Direct Appointment with Company for Med Supps

[5pill]

Can someone recommend some good companies to get contracted with for med supps?

I don't do IMO's and GMA's, just direct with the carriers. I don't know jack about MS's, but would like to get contracted directly and learn.

What are typical commission schedules? Is it immediate issue? Is underwriting funky? How long does it take to get paid? How long DOES underwriting take?
Are apps as easy as FE apps?

Thanks

 

[Newby]

Can someone recommend some good companies to get contracted with for med supps?

I don't do IMO's and GMA's, just direct with the carriers. I don't know jack about MS's, but would like to get contracted directly and learn.

What are typical commission schedules? Is it immediate issue? Is underwriting funky? How long does it take to get paid? How long DOES underwriting take?
Are apps as easy as FE apps?

Thanks

You are a perfect example of someone who needs a GA, You need some training and guidance.

I would recommend calling Ritter Insurance Marketing and contract through him and get yourself up to speed. Ritter Insurance Marketing - Home

 

[Frank Stastny]

Can someone recommend some good companies to get contracted with for med supps?

I don't do IMO's and GMA's, just direct with the carriers. I don't know jack about MS's, but would like to get contracted directly and learn.

What are typical commission schedules? Is it immediate issue? Is underwriting funky? How long does it take to get paid? How long DOES underwriting take?
Are apps as easy as FE apps?

Thanks

Whenever possible I prefer to go direct also. Unfortunately or fortunately most insurance companies are no longer allowing agents to go direct.

Quality training has always been an issue in the insurance industry. For the most part it just is not available. Lots of smoke is blown at agents about leads and training but once the signature is placed on the dotted line the slightest breeze blows that smoke away and the agent is on his own.

When I started I was promised training and leads. My training consisted of "this is the application" and my "leads" were a voter registration list. That is pretty typical, that is why I started offering training.

I don't know much about Craig Ritter but I hear good things about him. Todd King, who I do know, would also be a good choice if you can't go direct.

Two of the companies I am currently using are National States and American National. They are currently very competitive in Missouri. That will vary from state to state. I am licensed direct with both.

My commissions vary from as low as 12% to as high as 23%. Right now my average commission is 18.7 with the three companies I am using. One app a day that stays on the books at 18% commission will gross an agent about $75,000 per year. With most companies Med Supps pay first year commission for six years.

The amount of time to get paid will vary. Some deposit your commission when the app is approved. If it isn't paid upon issue you should receive it by the first part of the next month. Most will advance commissions anywhere between 9 and 12 months, a few even longer.

You are the underwriter. If the health questions are "no" the policy will be issued unless the prospect "forgot" something. Most companies are doing telephone interviews. I have never had an APS ordered. As long as the verbal answers agree with the information on the app the policy will be issued.

Underwriting is usually simply waiting for the telephone interview to be completed if the app is filled out correctly. Most of the apps I send in are issued within two weeks. My new client usually has their policy and ID card within three weeks after I send the app.

The apps are extremely easy. They are longer but only because of requiring more information pertaining to Medicare.

I believe Med Supps are the easiest type of insurance to prospect for and sell. I generate my own leads and pick up the phone and call them. I have tried everything, leads, telemarketers, etc.) and that has been consistently the easiest most successful and cost effective way for me to do it.

Please feel free to give me a call if you want to talk more about it.

 

[captain94]

Frank has great advise, I took his approach and it works. I dont buy leads only lists. im currently writing an average of 3 med-supps per week. with renewals over time I will again top 100k per year in commissions in my 3rd year. It is a long process but I have sold health ins. mini-meds and med-supps, med-supps are the easiest and lowest charge back, lapse. Ritter is good but find someone to teach you.

 

[padthaiforlunch]

So who besides Ritter? What are some FMO's that have 23%?