Insurance Agent Forum

[Gregb3104]

We sold their critical illness policy as an add on to health insurance policies for about 6 months, and dropped them late last year. When a client cancelled, CBL often made it difficult for the auto withdrawl to stop. We had several clients that had to pay a $25 fee to their bank to formally stop the monthly auto withdrawl. Also, we had a much higher cancellation rate than we had for the health insurance itself. I cannot recommend CBL.

[TXINSURANCE]

I have never had anyone have trouble canceling , although they try to retain the business as they should. Why are they canceling? All the sudden they don't see the value in a $20 to $40 price point?

If major medical declines or has "issues" the CI can often fall as well - not much you can do about this.

If explained properly the fall off should match your major medical like a glove in my opinion it should be the same (or better).

[newatins]

I am directing this message to AL3, though the original posting is old, anyone else that may have seen a setup simular to that one may be able to advise as well...thanks!!1

I was looking for info on in office that sounds much like what you were looking at in the Sac area and I am curious as to how things worked out for you with this office...the appointments, the earnings potential, etc....I am new at this and fear going to long without a return... I have been told stories of lots of people making substantial money with selling their products to this "untapped market" as they put it, and that you can get your first sales/paychecks with their system fairly quickly.

I am not sure when you will get this, but if you can respond back as soon as possible it would be great!!! I need to get back to them fairly quickly.

Thank you for any advise/words of wisdom that you can offer on your experience!!

[al3]

The GA in my area for CBL is Employer's 1st Choice . I know the owner personally and he is of the highest caliber of honesty and integrity. We correspond often. I put my Value Health and Med cases (AIG and GTL) through his shop... maybe two a year... if that.

I also like the CBL products.

However, I decided not to work this market in my area due to economic conditions here. The worksite market is struggling in Sacramento due to high unemployment, layoffs, and the general economy.

The GA has its own call-center to generate leads, but most of them are in the East Bay (Oakland) area and that's a 90 minute (on a good day) drive each way for me. I'm told there are agents doing very well over there, but no one is doing well in my immediate region with CBL (that I know of.)

CBL targets low-wage, blue-collar businesses. However I found that the guy or gal who had $50 left in their paycheck for a critical illness or small term life plan has lost it to the high price of gas, bread, and beer. In my area wages have not kept up with inflation. Perhaps it is better where you are.

I hope this helps.

[newatins]

Thanks for your quick response Al. I really appreciate it. Same GA, different office--San Diego...you are right, owner seems like a VERY good going guy with a good group of people. A lot of people down here are of course feeling the pinch of the economy and with the holidays coming up, I wonder if this would be a difficult time to come in at this as a nube.

I spent years in mtgs and just recently had to take a sales job with a base+ (doing something I never saw myself doing)...just to get some $ coming in...but I have spent so many years being independant that I am not so passionate about doing a typical 9-5 ...not to mention that the sales cycle is very, very slow, and it it will take some time for the commissions to start flowing in...I am battling with the idea of having a steady check coming in that is not much to speak of vs the possiblity of an earning potential that is more inline with what I had been used to. You know what they say about the grass not always being greener...I hear the dollar signs that company is saying there are...yet I am worried about jumping ship if they are not really there...

Just recently got burnt with a company that involved preset appointments for merchant account/equipment sales to small business owners and the one week was a complete waste of time, energy, and of course $ as the appointments were a joke!!!! Do no want to go down that road again especially if I do have a small, small check coming in.

I need to start making some real money again and would like to enjoy what I am doing...I am nervous.

[al3]

Originally Posted by newatins

I need to start making some real money again and would like to enjoy what I am doing...I am nervous.

Being nervous is good and bad. It's good because it gets you off your butt and empowers you to take chances and risks. It's bad because it can lead to making some bad decisions.

The only way I know of to make consistent money is to market health insurance with a cross-sell of term life as soon as the health is approved. Some agents are doing well selling an accident or crit-ill plan with HSA plans but I've not tried that strategy yet.

I'm working a plan to move way from health and just do WL/UL life, LTC (maybe), DI and fixed annuities... but it is going slower than I anticipated... due to the dislocation in the general financial markets. Thus health and term-life are paying the bills.

That said, unlike most of the agents here, my production is down 20% (at least... probably more!) in the past 60 to 90 days. Part of the reason is that I've lost a ton of cases to tightened health UW causing a re-app with another carrier.

