Pensions for Small Businesses

[insurehound]

I hear quite a bit from American National on the subject of selling pensions (I believe Fixed Annuity & Life Insurance based) to small business owners. I was thinking about adding something like this to my current Group Health prospecting in the event Health Care Reform sends the Group Health market into a dive.

Does anyone have any experience in this area? Any thoughts? Advice? Concerns?

What concerns me is that ANICO makes it sound very simple as they claim to do a lot of the work. While that's great, I am always concerned when my job is limited to collecting information and spewing back their proposal when completed. I like to know what I am selling to avoid being served court papers down the line LOL

 

[Focus LTC]

Don't they have a webinar?

 

[ABC]

I looked at selling the line a couple of years ago hard.

I don't know this outfit but you have a couple of options.

Hook up with a bigger outfit and partner up with producers that know what they are doing. They handle all of the compliance issues and product education. Your comp is very low.

The 2nd option is to go with an Insurance based investment group and have little support but make a much higher comp.

The positive is most large investment firms will not touch anything under $1mill. and some are $3 mill. So you don't have a ton of competition.

The con is your time. How much time can you put into it? I came to the conclusion it's a full time gig.

 

[insurehound]

Focus LTC, yes they do along with Marketing Material. It was very basic and did not go into detail which bothers me. I guess more sales-oriented than anything. "Pensions for Small Businesses are great - we do all the work - you don't need to know much". That scares me.

ABC, I agree with you. You better know what you're doing and be prepared to spend a lot of time knowing all the "ins and outs" and to service it. Even though ANICO says they will handle the service side, you still better know it as you can't count on any carrier to do everything to your satisfaction.

On the other side, those in the Small Group market may have more time available in the next few years
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Oh, thanks Sheryl for the feedback.