Senior Security Benefits

[Seniorgirl411]

Anyone heard of the FMO Senior security benefits? The contract they sent me was a GA contract and they say they can get me 23% for years 1-6 on this paticular med sup in Illinois. Any feedback?

 

[DavidD1]

Anyone heard of the FMO Senior security benefits? The contract they sent me was a GA contract and they say they can get me 23% for years 1-6 on this paticular med sup in Illinois. Any feedback?

have not heard much about them. i think there are out of texas. but on an avg med supp that would be about $412 per policy sold in pay...of course after lead costs, lists, E&O, MA certifications, chargebacks, declines, lapses etc.. its closer to $300.

look for a GA with multiple products & carriers that may cover these costs for you.

 

[timsip]

I know not to believe everything you read on the internet, but I also know to get as much information as you can. For your reading enjoyment: https://www.ripoffreport.com/Senior...People/Senior-Security-Benefits-Cou-CJD5C.htm

If there is any truth to this story, and they keep your renewals, I would run as fast as possible. As I am sure you know by now, renewals is the name of the game when it comes to long term survival in this business.

 

[Seniorgirl411]

Thanks TIMSIP. I will check it out.

 

[Frank Stastny]

have not heard much about them. i think there are out of texas. but on an avg med supp that would be about $412 per policy sold in pay...of course after lead costs, lists, E&O, MA certifications, chargebacks, declines, lapses etc.. its closer to $300.

look for a GA with multiple products & carriers that may cover these costs for you.

I'd be interested to know how you arrived at those numbers. If I am reading what you wrote correctly, you are saying that she is going to give up $112 on every app she writes.

In the senior market there should not be any "declines". For all practical purposes the agent is the underwriter.

Charge backs and lapses only exist if the agent is not selling it properly and makes no attempt to provide service and stay in touch with their clients. (So far zero expense or loss of commission to the agent.)

When working the senior market "lead costs" should almost not exist. Lists can be purchased for under $100 per 1,000.

I have seen posts saying E&O can be purchased for under $500 per year. If the agent is working full-time, the cost for E&O should only be a dollar or two per app.

I have never paid for MA certification. Who did you certify with and how much did you have to pay?

I just can't see how that can add up to a loss/cost of $112 per sale.
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If there is any truth to this story, and they keep your renewals, I would run as fast as possible. As I am sure you know by now, renewals is the name of the game when it comes to long term survival in this business.

When working for a GA the agent is not typically the AOR (Agent of Record), the GA is. If the agent is not the AOR then the renewal checks for every application the agent writes go to the GA. Technically it is the GA's money because the GA is the AOR.

The GA can decide how much, if any of the commission, will be given to the agent. When an agents leaves that GA, most likely the agent will walk out with nothing in the way of renewals.

Your advice to "run as fast as possible" is spot on.

 

[tiplace.com]

I have worked with Senior for approx 3 months. They helped w/ switching FMO's, obtained additional contracts, and even gave us a few leads. The Agency owner has met him and was impressed. Phone calls are answered, and issues are resolved. Senior Security Benefits adds value to our agency.
If I have long term issues, I will post them.
The link above mentioned Rippoffreport, scroll down. Or you could just call him!
Updates & Rebuttals:

Updates & Rebuttals

• Long overdue rebuttal to this hoax Taylor [3/18/2009]

Submitted: Wednesday, March 18, 2009

Modified: Wednesday, March 18, 2009
Taylor

Fort Worth
U.S.A.


Long overdue rebuttal to this hoax

I'd like to start by saying that anyone can say whatever they want about anybody, at any time in this country. This website and this "complaint" are great examples of this fact.

This malicious "complaint" was written by someone who NEVER worked for our company. It was composed in the middle of the night (1:57 AM), is very difficult to read, and makes little sense. I speculate that it was written by a competitor looking to harm our reputation, but since the author, Devon, choose to hide behind a false name, that will never be known.

At the time this bogus "complaint" was written (March, 2006), a division of our company sold senior products through pre-set appointments. The Preset Appointment division was very successful, but the popularity of the Federal Do Not Call List eventually forced us to close the division in late 2006.

At that point, we changed our business model and entered the Brokerage Market supporting Independent Insurance Agents. Each Independent Agent we support is vested immediately and is contracted directly with the companies they represent. We pride ourselves on the level of support we offer Independent Agents, and we pay the top commissions on the products we offer.

Our transition to the Brokerage Market has been a huge success. We were the "Premier Agency" with Great American in 2007 & 2008, the 5th overall marketing company with American Continental in 2008 and the 10th largest marketer of the AARP Med Sup since it was released for agent sales.

We've tried to get this report removed, but it takes an act of Congress, so we just deal with questions when they come up which typically happens once or twice a year.

Please contact me if you have any follow up questions. Thanks for your time.

Taylor Martin, CSA
Director - Senior Market Division
Senior Security Benefits, Inc.
3525 NW Loop 820
Ft. Worth, TX 76106
(800) 299-5567 x 102
(817) 626-4802 Fax
[email protected]

 

[bpenn9]

have not heard much about them. i think there are out of texas. but on an avg med supp that would be about $412 per policy sold in pay...of course after lead costs, lists, E&O, MA certifications, chargebacks, declines, lapses etc.. its closer to $300.

look for a GA with multiple products & carriers that may cover these costs for you.

He said Med Supp, you don't need an MA certification to sell Med Supp.

 

[arnguy]

He said Med Supp, you don't need an MA certification to sell Med Supp.

Good information, but you're 12 months late in posting this.

 

[bpenn9]

Good information, but you're 12 months late in posting this.

And your pt being? It is still good info for whomever reads this whenever.

 

[arnguy]

And your pt being? It is still good info for whomever reads this whenever.

My point is: Where were you 12 months ago? Thanks anyway.