Insurance Agent Forum

[michellea]

Originally Posted by salpro22

AV = Annualized Volume

It sounds like you have a nice tag-team approach to conducting business. Are those commissions competitive with what he could get outside of those two companies?

I am not sure if those commissions are competitive. I started in January and would work only a week out of the month making calls and he has only been licensed for 2 months.

We thought things were good with me getting paid $100 and him on the tier system and just within the last month have we got involved with the company paying me $250 and him $420. I am able to do for both companies but him being out in the field can only have a contract with one company, so he is in the middle of switching right now. We are just waiting on all of the paperwork to go through. So who knows there may be different commissions for other companies. All I know is from what is offered in our area.

[michellea]

Originally Posted by Slick

Hey Frank, whenever somebody says that got horses that can run, I'll stand by and yell "giddyup", but that don't necessarily mean I'll be sitting in the saddle.

Michellea,
Sounds like you two have a nice deal going on.
The PFFS 1 and 2 don't look too bad, but I don't think I would chose to write more than 1 or 2 per month.

But if you get tired of dialing for HMO's, hang a sign to set supplement appointments and we'll find you plenty to do.

Ha ha, yea that is what I hope to gradually move into at some point. Yea we have 2 new car payments to make so I got to work those MA's, but I also do see the big picture and know that we can't sell MA's forever.

I am guessing there are not any programs where you get paid so much for each appointment you set that closes in the med. supp. area. If I am wrong let me know and we might all have one happy insurance marriage as Frank says, haha!!

[Frank Stastny]

Originally Posted by michellea

I am successful in getting clients by being honest with them and I take the time to explain to them how everything works. I break it down for them to where they can understand it and I may have to say it 12 times. My fiance and I take pride in that we are not the type of people who just switch over anyone for no reason and we are still able to close enough to pay our bills.

And No he is not going after final expense at this time. I had never heard about final expense until I found this site. So if you have any suggestions on that end, feel free to fill us in!!!

THANKS FOR EVERYTHING!!!!

You and he are off to a great start. With that attitude the two of you will be very successful selling insurance. It sounds like both of you are doing everything just right.

Although I sell some final expense, my area of expertise is Med Supps. If you need any help in that area give me a call.

I know there are agents here who know a lot more about final expense than I do. I'm sure some of them will be more than willing to help you get started.

You may want to start a separate thread, New to Final Expense, Need Help. That should bring them out of the wood work. haha

[Frank Stastny]

Originally Posted by michellea

I am guessing there are not any programs where you get paid so much for each appointment you set that closes in the med. supp. area. If I am wrong let me know and we might all have one happy insurance marriage as Frank says, haha!!

I set my own appointments so I guess you could say that I get "paid so much for each appointment" set that closes. haha

You are right, there are none that I am aware of that pay you that kind of money just for getting the appointment. Some telemarketers get paid a few dollars by the agent when an appointment closes.

Prospecting/setting appointments is the most difficult part of selling insurance. I would say I spend 75% of my time prospecting, calling on the phone, and 25% of my time selling.

If you are that good on the phone, it sounds like you are awesome on the phone, then you could set Med Supp appointments and let your fiance go see the prospect and close the sale. There are tons of threads on this board alone where agents are looking for someone good to set appoints for them.

Neither of you are going to make the kind of up front money you are making now though if you start selling Med Supps, especially you. His average commission is probably going to be around $25 per month for each policy written and issued. (Many companies will pay a 9 - 12 month advance.) However, he will receive that amount for several years if they keep the policy.

He would be the one paying you for each appointment that he closes, not the company, as well as so much per hour while you are making calls. I would think he should pay you his first months commission for each one he closes. That seems fair to me.

He is the one who will be "making the big bucks" so maybe you should wait until you are married to start on Med Supps. hahaha

[Newby]

After reading all the posts in this thread I gather that one of the things that gives you great success on the phone is you are not rushing them to get off the call and move on to the next call. It sounds like you let them talk and warm up to you. Great work!

Do you call from scrubbed lists (the Do Not Call List) or what type of lists are you calling from?

[michellea]

Originally Posted by Frank Stastny

Prospecting/setting appointments is the most difficult part of selling insurance. I would say I spend 75% of my time prospecting, calling on the phone, and 25% of my time selling.

