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Third party adminstrator. Yes yo can but its not an overnight income.
The Benefit Coordinators
- Thread starter plays2win
- Start date
- 281
Thanks..what is the difference btwn this and say Colonial as far as product offerings go..are they similar in what they offer?
- 8,707
insurancemet said:
Very different, you will spend time educating the employee about FEGLI how it works and the downsides and will be working to replace option b, you will also be explaining thier FERS pension and how TSP works at retirement to sell a supplemental retirement account and to probably do a rollover from TSP at 59 1/2. So very different that selling some small supplemental accident policies.
- 281
Thanks, do you need series 6 etc or if not what insurance prod do they use for that?
- 8,707
No need for a securities registration...Even giving advice on the TSP is legal as the TSP is techinically NOT a security... To replace Option B of FEGLI I use term products if they are looking to just replace what they have for a cheaper price, I use some permanent products if they are looking to supplement retirement or do a pension max...Benefit Coordinators has access to a bunch of different carriers all available to be funded through the Federal Allotment system ie thier paycheck. We have a DI product designed for Federal Postal employees, a critical illness product and of course access to annuities for the TSP rollover.... I don't think I can say this enough though your main products are really the sale of life insurance to solve a bunch of problems....Nothing wrong with that, My issue is with the agents that always push the Madison National Modified WL w/ Annuity rider....for the same dollars I can do a small max funded IUL and create a lot more income in retirement for the client and have more life insurance protection as well.
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