New to Medicare

Jun 27, 2007

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  1. joshril
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    joshril Guru

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    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!
     
    joshril, Jun 27, 2007
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  2. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    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.
     
  3. aufan
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    aufan Super Genius

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    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?
     
    aufan, Jun 27, 2007
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  4. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    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.
     
  5. joshril
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    joshril Guru

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    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!
     
    joshril, Jun 27, 2007
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  6. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    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.
     
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