How Quickly Do Medigap Carriers Pay Out Commissions?

[defenderzeta]

Typically for companies like Equitable, Cigna, Medico and New Era... how long does it take for them to pay once the person has been underwriting approved? Do they usually pay out that week or at the end of the month?

I am trying to project cash flow if I go independent through Ritter from my current job in a call center.

 

[Iwillpay]

Medico pay on the 15th of the month

 

[WCMason]

Typically for companies like Equitable, Cigna, Medico and New Era... how long does it take for them to pay once the person has been underwriting approved? Do they usually pay out that week or at the end of the month? I am trying to project cash flow if I go independent through Ritter from my current job in a call center.

Not sure about those, but Aetna pays when app is approved and EFT drafted, which is on approval or effective date, whichever is selected on app. Comp runs twice weekly.

 

[defenderzeta]

Medico pay on the 15th of the month

So whatever I close in the course of a month I get paid the 15th of the next month for Medico?

 

[goillini52]

Typically for companies like Equitable, Cigna, Medico and New Era... how long does it take for them to pay once the person has been underwriting approved? Do they usually pay out that week or at the end of the month?

I am trying to project cash flow if I go independent through Ritter from my current job in a call center.

Equitable's about a week. It's been a while since I wrote Cigna, but it seems like it was around a week. Don't know about the other 2.

 

[scmb]

Typically for companies like Equitable, Cigna, Medico and New Era... how long does it take for them to pay once the person has been underwriting approved? Do they usually pay out that week or at the end of the month? I am trying to project cash flow if I go independent through Ritter from my current job in a call center.

Equitable about 5 days from draft date, New Era about 3 days from draft. Cigna has a bi-weekly payout cycle listed on their site, depending on the draft date it will be in the cycle after.

You can always ask the client if the want to make the first payment on the approval date and future drafts on a specific date. Some would some want to wait.

Equitable will give you a full 12 months advance, new era/Cigna up to 9 but Cigna also charges 1% interest on the advance.

 

[defenderzeta]

Equitable about 5 days from draft date, New Era about 3 days from draft. Cigna has a bi-weekly payout cycle listed on their site, depending on the draft date it will be in the cycle after.

You can always ask the client if the want to make the first payment on the approval date and future drafts on a specific date. Some would some want to wait.

Equitable will give you a full 12 months advance, new era/Cigna up to 9 but Cigna also charges 1% interest on the advance.

How does Mutual of Omaha payout?

 

[scmb]

How does Mutual of Omaha payout?

I refuse to write it so no clue. I'd guess it's fairly quick though

 

[senior-advisor-indiana]

Are you being paid as earned or are you taking advances?

 

[scmb]

He's just starting independent and concerned about cash flow, I doubt he's trying to be as earned right away.
I personally rather get an interest free loan and gain interest from putting more money towards my savings.

As long as you have a constant flow of production of course so a charge back isn't hurting your bill payments and your not blowing it all right away.