Neither of you are going to make the kind of up front money you are making now though if you start selling Med Supps, especially you. His average commission is probably going to be around $25 per month for each policy written and issued. (Many companies will pay a 9 - 12 month advance.) However, he will receive that amount for several years if they keep the policy.

I spend endless hours on the computer doing research on the demographics of the counties and the plans that are available so that I know what I am talking about when I am on the phone and you are soooo correct in the amount of time it takes.

Thanks for the offer for me to call, I will probably take you up on that whenever we start to look into branching out of the MA Plans. Everyone has helped me so much on this board!

[michellea]

Originally Posted by Newby

After reading all the posts in this thread I gather that one of the things that gives you great success on the phone is you are not rushing them to get off the call and move on to the next call. It sounds like you let them talk and warm up to you. Great work!

Do you call from scrubbed lists (the Do Not Call List) or what type of lists are you calling from?

Thanks very much!

I get my lists from multiple places. I have never paid for any lists! Some of the agents have given me lists that they have bought. I have a ton of leads that I was given that someone got off of intelius before they changed the setup of their site. I do reverse address searches for the elderly subsidized housing buildings in my area. I also got a free trial for ancestry.com and found a public database on that site and got all listings for people 64 yrs. old and up. So I have lists from everywhere. If someone offers me leads I take them.

[larymes]

Does anybody know where I can find a list of different brokerage companies? I'm trying to find people who would like to sign people up for a product ON TOP of the MA plans they are saling to double their commissions.

[Tina]

What's the product? What company is selling it? In another thread where you posted this you said there was no licensing or certification needed, which is a red flag to me. Is there a company website? Is the "product" even worth all the hoops that would need to be jumped through for cross-selling 48 hours later?

[jdeasy]

Originally Posted by Tina

What's the product? What company is selling it? In another thread where you posted this you said there was no licensing or certification needed, which is a red flag to me. Is there a company website? Is the "product" even worth all the hoops that would need to be jumped through for cross-selling 48 hours later?

It sounds like the AK. You would have to wait 48 hours to sell that snake oil. Or, if could be an indemity policy to pay the co-pays, still, that would require a 48 hour wait to present.

People trying to get around the rules are what caused the rules in the first place.

[larymes]

No, actually they're power chairs. As long as they have a condition (they can even have high blood pressure, and thats everybody). You just go over the paperwork with the client (like an MA app) and then once the paperwork is filled out you send it in, and medicare pays for it. Then the chair is delivered to their front door. You get paid in about a week from the time you are with the client

[Dave020]

He posted in another thread....power chairs.

That's Dan Weston's turf...better watch out, he breaks legs

YouTube - The Scooter Store- Evie Thompson

Also, if someone is on an MA plan, wouldn't Medicare be excluded from covering a power chair since neither Part A nor Part B benfits apply?

[Tina]

Originally Posted by larymes

No, actually they're power chairs. As long as they have a condition (they can even have high blood pressure, and thats everybody). You just go over the paperwork with the client (like an MA app) and then once the paperwork is filled out you send it in, and medicare pays for it. Then the chair is delivered to their front door. You get paid in about a week from the time you are with the client

So first I would sell the client their insurance to cover DME (and of course, making sure it's a policy that covers the power chair, regardless of anything else). Then tell them about these wonderful power chairs I can sell them for free, because I know their insurance covers it since I just sold the policy Of course, if they don't qualify (even though they pre-qualified) they're stuck with the bill.....almost sounds like a great deal, and not a conflict of interest.

If it's not an ethics violation in the insurance industry, it should be. I know it is in a lot of other professions. I'm a licesened counselor and did that for several years until I burned out. Doing something like that is the fastest way to get your license pulled in that profession.
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Originally Posted by Dave020

Also, if someone is on an MA plan, wouldn't Medicare be excluded from covering a power chair since neither Part A nor Part B benfits apply?

Maybe that's how you get your MA appointments? Go to sell the power chair first, have medicare pay for it, and since you're helping them with all the insurance stuff you know how frustrated they are with medicare and suggest an MA policy, and set up an appointment for after medicare has paid for the power chair

[Dave020]

Originally Posted by larymes

As long as they have a condition (they can even have high blood pressure, and thats everybody).

