Companies That Advance 1st Yr Commissions

bluebunnyins · 05-04-2009, 11:23 PM

I've been in the insurance field for a little over a year now. I started out working for a captive company selling life, ltc, med sups, and annuities. I then moved to a captive health insurance company, but only worked there for a few months. I've since been an independent going through a brokerage. I've been use to commission advances but now I find that many non-captive companies don't advance.

My main focus is still health insurance which brings me to my question. Are there any descent health insurance companies that advance full year commissions? I'm sure I could write for Cinergy but I'd rather go broke.

bluemarlin08 · 05-04-2009, 11:50 PM

Be very carefull regarding advances. I do about half my business with advances, the balance as earned. You will have some chargebacks, make sure you have planned for this. My system works for me but I am leaning to do more as earned.

djs · 05-04-2009, 11:57 PM

If you go advanced, make sure you set aside money in reserve for chargebacks when they occur.

In California, carriers with health insurance advances are pretty slim. I have no idea about other states.

TheSalesWolf · 05-05-2009, 05:20 PM

You would need to go through a General Agent to get advances with most carriers. If you already have direct appointments then sometimes it is tough to move your appointments.

There's several to choose from. HealthChoiceONe is good and AHCP.
HealthGeneralAgent.com as well.
We offer advances with most of the major carriers.
We pay out commissions at or above street level.
We offer extensive 1 on 1 training along with daily webinars (free of charge, unlike some of these other Rock Stars and Associations)

moonlightandmargaritas · 05-05-2009, 08:46 PM

Originally Posted by TheSalesWolf

We offer extensive 1 on 1 training along with daily webinars (free of charge, unlike some of these other Rock Stars and Associations)

I get the impression that you're not too high on Liano and Petrowski?

bluebunnyins · 05-07-2009, 02:09 PM

Thanks for the info. I'll look into every option.

jbage007 · 05-08-2009, 01:30 AM

You'd be better off going back and selling used cars.

MOHEALTH · 05-08-2009, 11:25 PM

Originally Posted by bluemarlin08

Be very carefull regarding advances. I do about half my business with advances, the balance as earned. You will have some chargebacks, make sure you have planned for this. My system works for me but I am leaning to do more as earned.

If I were starting over from scratch I would take this appoach from the beginning. unfortunately I got some bad advise from a self proclaimed "Expert" on this forum who said I would be crazy to not take advances. WRONG!! This goes totally against the point of being in insurance.

I would say do a 60/40 split to start. 60 as earned & 40 advanced with the goal of being 100% as earned after your first year. You'll save yourself a million headaches. Dont fall for the all advanced bs. Its a losing business model in the long term.

bluebunnyins · 05-13-2009, 02:27 PM

I'm looking into all options and, hopefully, I'll know my discission at the end of this week. What questions should I be asking these brokerages? I would like to eventually go direct.

eza4short · 05-13-2009, 08:04 PM

Can an agent set split commission up with the a General Agent? Or is that all up to the GA? I know a GA who has Advances through Golden Rule but all the commission is paid though the agency so in that situation is it possible to do split commission?

cka233 · 05-14-2009, 05:26 AM

Just make sure you are prepared for chargebacks. all the best

MOHEALTH · 05-16-2009, 07:48 PM

Originally Posted by cka233

Just make sure you are prepared for chargebacks. all the best

EXACTLY!!

danw · 06-26-2009, 09:00 PM

I am in Illinois. I am just starting out. I am about to sign on with an Insurance of America agency. It is captive. They offer World and United American Insurance products for health. They do only health. Commissions are vested the number of months that I stay there. I need to stay 2 years to be 100% vested. I would be 1099. They offer training and there is a local office I can go to. They also provide free leads (through a telemarketer) which I find attractive.

Also, I asked about advanced vs. earned and the director said most people go with advanced, but I am skeptical about going into debt,
Especially if my commissions are not vested 100% until after 2 years.

What do people think?

Is there any other place I can get free leads? I also like the comraderie of having people to talk to.

I am kind of nervous about the rules, but I need to make moneyn and I think I will be able to sell....never know unless I try.

I really like this forum by the way.

Dan

somarco · 06-27-2009, 10:32 AM

I think you need to find another gig.

