Average commission on GI Disability and Simplified Issue Whole Life

[employeebenefits]

Hello everyone,

I am curious in expanding my product offering and am curious to know if anyone has carrier recommendations for GI issue short term disability, critical illness, accident and simplified issue whole life. Typically if under an independent/broker contract what are the average commissions on these products? I apologize if this is not the correct forum for this question, your assistance is greatly appreciated.

 

[Tahoe Ray]

Hello everyone,

I am curious in expanding my product offering and am curious to know if anyone has carrier recommendations for GI issue short term disability, critical illness, accident and simplified issue whole life. Typically if under an independent/broker contract what are the average commissions on these products? I apologize if this is not the correct forum for this question, your assistance is greatly appreciated.

What is GI issue short term disability?

You mean like Aflac or accident disability policies?

 

[employeebenefits]

What is GI issue short term disability?

You mean like Aflac or accident disability policies?

Yes like Aflac (although I’ve been warned to avoid them specifically). Basically short term disability income coverage with no health requirements/physical etc.

 

[Tahoe Ray]

Yes like Aflac (although I’ve been warned to avoid them specifically). Basically short term disability income coverage with no health requirements/physical etc.

I would only sell this stuff to people if they were totally uninsurable but Assurity and Omaha both have accident only DI.

Assurity pays (on their "general agent" contract) something like 60-70% for their stand-alone plan and more on their accidental death plan (at least 15 years term or more) with a disability rider (but that's limited vs. the stand alone).

Their simplified critical illness (which is NOT guaranteed issue) is similar in comp.

I'd have to look up Omaha but I'd guess it's similar.

 

[employeebenefits]

I would only sell this stuff to people if they were totally uninsurable but Assurity and Omaha both have accident only DI.

Assurity pays (on their "general agent" contract) something like 60-70% for their stand-alone plan and more on their accidental death plan (at least 15 years term or more) with a disability rider (but that's limited vs. the stand alone).

Their simplified critical illness (which is NOT guaranteed issue) is similar in comp.

I'd have to look up Omaha but I'd guess it's similar.

Awesome, thanks for the information. What would your recommendations be on an non accident specific DI (covering any medical reason for missing work). Could be simplified or guaranteed issue. Again thanks for your help, I appreciate it!

 

[Tahoe Ray]

Awesome, thanks for the information. What would your recommendations be on an non accident specific DI (covering any medical reason for missing work). Could be simplified or guaranteed issue. Again thanks for your help, I appreciate it!

The only two guaranteed issue plans (outside of group LTD) worth anything are GSI (guaranteed standard issue) which is a group plan that is layered on top of a group LTD plan to get the higher ups more coverage and small group (2-10 lives, Reliance Standard).

Assurity has a graded DI plan that takes all sorts of stuff but it's fully underwritten (with labs/records/etc.).

They also have some sort of "simplified" plan too that's an easier process with relaxed underwriting.

Most of the big players in the DI space offer an expedited process (no labs, no financials, etc. for smaller amounts on younger folks) but you can't slip health issues by them because a) they ask and b) they can still request records, either electronically or complete (full).

It's not really a market where you'll find many simplified options because the carriers will just exclude conditions from claim and many carriers won't issue a policy if they have to issue more than a few exclusions.

 

[rousemark]

Are you wanting individual plans or paroll deduction/group plans?

 

[employeebenefits]

Are you wanting individual plans or paroll deduction/group plans?

Preferable group payroll deduction plans. Federal allotment compatible would be ideal

 

[rousemark]

Preferable group payroll deduction plans. Federal allotment compatible would be ideal

Manhattan has several DI products, some GI in the paroll/group space.

 

[employeebenefits]

Manhattan has several DI products, some GI in the paroll/group space.

Awesome I will look into Manhattan, thank you!