Accident plans

[Northeast Agent]

I attended a BCBS Under65 training a couple of weeks ago and various supplemental carriers were in attendance. While chatting with a rep from LifeSecure, the rep said their accident plan is portable and good for seniors as well.

I have an aunt with both MS and RA. She's in her mid 70s now and is always fallling and getting hurt - a plan like this would have come in handy.

 

[goillini52]

All individual sales, no payroll and that was his motto..

His motto was, "All individual sales, no payroll"?

 

[somarco]

Clement Stone make a fortune selling small accident policies B2B on an individual basis..

Did he use tiny classified ads . . . ?

Can't say I have ever known anyone earning a living selling ancillary products one by one. I have known guys who have done quite well selling in the PRD market. Some agencies target school systems and sell a buttload of small life policies, juvenile policies, STD, HI, cancer and other lines.

They do enrollment in October with coverage effective in January. First PRD doesn't happen until February. That's a long time to wait on commissions but if you do enough of this business and have the ability to wait on your paycheck it can be sweet.

 

[Life Hawk]

I'm wondering how a agent would do by just going out and selling accident plans. Seems like with the increase of the number of uninsured in the country that just came out this week a decent accident plan is something a lot of people would want as this is probably what most of them are worried about - sports injury, falling down, breaking a bone. Yeh Critical illness is important but an accident plan just going door to door or business to business seems like a sure thing. But does the commission make it worth it. Thoughts?

Look for local unions that might be open to allow you to talk to its membership... 66% is less than a full pay check. Roofers and farmers would be another group to look into. Add a little cancer on the side.

 

[rousemark]

His motto was, "All individual sales, no payroll"?

No.. "one in the morning and one in the afternoon" Of course, I know you have the same motto but he wasn't blowing smoke...

 

[rousemark]

I attended a BCBS Under65 training a couple of weeks ago and various supplemental carriers were in attendance. While chatting with a rep from LifeSecure, the rep said their accident plan is portable and good for seniors as well.

I have an aunt with both MS and RA. She's in her mid 70s now and is always fallling and getting hurt - a plan like this would have come in handy.

United national has one that will accept older folks..

 

[rousemark]

Did he use tiny classified ads . . . ?

Can't say I have ever known anyone earning a living selling ancillary products one by one. I have known guys who have done quite well selling in the PRD market. Some agencies target school systems and sell a buttload of small life policies, juvenile policies, STD, HI, cancer and other lines.

They do enrollment in October with coverage effective in January. First PRD doesn't happen until February. That's a long time to wait on commissions but if you do enough of this business and have the ability to wait on your paycheck it can be sweet.

I have known many... Especially selling cancer plans.. The average premium today is around $60 per month.. At a modest 60% commission that is $432 annual commission. With 90% first year persistency that is still $388 per sale. Doesn't take 2 per day to make a far better than average income. Now, add in 15% lifetime renewals, it starts to add up. I was on a recent call with Washington National and they stated the average life of their cancer plans was 14 years. Other pluses for the agent, simplified issue where most qualify, broad prospect base with plans available from age 18-99,quick policy issue and commission payment. No great technical knowledge required and is very easy to teach others the product. This is the reason I have said for some time that if I had my career to do over, I would have concentrated on cancer plans and built an agency around it.

 

[Life Hawk]

I have known many... Especially selling cancer plans.. The average premium today is around $60 per month.. At a modest 60% commission that is $432 annual commission. With 90% first year persistency that is still $388 per sale. Doesn't take 2 per day to make a far better than average income. Now, add in 15% lifetime renewals, it starts to add up. I was on a recent call with Washington National and they stated the average life of their cancer plans was 14 years. Other pluses for the agent, simplified issue where most qualify, broad prospect base with plans available from age 18-99,quick policy issue and commission payment. No great technical knowledge required and is very easy to teach others the product. This is the reason I have said for some time that if I had my career to do over, I would have concentrated on cancer plans and built an agency around it.

The 15% life time is what sets this type of coverage apart from most. Properly placed cancer plans are very persistan things.

 

[binky]

Did he use tiny classified ads . . . ?

Can't say I have ever known anyone earning a living selling ancillary products one by one. I have known guys who have done quite well selling in the PRD market. Some agencies target school systems and sell a buttload of small life policies, juvenile policies, STD, HI, cancer and other lines.

They do enrollment in October with coverage effective in January. First PRD doesn't happen until February. That's a long time to wait on commissions but if you do enough of this business and have the ability to wait on your paycheck it can be sweet.

I apologize but what is the PRD market? Product requirements document??

 

[rousemark]

I apologize but what is the PRD market? Product requirements document??

Payroll Deduction, aka Salary Savings, etc.. It is where the employer withholds the premiums from the employee's paycheck and forwards it to the company on their behalf.