Sr. Life DRAMATICALLY Increases Commission %'s!

[theinsuranceman]

Do you have dental insurance?

I don't have enough teeth to justify the premium...lol.

 

[Baseball7]

Not to be redundant but the city folks that I see I would bet 5% are only taking medicine for one condition or only taking one prescription per condition. Having a company with really low rates like that that you write once a month only creates issues later down the road with chargebacks.

If you're convinced the person really qualifies for something that strict in underwriting use a Forrester's advantage plus or some simple issue fully underwritten carrier instead of carrying a company for that 5% situation.

 

[Mattschmidt]

I'm out running some leads today. I'll address these questions up here tonight.

The app is only one page. Fairly easy to qualify for as long as ht/wt is ok, no tobacco/nicotine last 10 years, only one med per health condition, no serious things like cancer, aids, heart, dialysis, strokes.
Someone could be taking only insulin for sugar and only one HBP med and get super preferred.

Hey Greg, any insight on the running of MIB report??? I ask because when you do the tele interview, you specifically ask client for permission to run this. Not sure why you'd get the verbal authorization for it, and not use it.

Thanks in advance

 

[theinsuranceman]

Who actually qualifies for super preferred? It's one thing to have the cheapest rate and pay 300% comp but if you can't write its useless.

I'd say a solid 25% qualify for super-preferred. I'm going to do a count of my last 100 personal apps and break it down.

Even if only 5% did qualify for super-preferred, what's wrong with giving that 5% the best deal? You get the highest commissions and you also get life time renewals for doing it. There's only an Rx check, no MIB's, no APS's. So what's wrong if only 5% qualified for the super-preferred?

 

[theinsuranceman]

Hey Greg, any insight on the running of MIB report??? I ask because when you do the tele interview, you specifically ask client for permission to run this. Not sure why you'd get the verbal authorization for it, and not use it.

Thanks in advance

Believe it's for permission and ease of getting MIB info if death occurs during the 1st 24 months. The voice recording script references the 24 months on the recording when doing tele-sales.

 

[theinsuranceman]

Not to be redundant but the city folks that I see I would bet 5% are only taking medicine for one condition or only taking one prescription per condition. Having a company with really low rates like that that you write once a month only creates issues later down the road with chargebacks.

If you're convinced the person really qualifies for something that strict in underwriting use a Forrester's advantage plus or some simple issue fully underwritten carrier instead of carrying a company for that 5% situation.

I don't understand the logic of what is bold above. Doesn't cheaper rates mean less probability of being replaced? What did I miss?

If you've never seen he super-preferred app how would you know how strict or liberal it is?

 

[HoosierLife]

Here's a question: what happens if a client lapses a Senior Life policy. Sometimes our folks can't afford 2 months premiums. So we walk away or I'm sure there has been an agent or two that rewrites with a new carrier, because the original carrier won't pay any commissions if you rewrite.

After an agent has been in the biz for more than a year, this can be a regular occurrence.

How do y'all handle that? I would assume you can't rewrite with SL or if you did you would get paid as earned?

 

[theinsuranceman]

I have still yet to see any SL plan be the lowest priced. But, I could be wrong.

Can you share with us some examples, Greg?

These are rates for $10k for natural death and $20k for acc. death rider and let's also assume they take insulin for sugar and lisinopril for HBP:

male..40 is $18.09
male..50 is $24.44
male..60 is $38.68
male..70 is $68.72
male..80 is $129.29

 

[theinsuranceman]

Here's a question: what happens if a client lapses a Senior Life policy. Sometimes our folks can't afford 2 months premiums. So we walk away or I'm sure there has been an agent or two that rewrites with a new carrier, because the original carrier won't pay any commissions if you rewrite.

After an agent has been in the biz for more than a year, this can be a regular occurrence.

How do y'all handle that? I would assume you can't rewrite with SL or if you did you would get paid as earned?

It would be paid as earned if you rewrote them. SL wants the business.

 

[Baseball7]

I'm saying using a carrier for only 5% of your business usually leads to problems with agents rolling debt from company to company. Improvements for a captive model are great but many agents struggle carrying tons of companies vs a focus on 3-4.