Need help with this Health Opportunity

superteke · 09-05-2008, 09:25 AM

I saw an opportunity advertised on craigslist that I did not think was genuine. I don't currently do much health insurance but was thinking about adding it to my portfolio but it didn't sound legit. Any info. would be appreciated. The ad was as follows:

Insurance Agent's Dream!!

If you are currently selling Health and Life insurance, then you owe it to yourself to read on. We are a national organization that offers insurance products from coast to coast. These are just some of the benefits our organization offers.

1) 240%-276% Advance- Sell a $400 deal and receive $1104 advance!
2) All plans are MAJOR MEDICAL
3) Plans with 3 year rate locks
4) All electronic applications-NO PAPERS
5) Can sell from your home office, so there is no need to drive all over town
6) Direct deposit-paid directly from the insurance company
7) Plans with decreasing deductibles
8) Lead Programs
9) No meetings

We also have MANAGEMENT OPPORTUNITIES in certain areas. If you are a motivated individual with a strong desire to build your own team, then we have something for you. Earn 24%-36% advances off of all of your sub agents on your team with ZERO EXPENSES!

healthagent · 09-05-2008, 09:32 AM

No upfront release = no deal

indmedins · 09-05-2008, 09:53 AM

Sounds like the pump Assurant.

3) Plans with 3 year rate locks
7) Plans with decreasing deductibles

That agency probably makes a great override and with Assurant's 12mo advance. Can you imagine the suicidal agents working there with thousands of dollars in chargebacks. I'd stay away from this deal.

Peelerinsurance.com · 09-05-2008, 10:35 AM

Yes, and it sounds like he is spaming us

djs · 09-05-2008, 11:42 AM

Originally Posted by Peelerinsurance.com

Yes, and it sounds like he is spaming us

Possible, but there is 0 contact information in the post. Even if I wanted to sign up, I couldn't....

Now, I don't want to sign up, simply because a deal this good is to good to be real, which means there is a HUGE catch, and I don't need to go looking through fine print to find it, I know it's there.

Dan

The Rabbi · 09-05-2008, 12:45 PM

The deal is legit. 240% of the month's premium advanced against your % of the annual premium.

You have to constantly be enrolling to keep up with chargebacks, especially these days.

Tell them to pay you 'as earned' since you have other business. No chargebacks.

InsuranceBenefitsGroup · 09-05-2008, 01:39 PM

The 240% is another way of saying 'the first months premium x 2.4' It's a 20 point contract..very likely an Assurant guy.

IAC.Ryan · 09-05-2008, 02:17 PM

Originally Posted by superteke

1) 240%-276% Advance- Sell a $400 deal and receive $1104 advance!

I'd be reluctant to sign anything where you could build that large of a debit balance off of 1 case.

joshril · 09-05-2008, 02:24 PM

Originally Posted by IAC.Ryan

I'd be reluctant to sign anything where you could build that large of a debit balance off of 1 case.

If you're writing good business... who cares about chargebacks.

*STIBROKER@AUSTIN.RR.COM* · 09-05-2008, 02:31 PM

This smells like a shill.....

indmedins · 09-05-2008, 02:38 PM

A $400 Assurant deal at 20% with a 12mo advance is only $960. At 25% that's $1,200. That would be a GA commish. Hard to believe this agency is just giving out GA commish to anyone, but you can get a GA contract going direct with production requirements of course.

myinsurebiz · 09-05-2008, 02:58 PM

" 240%-276% Advance "

This sounds better than 25% with a 10 month advance - which is about what it is . . .

However - I haven't seen very many $400 a month health plan buyers in my group.

Tom

InsuranceBenefitsGroup · 09-06-2008, 02:58 PM

Originally Posted by superteke

I saw an opportunity advertised on craigslist that I did not think was genuine. I don't currently do much health insurance but was thinking about adding it to my portfolio but it didn't sound legit. Any info. would be appreciated. The ad was as follows:

Insurance Agent's Dream!!

If you are currently selling Health and Life insurance, then you owe it to yourself to read on. We are a national organization that offers insurance products from coast to coast. These are just some of the benefits our organization offers.

1) 240%-276% Advance- Sell a $400 deal and receive $1104 advance!
2) All plans are MAJOR MEDICAL
3) Plans with 3 year rate locks
4) All electronic applications-NO PAPERS
5) Can sell from your home office, so there is no need to drive all over town
6) Direct deposit-paid directly from the insurance company
7) Plans with decreasing deductibles
8) Lead Programs
9) No meetings

We also have MANAGEMENT OPPORTUNITIES in certain areas. If you are a motivated individual with a strong desire to build your own team, then we have something for you. Earn 24%-36% advances off of all of your sub agents on your team with ZERO EXPENSES!

This adverstisement is not out of the ordinary. It looks like they push Assurant almost exclusively...it's not a crime. When you post stuff like this you'll get it ripped or you'll just be solicited by more GA's.

superteke · 09-10-2008, 09:25 AM

Thanks for the input fellas. Could lead to potential disaster with such big advances. Probably do an as earned to minimize this. Thanks!

moonlightandmargaritas · 09-10-2008, 09:29 AM

Anytime you see "Insurance Agent's Dream", don't walk, run to the nearest exit.

healthagent · 09-10-2008, 09:40 AM

Lol - well said.

Gregb3104 · 09-11-2008, 02:02 AM

[COLOR=black]This ad was posted by an Assurant General Agent. Commission is annualized at 20% X 12 months (240%), or 23% x 12 months (276%) if you add $50,000 or more term life for either primary or spouse. [/COLOR]
[COLOR=black]If the leads are from Assurant itself (LEGS), those leads are consistently poor. (My partner and I have an Assurant GA contract.)[/COLOR]
[COLOR=black]The management override is 2% X 12 months (24%) or 3% X 12 months (36%). If you are an experienced agent, we can make you the same offer.[/COLOR]

[COLOR=black]By the way, our average monthly premium is over $300. If you buy Internet leads with age filters (over 30) and just families (2 or more), average premium could be over $400 per month.[/COLOR]

healthagent · 09-11-2008, 07:49 AM

Actually most people making these offers are Assurant SGAs and at 30% contract levels so they have more to play with.

joshril · 09-11-2008, 09:26 AM

Originally Posted by Gregb3104

[COLOR=black]This ad was posted by an Assurant General Agent. Commission is annualized at 20% X 12 months (240%), or 23% x 12 months (276%) if you add $50,000 or more term life for either primary or spouse. [/COLOR]
[COLOR=black]If the leads are from Assurant itself (LEGS), those leads are consistently poor. (My partner and I have an Assurant GA contract.)[/COLOR]
[COLOR=black]The management override is 2% X 12 months (24%) or 3% X 12 months (36%). If you are an experienced agent, we can make you the same offer.[/COLOR]

[COLOR=black]By the way, our average monthly premium is over $300. If you buy Internet leads with age filters (over 30) and just families (2 or more), average premium could be over $400 per month.[/COLOR]

A 2% override is not worth it...