Had an Epiphany on GI Products!

[TDFnCali]

Dont know if anyone else feels this way or not...dont know if Im just slow to learn certain things or what, but my GI stance has changed!

I always want to do whats best for my client, but like JD says, we're not doing this for charity & I ALSO have to do whats best for me too!

I have taken less commish to offer a client the best product, and I will continue to do so....to a certain point! Im not taking 45-60% (RNA's essential life commish) over another carrier's product offering me 110% to save the client $12 thats for sure.

And with that said, I no longer believe I should have to pay back commish EARNED (not advanced) when a person dies or cancels like some GIs make you do. Im already taking a SEVERE hit on commish to offer them that rate & on top of that, if they cancel 10mos later (or pass) I have to pay back a company say $400 of EARNED commish?

Thats going ABOVE & BEYOND doing whats right for the client in my opinion if I could end up OWEING $$ instead of just putting them with a pricier GI that doesnt take back earned commish. Maybe this is the reason JD doesnt offer this stuff (maybe not, I dunno), but I completely see this differently now. An agent offering say UHL for $55, and I offer Vantis for say $42...in 6mos if its canceled for whatever reason, the UHL agent owes the company nothing (assuming hes on as earned) & I have to now PAY Vantis for this guy canceling?

Am I the ONLY 1 who feels this way?

And in closing, as always....this forum board has been GREAT for my career, thanks to ALL you guys & gals!!

 

[HoosierLife]

Dont know if anyone else feels this way or not...dont know if Im just slow to learn certain things or what, but my GI stance has changed!

I always want to do whats best for my client, but like JD says, we're not doing this for charity & I ALSO have to do whats best for me too!

I have taken less commish to offer a client the best product, and I will continue to do so....to a certain point! Im not taking 45-60% (RNA's essential life commish) over another carrier's product offering me 110% to save the client $12 thats for sure.

And with that said, I no longer believe I should have to pay back commish EARNED (not advanced) when a person dies or cancels like some GIs make you do. Im already taking a SEVERE hit on commish to offer them that rate & on top of that, if they cancel 10mos later (or pass) I have to pay back a company say $400 of EARNED commish?

Thats going ABOVE & BEYOND doing whats right for the client in my opinion if I could end up OWEING $$ instead of just putting them with a pricier GI that doesnt take back earned commish. Maybe this is the reason JD doesnt offer this stuff (maybe not, I dunno), but I completely see this differently now. An agent offering say UHL for $55, and I offer Vantis for say $42...in 6mos if its canceled for whatever reason, the UHL agent owes the company nothing (assuming hes on as earned) & I have to now PAY Vantis for this guy canceling?

Am I the ONLY 1 who feels this way?

And in closing, as always....this forum board has been GREAT for my career, thanks to ALL you guys & gals!!

I feel you. I've only written a few GI apps and I put that money aside and don't spend it for this very purpose.

But the real question is how UHL is only $13 more? Is this their GI product?

 

[TDFnCali]

I feel you. I've only written a few GI apps and I put that money aside and don't spend it for this very purpose.

But the real question is how UHL is only $13 more? Is this their GI product?

Thats NOT the point, Im on "as earned" with them, but it isnt earned til 12mos....and Im no longer feeling that! I work just as hard with those clients to just get the appt, explaining stuff, filling out paperwork, getting signatures, and following up with phone calls & cards as with any other none GI clients to have to OWE money to the company when the client paid for those months!

Also, the UHL thing was an example, take whateva company you want. MOST times, not all, but most times its between about $10-20 difference....in really older ppl, or in certain cases it can be much bigger tho.

An actually I was referring to UHLs Express Issue product which Ive read from a few ppl on here that they like to use "for anyone with a pulse", but I dont understand how they use that much for ppl with major health challenges cause cancer, HA, stroke or any heart surgery in the last 12mos is a no go. And you cant be on dialysis or on oxygen...thats 90% of the ppl I put on GI, at least 80% minimum.

 

[jdeasy]

That's the major reason I don't write the GI stuff. The agent is taking all the risk in the first 2 years.

The other reason is that there hasn't been anything to offer for GI that beats MoO.

Maybe this new gerber deal will change my mind? I doubt it.

 

[senior-advisor-indiana]

Thats NOT the point, Im on "as earned" with them, but it isnt earned til 12mos....and Im no longer feeling that! I work just as hard with those clients to just get the appt, explaining stuff, filling out paperwork, getting signatures, and following up with phone calls & cards as with any other none GI clients to have to OWE money to the company when the client paid for those months!

Also, the UHL thing was an example, take whateva company you want. MOST times, not all, but most times its between about $10-20 difference....in really older ppl, or in certain cases it can be much bigger tho.

An actually I was referring to UHLs Express Issue product which Ive read from a few ppl on here that they like to use "for anyone with a pulse", but I dont understand how they use that much for ppl with major health challenges cause cancer, HA, stroke or any heart surgery in the last 12mos is a no go. And you cant be on dialysis or on oxygen...thats 90% of the ppl I put on GI, at least 80% minimum.

For some reason I thought UHL was going to be JD's new "go to" company.

 

[tins]

Dont know if anyone else feels this way or not...dont know if Im just slow to learn certain things or what, but my GI stance has changed!