World used to be a decent carrier but not mainstream. UA is a mini-med for folks who can't qualify for real major med. 2 yr vesting is a crock. There is no such thing as a free lead.

If you need money, you might want to find something else. All these folks will do is chew you up and spit you out. In the interim you have lost time and money while trying to find the real deal.

Peelerinsurance.com · 06-30-2009, 10:56 AM

With the uncertainty of the health industry at present te last thing in the world(no Pun) I would do is deal with both advances (if all our clients are gobbled up how does the advance get paid back?) and fringe players..... i feel if something BIG happens the little engines that could will vanish... only te big boys will be around

Just my thoughts after 17 years in the biz... not worth the gamble.

Rick Liuag · 06-30-2009, 11:04 AM

Dan
Whatever you do, independent or captive agency make sure that you "own" your book of business are building equity. Many agencies that advance will retain ownership of your book. You don't want to wait 2 yrs to be "vested" many clients don't stay on the books for two years with one company now with the internet at their fingertips.

jmhopkins40 · 07-01-2009, 01:25 AM

CALL 513-594-6956 I HAVE JUST WHAT YOU ARE LOOKING FOR...

Originally Posted by bluebunnyins

I've been in the insurance field for a little over a year now. I started out working for a captive company selling life, ltc, med sups, and annuities. I then moved to a captive health insurance company, but only worked there for a few months. I've since been an independent going through a brokerage. I've been use to commission advances but now I find that many non-captive companies don't advance.

My main focus is still health insurance which brings me to my question. Are there any descent health insurance companies that advance full year commissions? I'm sure I could write for Cinergy but I'd rather go broke.

- - - - - - - - - - - - - - - - - -
CALL 513-594-6956 I HAVE JUST WHAT YOU ARE LOOKING FOR

Originally Posted by danw

I am in Illinois. I am just starting out. I am about to sign on with an Insurance of America agency. It is captive. They offer World and United American Insurance products for health. They do only health. Commissions are vested the number of months that I stay there. I need to stay 2 years to be 100% vested. I would be 1099. They offer training and there is a local office I can go to. They also provide free leads (through a telemarketer) which I find attractive.

Also, I asked about advanced vs. earned and the director said most people go with advanced, but I am skeptical about going into debt,
Especially if my commissions are not vested 100% until after 2 years.

What do people think?

Is there any other place I can get free leads? I also like the comraderie of having people to talk to.

I am kind of nervous about the rules, but I need to make moneyn and I think I will be able to sell....never know unless I try.

I really like this forum by the way.

Dan

danw · 07-01-2009, 10:01 AM

Rick:

Thanks for the simple, sound advice. I have decided that "captive" is not the option for me. Neither are advances. I have a computer software consulting business which I am going to retool to bring in immediate income. I will still do the insurance thing in parallel. I am currently signed up with a local general agent where I own my own book and am 100% immediately vested. The only thing I don't have is leads. I am thinking that developing a script for a telemarketing company. The script will say something like this.:

"Hi. We are representing Wellisch Insurance Consultants and we would like to save you money by auditing your current health insurance expenditures and finding you a better way. Mr. Wellisch is taking face-to-face meetings right now. He will be in your area next week. Would you like to set up a meeting at your office for 1/2 hour?"

I want to get qualified leads.....it seems to me that this would be a good strategy rather than internet. I believe this captive guy (who almost hooked me) pays alot of money for telemarketing leads and is successful that way, so I thought I would do the same....although in a simple, small, controlled way. For example, one strategy might be to employ such a telemarketing company in small 1-2 hour chunks. See how it goes, and if I get a lead in that small window....then maybe try another one.....slowly testing it out.

What do you think?

Dan

somarco · 07-01-2009, 11:18 AM

auditing your current health insurance expenditures

Sounds like something L. Ron Hubbard would say.

You never, ever want to use the word audit when trying to get in the door to a business owner.

Mr. Wellisch is taking face-to-face meetings right now. He will be in your area next week. Would you like to set up a meeting at your office for 1/2 hour?"

So what is plan B?

moonlightandmargaritas · 07-01-2009, 11:23 AM

Originally Posted by danw

He will be in your area next week.

[COLOR=blue]You need something a whole lot more compelling than this.[/COLOR]