Looking to Get in the Business Group Market

[Jack B]

I'm currently selling final expense, doing alright, however for the long term, I would rather do something that I can build a practice, and potentially earn 250k + which is extremely difficult in final expense.

I'm thinking the right market for me would be employee benefits, since I know many business owners and I think voluntary benefits is relatively an easy sale.

My question to you guys is, which company would be the best to go with, that has a competitive product, and decent commissions, I looked in to Colonial life, commissions are pretty low, what would be the best route to start in employee benefits market.

Also someone asked me to look in to benefits for his 12 employees DI, Life, he wanted to set it up where employee and business would share cost, is there such a product?

Please help...

 

[scagnt83]

I'm currently selling final expense, doing alright, however for the long term, I would rather do something that I can build a practice, and potentially earn 250k + which is extremely difficult in final expense.

I'm thinking the right market for me would be employee benefits, since I know many business owners and I think voluntary benefits is relatively an easy sale.

My question to you guys is, which company would be the best to go with, that has a competitive product, and decent commissions, I looked in to Colonial life, commissions are pretty low, what would be the best route to start in employee benefits market.

Also someone asked me to look in to benefits for his 12 employees DI, Life, he wanted to set it up where employee and business would share cost, is there such a product?

Please help...

Commissions are low at Colonial because the work is segmented into the sales agent and the enrolling agent, so the comp is split between the two.

But comp in general in the benefits field is no where near what it is in the individual market.

It helps to have more than one under your belt. Benefits Mall is an IMO that specializes in group benefits, I would suggest searching for them on google.

As far as carriers go, Guardian has an excellent group DI and Life product. They also discount the rates based on how many of their products the group offers. They offer Dental, Vision, Life, DI, Accident, Cancer, Hospital Indemnity.
Guardian also offers a free online enrollment portal for the business so employees can enroll online.

Ameritas also has decent group benefits and so does Mutual of Omaha.


I would suggest to go all the way in the group market and sell group health too. Group health still pays comp and it will often pay more than you will make from the supplemental benefits (since most everyone will participate in the group health). It pays steady renewals and it eliminates the competition from having direct access to your client (because whoever they have their group health with will likely offer supplemental benefits too).

I would stay away from the likes of Aflac/Colonial/etc. Dont turn yourself into a one trick (product) pony. Not all clients will fit best with just 1 single carrier. And being able to tell them that you shop on their behalf and bring them the best fit for their situation is a service that employers see value in.

 

[pcbinsurance]

Assurity At Work is another option:

Assurity at Work, Voluntary Benefit Solutions for the Workplace

 

[scagnt83]

Assurity At Work is another option:

Assurity at Work, Voluntary Benefit Solutions for the Workplace

I would second them as well. Solid products from what I have seen.

 

[glgamerica]

I'm currently selling final expense, doing alright, however for the long term, I would rather do something that I can build a practice, and potentially earn 250k + which is extremely difficult in final expense.

I'm thinking the right market for me would be employee benefits, since I know many business owners and I think voluntary benefits is relatively an easy sale.

My question to you guys is, which company would be the best to go with, that has a competitive product, and decent commissions, I looked in to Colonial life, commissions are pretty low, what would be the best route to start in employee benefits market.

Also someone asked me to look in to benefits for his 12 employees DI, Life, he wanted to set it up where employee and business would share cost, is there such a product?

Please help...

If you have connections (or will prospect) with employer groups with over 100 EE's, one way in to an employer group like that is with a guaranteed issue whole life insurance offer. It's entirely employee paid.

I've found it to be an easier "in" than the core benefits because it isn't tied to an effective date and can just be offered above and beyond any other group life insurance they have.

Once you are in, and do a good job, you can expand your voluntary products if you want or explore the core group benefits.

Personally, I like offering only the whole life. Makes my life a whole lot easier.