Um, where did you get that information from? Here are the basic qualification for a Medicare approved power chair and scooter:

Qualifying for a Power Wheelchair
Basic requirements:

• The user must be eligible for a defined Medicare benefit category.
• The product must be reasonable and necessary for the diagnosis or treatment of an illness or injury or to improve the functioning of a malformed body member.
• The user must meet all other applicable Medicare statutory and regulatory requirements.

A power wheelchair is covered when all of the following criteria are met:

• The patient's condition is such that without the use of a wheelchair the patient would be unable to perform daily activities in their home, and
• The patient's condition is such that a wheelchair is medically necessary and the patient is unable to operate a wheelchair manually, and
• The patient is capable of safely operating the controls for the power wheelchair

Qualifying for a Scooter
The basic coverage criteria for a mobility scooter is the same as it is for a power wheelchair. The specific requirements do vary, however, and are as follows:

• The patient's condition is such that without the use of a wheelchair the patient would not be able to move around in their residence; and
• The patient is unable to operate a manual wheelchair; and
• The patient is capable of safely operating the controls of the scooter or power wheelchair; and
• The patient can transfer safely in and out of the scooter or power wheelchair and has adequate trunk stability to be able to safely ride in the scooter or power wheelchair; and
• It is ordered by a physician who is one of the following specialties: Physical Medicine, Orthopedic Surgery, Neurology, or Rheumatology

[larymes]

The Company I work for is called AA Mobility. We are a part of the BBB. CMS has no regulations on our products. I'm just trying to provide an opportunity some other agents can benifit from by just taking an extra 5 minutes to make an extra $400 while doing what they are already doing. If your interested, let me know. If not, don't discourage others from making a better living for their family just because you like to discourage people on here. People are on here trying to find opportunity, so here it is.

[Dave020]

Originally Posted by larymes

The Company I work for is called AA Mobility. We are a part of the BBB. CMS has no regulations on our products.

I posted the MEDICARE qualification requirements, not anything to do with CMS. This is what MEDICARE requires for eligibility. You stated they only need to have high blood pressure, which is false.

Originally Posted by larymes

I'm just trying to provide an opportunity some other agents can benifit from by just taking an extra 5 minutes to make an extra $400 while doing what they are already doing. If your interested, let me know. If not, don't discourage others from making a better living for their family just because you like to discourage people on here. People are on here trying to find opportunity, so here it is.

In California (at least), this activity will get your insurance license revoked by the DOI. Licensed agents in California are prohibited from engaging in non-insurance business with their insurance clients. Since this is a non-insurance product, it is against licensing regulations out here. Earning a commission from the sale of a power chair to an existing insurance client while acting as their agent is strictly prohibited, as is inducing them into an MLM or selling them aluminum siding--or for that matter may not suggest, infer or induce insurance clients to contribute to any charity in which the agent particiaptes. Additionally, any domestic carrier selling Medicare plans (MA or Supplemental) that found out a contracted agent did this would immediately terminate that agent's contract to sell. I know, I checked.

Additionally an agent would need to submit an application and disclosure for approval from the CA DOI for any outside business activity not covered under the scope of their licensing status with the state.

[retread]

Originally Posted by Dave020

I posted the MEDICARE qualification requirements, not anything to do with CMS. This is what MEDICARE requires for eligibility. You stated they only need to have high blood pressure, which is false.



In California (at least), this activity will get your insurance license revoked by the DOI. Licensed agents in California are prohibited from engaging in non-insurance business with their insurance clients. Since this is a non-insurance product, it is against licensing regulations out here. Earning a commission from the sale of a power chair to an existing insurance client while acting as their agent is strictly prohibited, as is inducing them into an MLM or selling them aluminum siding--or for that matter may not suggest, infer or induce insurance clients to contribute to any charity in which the agent particiaptes. Additionally, any domestic carrier selling Medicare plans (MA or Supplemental) that found out a contracted agent did this would immediately terminate that agent's contract to sell. I know, I checked.

Additionally an agent would need to submit an application and disclosure for approval from the CA DOI for any outside business activity not covered under the scope of their licensing status with the state.

Thank you, Dave! I hope this puts the lid on this stinkin' crap. Say good-bye to larymes! I think he should be voted off the island!