Selling Major Medical to Cross Sell Supplemental

[socalLHagent]

Hi,

After months of lurking on the forum I decided to join.

I have been appointed with Colonial Life for a year and have been doing great. They are a great company and have not only taught me so much, but have shown me that insurance can be exciting and really helps a lot of people.

I have been researching and considering learning the ins and outs from a major medical broker I know so that I can eventually broker major medical. Major medical likely has a bleak future and doesn't seem to be paying well anymore from what I've read.

My question is: would it be a good idea to offer employers major medical (after I've been trained and studied) so that I can implement voluntary benefits? A common issue I run into is I'd say 60% of employers where I am located (San Diego) tell me they work with a broker that does everything.

Is it a good idea to become a benefits broker for small businesses if the money is in the supplemental? Clients needs are a higher priority for me than the money alone, but I feel I could open the doors to a lot more business this way.

PS, if I work with other existing brokers I lose a good portion of commission.

 

[Sean OHara]

This was in the articles section of the INS forums.
https://insurance-forums.com/life-i...ast-few-years-new-limra-ey-joint-study-shows/

I saw the graph showing that IA’s are increasing pay by 25% and full service brokers by 23%. It pays either way. It would come down to your style.

 

[Corpuschristi]

That is the core of our sales. We target the under 50 employee business that have middle to lower income employees . We offer ACA plans to the employees and most will be on full subsidy. We install an employee supplemental plan, dental, individual IRA, and offer key man insurance to the owners. We also come across several Medicare eligibles during the enrolling process. We won't get ACA commisions during SEP, but these become inventory for ACA OEP. It works for us, have not bought any leads in months. And the new client base allows us to work the base for individual products.

 

[sswords]

I have been representing Colonial since 2003. When I started, I was a health broker as well. I soon moved to specializing in the voluntary market and working with the brokers rather than competing with them. I found this to work best, allowing me to be really good at what I do and letting them do what they do.
This being said, I also represent other voluntary carriers, something Colonial does not like, at least in my experience and territory. It is not a "one size fits all" industry. Like health brokers, we try to research and to best by our clients.

 

[leevena]

I would suggest you do whatever you feel comfortable doing. I have seen very successful people who have a very limited offering of products and have seen very successful who offer many. I do not believe there is a standard answer.