I always want to do whats best for my client, but like JD says, we're not doing this for charity & I ALSO have to do whats best for me too!

I have taken less commish to offer a client the best product, and I will continue to do so....to a certain point! Im not taking 45-60% (RNA's essential life commish) over another carrier's product offering me 110% to save the client $12 thats for sure.

And with that said, I no longer believe I should have to pay back commish EARNED (not advanced) when a person dies or cancels like some GIs make you do. Im already taking a SEVERE hit on commish to offer them that rate & on top of that, if they cancel 10mos later (or pass) I have to pay back a company say $400 of EARNED commish?

Thats going ABOVE & BEYOND doing whats right for the client in my opinion if I could end up OWEING $$ instead of just putting them with a pricier GI that doesnt take back earned commish. Maybe this is the reason JD doesnt offer this stuff (maybe not, I dunno), but I completely see this differently now. An agent offering say UHL for $55, and I offer Vantis for say $42...in 6mos if its canceled for whatever reason, the UHL agent owes the company nothing (assuming hes on as earned) & I have to now PAY Vantis for this guy canceling?

Am I the ONLY 1 who feels this way?

And in closing, as always....this forum board has been GREAT for my career, thanks to ALL you guys & gals!!

I understand where you're coming from. But, just for a moment, look at it from the company's point of view. If they have to refund all the premium for the first 2 years and the agent still got to keep their commission, the company would be in the hole for this product unless they priced it through the roof. The fair way to do it, would be to only pay the agents, if they (carrier) make it through the initial 2 years and start making a profit.

 

[TDFnCali]

That's the major reason I don't write the GI stuff. The agent is taking all the risk in the first 2 years.

The other reason is that there hasn't been anything to offer for GI that beats MoO.

Maybe this new gerber deal will change my mind? I doubt it.

Its just the 1st year its 100%, but no Gerber wont change your mind....its the same a far as pricing & commish chargeback policy. Commish is a lil higher tho 60% to 40%.
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I understand where you're coming from. But, just for a moment, look at it from the company's point of view. If they have to refund all the premium for the first 2 years and the agent still got to keep their commission, the company would be in the hole for this product unless they priced it through the roof. The fair way to do it, would be to only pay the agents, if they (carrier) make it through the initial 2 years and start making a profit.

Hows that diff then any other company that has to pay the FULL FACE amount in the 1st 2yrs?? The GI only has to return the premuims, which is FAR LESS then the FA. Plus, if it were only death, I guess, maybe you would have somewhat of an argument....although from the point above Id still disagree, BUT what about if they cancel after 10mos? The company has to pay the client NOTHING, yet I have to return those commissions I EARNED when the client DID pay??

All Im saying is really, I no longer see the guy who offers a higher product as the bad guy....Im NOT going to LOSE money on a client. An advance is diff, I was paid $$ I hadnt earned yet, so if they cancel, I owe, but to pay $$ back on premiums that were collected??

I just want to explore other options.....can anyone name GI products I can look at?? AmCon & Kemper arent in Calif., and UHL's really isnt an option.

 

[rousemark]

Its just the 1st year its 100%, but no Gerber wont change your mind....its the same a far as pricing & commish chargeback policy. Commish is a lil higher tho 60% to 40%.
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Hows that diff then any other company that has to pay the FULL FACE amount in the 1st 2yrs?? The GI only has to return the premuims, which is FAR LESS then the FA. Plus, if it were only death, I guess, maybe you would have somewhat of an argument....although from the point above Id still disagree, BUT what about if they cancel after 10mos? The company has to pay the client NOTHING, yet I have to return those commissions I EARNED when the client DID pay??

All Im saying is really, I no longer see the guy who offers a higher product as the bad guy....Im NOT going to LOSE money on a client. An advance is diff, I was paid $$ I hadnt earned yet, so if they cancel, I owe, but to pay $$ back on premiums that were collected??

I just want to explore other options.....can anyone name GI products I can look at?? AmCon & Kemper arent in Calif., and UHL's really isnt an option.

Toby: You have just come to the realization that a product has to not only be good for the client, it must be good for the agent. If the agent does not feel he receives fair compensation for his efforts, he will leave the business and then is not able to help anyone.

 

[tins]

Hows that diff then any other company that has to pay the FULL FACE amount in the 1st 2yrs?? The GI only has to return the premuims, which is FAR LESS then the FA. Plus, if it were only death, I guess, maybe you would have somewhat of an argument....although from the point above Id still disagree, BUT what about if they cancel after 10mos? The company has to pay the client NOTHING, yet I have to return those commissions I EARNED when the client DID pay??

All Im saying is really, I no longer see the guy who offers a higher product as the bad guy....Im NOT going to LOSE money on a client. An advance is diff, I was paid $$ I hadnt earned yet, so if they cancel, I owe, but to pay $$ back on premiums that were collected??

I just want to explore other options.....can anyone name GI products I can look at?? AmCon & Kemper arent in Calif., and UHL's really isnt an option.

I agree completely with that. if the client cancels, there should not ever be a chargeback.

 

[Krocker360]

I agree completely with that. if the client cancels, there should not ever be a chargeback.

there might be a hidden charges that you didn't notice while applying...
it happen sometimes that we didn't notice and realize it afterward.