For HCL with HBP cases I'm having them make app to two carriers at the same time... or just go straight to a small group plan (I market exclusively to small businesses.)

And trying to get people to talk about life or DI is harder than root canal these days... at least in my area (Sacramento.) We're the foreclosure capital of the country (or close to it) and our jobless rate is one of the highest in the nation. We also have a huge state government workforce... who have full benefit plans and have less use for what I can provide than those in the private sector.

My advice is to get contracted with the Blues, Aetna, and HealthNet/Farm Bureau, learn the products (I sell HSA plans 90% of the time) and start cold-calling from the phone book or a business list.

* * *

"This is [name] from [your-company INSURANCE] . I'm making a sales call to you. (1 second pause) Do you have a minute to talk?"

90% of the time you will hear "Uh..what's this about."

"We specialize in life insurance and health insurance for small businesses, their owners and their employees. Do you folks have a group plan... or individual plans... are you paying too much for it?"

If they engage you have a prospect...

If they don't...

"We're not interested."

"Ok, just one question. Who is your health insurance with?"

No matter what they respond... "Their rates have gone up recently. I wonder. Have you thought about getting competitive bids... maybe move to HSA plans?"

Either you get "What's an HSA plan" ... and you have a prospect... or

"We already have a broker."

"OK, but would you let me send you a quick email to introduce myself along with a free report on saving money on health coverage that you might find useful. You never know when things change. What is the address?"

"One last thing... [either] what does your business do [or] how is business for you folks these days? "(I often call on XYZ Services... or wholesalers or retail stores...and have no idea what they do... or I call on lawyers or doctors, therapists, CPAs, or other "professionals"... and I try to remember them as small-biz owners who have P&L just like I do.)

I also know that if I can send biz to them... they will send biz to me. As Milo Minderbinder said "It's the syndicate... and everyone has a share." (See how much you can learn from this board?)

* * *

Do this for 4 hours a day (2 before lunch and 2 after) and you will do fine.

Maybe there is a better way or there is some "magic" out there... but this works for me.

However, compared to guys like Dave F. and Rick and Ramiz, and Winter, and Mr. Bill, and STI and Frank and John P., and Sam... and just about all the other "regulars" on this board... I'm a newbie... so the value of the above is about worth what it cost you to read it.

You are well-advised to read this board and find out how these guys sell and take from them those methods that you will be comfortable with. Listening to me is probably (make that definitely) NOT the smartest thing you could do!

The Only Liberal Agent On The Planet
InsuranceSolutions123 Agency

[lifeguard]

This is a great company if you have the chance to sign up with them. I have had lots of experience with CBL. Currently I am in the top 10 producing agents. Your goal is to get appointments with business owners, then get them to allow you to present to there employees, do payroll deduction and once you are able to present benefits to employees the products sell themselves.
- - - - - - - - - - - - - - - - - -
This is to "newatins" Do not be nervous! It will show, have fun and it will all flow! Listen to your guy Charles! Do everything he tells you to do. Do not focus on the money focus on what is best for the employee, give excellent customer service and soon you will be wealthy in more ways that financially!

[thomasmahiro]

Hi TX. Are you still writing with Colorado Bankers? ...

Originally Posted by TXINSURANCE

I am not sure their "street level" contracts. I offer contracts at 100% through them (paid direct from company), and 9 month advance. I also offer a lead price break for those who contract and a lead credit for each application issued. Just a little value added through my lead company.

Optional of course you can go direct, but I throw some value in the mix - PM me if anyone is interested I do not want to hijack the thread.

This outfit is good to deal with - I know them very well, never had any issue. Look at their holding company HEALTH CARE SERVICE CORPORATION - i.e. Blue Cross Blue Shield Texas.

The only issue is as you are older the rates become high or you don't get much face value for your money. Same with smokers. However for young to middle aged it can be a great value and with the online application and money option, it is an easy upsell.

[VaDwayne]

Originally Posted by BKrocko

If you want to offer Colorado Bankers products, they require you to take E&O through them. I don't know what the price is - I already have E&O at a good price and don't feel like changing just to be able to offer their product.

I am appointed with Colorado bankers and I have my E&O coveage through CNA.

[ims01]

We have several agents that love the Colorado Bankers CI product. They use it as a safety net for high deductable plans. The comm is very good for CI because it is based on a ten year term chassis.