rousemark...Med Supp percentages are generally 18-21% for 6 to 7 years and then 2% after that. That leads to commissions of $9 to $24 a month depending on the supplement. Up front commissions run $200 +/-. But you take a haircut on the first year from a lot of companies.
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Yeah, but a $50 per month FE policy will pay you $600+ first year.. $3-$6 after that.. more with companies like Columbian and UHL...
What State are you in? Why are you not selling MA?
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Wait ... UHL has high renewals? I have got to pay more attention to my contracts lol
I would write more Columbian than I do if I could figure them out. I know you have no problems with them Rouse, but my Gawd I seem to find them useful only for the occasional GI case where the client really isn't dying but has a strange combination of afflictions that make them difficult to place elsewhere and they are under 50 years old.
Another thing to remember is the potential longevity of the policies.. you are going to have a lot more of your FE clients living 10+ years than med supp clients.(won't be as much difference if you write olny T65) ... The last 6 plans I wrote were 50-60 years old.
That is also why ancillary health such as cancer plans can be attractive in the long run.. 65% first year commission, 15% LIFETIME renewals can add up because you write a lot of people in their 30s, 40s, 50s...I have several cancer plans that have been on the books over 20 years. Also have life plans in the category but life plans over 10 years old usual only pay 1-2% commission...
That is also why ancillary health such as cancer plans can be attractive in the long run.. 65% first year commission, 15% LIFETIME renewals can add up because you write a lot of people in their 30s, 40s, 50s...I have several cancer plans that have been on the books over 20 years. Also have life plans in the category but life plans over 10 years old usual only pay 1-2% commission...
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UHL has a high 2nd year, reasonably good 3-5, not so good after that. And they end after 10... Not near as good as Columbian..
Are you writing the FE product for the near GI? Or are you using the ordinary product?... I have had good experience with them on their SI term for younger people.. i have found their HO one of the easiest to work with of all the companies I have had contracts with over the years..
I am in TN and got out of the med supp business when they came out with the Select plans and then the MAs...
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I am using the Ordinary product. I agree that they are easy to work with, and even though I do not write much with them, they always treat me like a king when I call in. I have a great relationship with our regional director as well. I really can't say a bad word about them. But for the life of me I seem to have no problem with any other carrier's eApps or underwriting, but I seem always to make some fatal error when I try Columbian. I'm not criticing them at all, as I am sure the fault is of my own making.
