancer would be a good product to cross also.

 

[aufan]

Senior...i think asking about their investments is an excellent cross sale--however, here's my dilemna.

When I was captive it was easy to sell annuities because I only had two types to sell. Either fixed rated or indexed.

Now that i'm independent I can't make diddly squat out of what is good and what is not? I get slammed by these brokers pushing these "bonus" annuities, but I just wanna keep it simple.

Who are some good fixed rate products that include some flexible premium annuities?

 

[senior-advisor-indiana]

I feel your pain. I have the same problem. Thats why I use a FMO. I sold way more when I was captive selling 1 product. I got an email about Equitrusts ne product. It sounds great. 7 yr walk away ( BIG PLUS), 95% Part. rate, I think it is monthly avg but not sure. Ages 0-80 7.5% commission. THat product is awesome with an awesome commission for a 7 yr product. Thats the one I will be selling. They alos have a 10 yr with 7% bonus that pays 6.5% commish. The part rate is lower because of the bonus. YOu can choose not to give the bonus though to raise the rate.

Fixed annuities?? I know Liberty bankers has a 5yr that pays 5. something for the whole 5 yrs. A 3 yr that pays 4. something for all 3 yrs. Only problem is it is a B rated company.
I need some good fixed rate products but dont know who to use. I dont see the point in reg fixed annuities though. MOst of them have a min gaurantee of 3% and tht what you have in a FIA.

 

[joshril]

Senior...i think asking about their investments is an excellent cross sale--however, here's my dilemna.

When I was captive it was easy to sell annuities because I only had two types to sell. Either fixed rated or indexed.

Now that i'm independent I can't make diddly squat out of what is good and what is not? I get slammed by these brokers pushing these "bonus" annuities, but I just wanna keep it simple.

Who are some good fixed rate products that include some flexible premium annuities?

American Equity has some good annuity products... Allianz is the best!! JK

Senior-How familiar are you with the senior market in Texas. Btw.. I had no idea they paid first year type commish for up to 7 years until a couple of weeks ago because when I was captive I was getting screwed!! That is awesome!! Now I know why you guys work the senior market.. plus I think the cross-sell opportunities are fantastic!

 

[senior-advisor-indiana]

I know GASB has an office in texas. They write a boat load of med supps throug CGI,CRL,UTA, and provident. SOme are writing like 50k per month in annualized premium. They have the number 1 office. Thats all I know about Texas. I am sure there is plenty of prospects.

I do know that I was trying to get contracts from an FMO in TX. Its www.bestgacontracts.com or somthing like that. They paid the best commission on those companies I mentioned but they don't deal with IN agents.