Insurance Agent Forum

[al3]

Why would any agent sell life from a healthcare carrier (such as Blue Cross) for the paltry commission they give you, as opposed to writing it with a 'real' life carrier?

Is the underwriting easier/quicker? What's the attraction to the agent here?

Correct me if I'm wrong but won't most life carriers advance the agent 80% of the first year prem?

Al

[salpro22]

1) No additional underwriting needed with the carriers I represent.
2) Allows a client to get a short amount of life insurance at the time of application, which opens doors later on for more insurance.

Personally, I like the idea of getting a client a quality plan and then following up 2 or 3ish months later down the road for life insurance.......

[TXINSURANCE]

Combined billing on bank draft is a plus also.

[JustinUpright]

It is easier to talk to them about life while you have them for health. Why wait?
Tell them that you are going to give them a life quote today just for their information. It works and you will sell more that way. Give them a Term quote.

Maybe ask them why they are getting health ins. When they answer to protect them and their family......Say before we finish today I will make sure your family is protected and then bring it up with the life quote.

[dgoldenz]

From what I have found, the premiums for life policies through health companies are ridiculous.

[Death Cab For Tootie]

Originally Posted by dgoldenz

From what I have found, the premiums for life policies through health companies are ridiculous.

I don't sell life through health companies, as I just recently dipped my toe in the health insurance business. However, I would imagine that, even if the rates are not competitive compared to strict life companies, I would imagine there are some clients who would pay extra to not have to take the time and effort to apply for a separate life insurance policy.

[atlantainsguy]

Hi, Al --

You've heard a few answers -- no additional underwriting, and combined billing.

I believe my duty as a professional agent is to educate customers -- so they can be better consumers with their insurance dollars, and use their normal consumer buying process -- not to make my own life easier. The "attraction" you asked about is called "laziness".

Dgoldenz answered your question properly -- no insurance company is good at everything. Use a quality life product for life, use a quality health product for health. No one company that I'm aware of has both.

When the insurance industry creates "packages" -- does the price go up or down?

I explain to customers how insurance works, and how the industry makes it billions. I let people know what their choices are, so they can spend their own money, rather than me spend it for them. I don't have that right.

Unfortunately, most people are generally sold life insurance on a "trust me relationship basis." That's how diamonds are sold too. Your choice is to either sell life insurance -- or help people buy it. Big difference!

Typical advance is usually 75%.

Atlantainsguy

[andins]

It depends on the situation. Some may be looking for burial money only (25k - 50k) then it's a cheap add on. Most health companies will let you keep the life portion even if you cancel the health policy. I always include it when I can. You will usually get 1 or 2 responces. Either ok that's great or can I get more coverage? I always bring along some term life quotes for both husband and wife usually (10 companies on 1 quote 20 or 30 year term depending on their ages etc) 250k, 500k and 750k depending on what they do for a living etc. You should never pass up the opportunity to help them out.

[dgoldenz]

Selling people overpriced ART is not helping them out.