New Comp is Hurting!

[YouGotMyMoney]

Anthem & Unitedhealthone

My goal right now is to write 20 policies a month.

I am cross selling term life by my avg annual premium (Banner) is below $500.

Are you direct with UHC?

If you are direct with uhc, you may have to swallow your pride and go through an FMO/Keybroker who will give you a higher %.

 

[ABC]

Are you direct with UHC?

If you are direct with uhc, you may have to swallow your pride and go through an FMO/Keybroker who will give you a higher %.

Never really thought about not owning my own block.

It will be interesting to see the impact of the bonus programs. If a bonus program like USPC continues to have the $5k quarterly bonus for writing 30 policies then it should be ok.

 

[dgoldenz]

Are you direct with UHC?

If you are direct with uhc, you may have to swallow your pride and go through an FMO/Keybroker who will give you a higher %.

UHC won't let you go through an FMO/key broker if you have more than 3 new policies in the last 6 months. I already asked.

 

[YouGotMyMoney]

UHC won't let you go through an FMO/key broker if you have more than 3 new policies in the last 6 months. I already asked.

That's strange, well actually I assume if your direct they will tell you that so they won't have to pay you a higher % when they already locked down at 10%.

However, I have seen agents/agencies with production in the last 6 months get switched over.
- - - - - - - - - - - - - - - - - -

Never really thought about not owning my own block.

I have all my health contracts through an FMO and there has never been any issues with them trying to take control of my book...

Well, technically I sold my uhc book and am building it back up now..

But I have to tell ya if I was direct at 10% with no advances and could make 50% more by going through an FMO I would seriously consider it.

 

[Full Throttle]

Banner is my go to carrier.

I really think our society views life insurance as life insurance and not an investment.

I have tried selling WL with little success.

Banner I can sell all day long no problem.

ABC,

If permanent is positioned correctly, it's actually fairly easy to sell. The most challenging part is getting an open minded discussion going regarding their life insurance. Amateur life agents seem to have two business models:

1. Compete on price for term insurance. Not bad in itself and it will help people. But it will hurt some clients down the road by not going over all the options and you will not be paid as well yourself. A double negative.

2. Sell the greed factor on cash values. Life insurance is a decent accumulation vehicle for conservative money if someone has a need for a permanent death benefit. But your amateur agent will pull out an illustration and focus on the cash value accumulation. That's misleading and more than likely the policy holder will terminate the contract once they found out their cash on cash return is only in the 3% to 4% range over many years. That's why it's misleading to sell it that way.

A professional life insurance agent sells the permanet option to fulfill the need of a permanet death benefit. That may be WL, UL, UL with a NLG, it just depends on what is best for their situation. Any cash accumulation is very secondary. Believe it or not, if explained correctly, clients want it without even discussing cash value.

There are reasons to carry permanent life insurance into your later years for many people:

1. Potentially higher retirement income with less risk - utilizing a SPIA / life insurance replacement combo (if the client is married or just wants to pass assets on).

2. Pension max concept.

3. Pay for final expense costs at a discount.

4. Replace lost social security income at death of a spouse.

5. Transfer assets to kids tax efficiently at death.

6. For business owners: many will continue to work past the typical retirement age and may need life coverage to get a loan, for key person or business succession reasons even at older ages.

When positioned to help solve these types of problems, people want the permanent death benefits. If you open a life insurance case based on "let me shop your term coverage to see if I can get you a lower rate", you will have a tough time discussing the permanent options. If you are willing to take the time with them to have a discussion, you can do some good things for them (and your pocket book as well).

 

[jbage007]

UHC won't let you go through an FMO/key broker if you have more than 3 new policies in the last 6 months. I already asked.

LoL. UHC is turning into Humana.

Not a compliment UHC.


As for me, I hate to admit it but as soon as I realize I'm dealing with a 24 year old who has never bought insurance, I get off the phone ASAP.

Don't have the time to waste, kid. Sorry about that.

 

[GAMAN]

So, what FMO do you recommend for UHC? I haven't written more than 3 apps within the past 6 months with them. I'd sure like to get higher than 10% commission if possible!

 

[YouGotMyMoney]

So, what FMO do you recommend for UHC? I haven't written more than 3 apps within the past 6 months with them. I'd sure like to get higher than 10% commission if possible!

try emailing me through the forum since you dont have 20 posts yet.