Question about selling MYGA

[Special Agent]

I am in Fl and have a large book that's aprox. 80% MA and 20% med supp and i do some final expense.Keeping it simple has worked well for me and i want to remain a one man show but recently was thinking about cross selling MYGA because as a low cost investor myself i see the value of the product ( just recently bought some myself) and what appears to be the relative simplicity and short sales cycle of the product

How much service work is it after the sale- it's got to be less service work than other types of annuities right?how often to you hear from clients after the sale?Are they typically calling you for help with annual withdrawals etc.?

 

[Tahoe Ray]

I am in Fl and have a large book that's aprox. 80% MA and 20% med supp and i do some final expense.Keeping it simple has worked well for me and i want to remain a one man show but recently was thinking about cross selling MYGA because as a low cost investor myself i see the value of the product ( just recently bought some myself) and what appears to be the relative simplicity and short sales cycle of the product

How much service work is it after the sale- it's got to be less service work than other types of annuities right?how often to you hear from clients after the sale?Are they typically calling you for help with annual withdrawals etc.?

There is almost zero service after the sale.

You do have to have accurate records, though. Many carriers will open a "window" for you to move the money once out of surrender. So you have to start prepping the client once the guarantee period is up, analyze what's currently available vs. the renewal, see if objectives have changed, etc.

Our MYGA renewal activity (operating as an IMO) is a large percentage of our MYGA sales so your IMO for annuities should be very involved in this too (notifying you on these windows, giving options, etc.).

MYGAs are THE ideal cross-sale for a medicare agent, especially for your supp clients.

 

[Special Agent]

Good stuff.Thanks!