Writing Health for Own S-corp

[NJCFP]

Hi everyone,

I'm a CFP doing financial and estate planning helping people figure out how to afford elderly care and preserve wealth. I'm also life&health producer (primarily for writing SPIAs converting assets->income for medicaid planning). I'm NJ starting on my own (s-corp) and need health coverage for my family (wife+kids). Although I do not intend to write health policies, as of now I need my own coverage. I'm hesitant to ask someone else to write the policy because I could collect commissions on my own sale (correct me if I'm wrong). What are my options? (also, I need to get my own coverage to for tax off)

Thank you,

NJCFP

 

[moonlightandmargaritas]

I'm NJ starting on my own (s-corp) and need health coverage for my family (wife+kids). Although I do not intend to write health policies, as of now I need my own coverage. I'm hesitant to ask someone else to write the policy because I could collect commissions on my own sale (correct me if I'm wrong).

It seems to me to be foolish not to trade the comp on one health insurance case for the ability to work with an expert in the area. Sounds like "false economy".

 

[Yagents]

But 5% off is better than a coupon! Have fun with the appointment paperwork, and eventual cancellation of your contract.

 

[scagnt83]

Come on guys, cut the guy some slack. He doesnt know what he doesnt know here.

Yes you could get appointed and write the business yourself and collect the comp yourself. Im not sure what comp is like in NJ but you are probably looking at 5%... maybe 10% or 15% tops. Some states are just paying a flat $20(ish) fee per app. So comp is very state specific.

Also, most carriers will cancel your appointment if you are not producing new business each year.

I agree that a small discount is not worth the absence of an expert to help you. Despite what the L&H and CFP exams have taught you. There is a whole lot in the HI world that can only be learned from experience. Each state has its own unique market and what might be a good idea in one state may not work as well in another state. Then there is the whole ACA debacle that has made HI regs a moving target, especially when it comes to your business and taxes.

You can find a qualified agent here on the forum who can help. Just post asking for indy health agents licensed in NJ.

 

[Dave020]

You are aware this was posted 2 years ago?

 

[scagnt83]

You are aware this was posted 2 years ago?

Lol. No I didnt catch that. He just posted last night in the annuity section and I saw he had just 2 posts. So I looked at what the other post was and assumed that it was recent without even looking at the date.