Best Place to Start In Senior Market ?

[mikeincolumbuso]

I am considering moving into Med Supps as well as selling FE. I had my first Med Supp sale two weeks ago. A lady called Am Cont. She was referred to my by the carrier. She was 76 years old and Physicians Mutuals was going to raise her premium from $165 to $255/month. I replaced it with Am Cont for $165 month. I see now that Forethought would have only been about $145/month. She only had PM for two or three years. So much for the benefit of issued aged policies. I am saving her a ton of $$. Frank Stastny has been very successful at contact folks that are paying too much for their Med Supps. Selling them plans with much lower premiums. MOO is not the only one with low premiums. Give him a call. He has frequent posts here.

 

[Watchman]

I am considering moving into Med Supps as well as selling FE. I had my first Med Supp sale two weeks ago. A lady called Am Cont. She was referred to my by the carrier. She was 76 years old and Physicians Mutuals was going to raise her premium from $165 to $255/month. I replaced it with Am Cont for $165 month. I see now that Forethought would have only been about $145/month. She only had PM for two or three years. So much for the benefit of issued aged policies. I am saving her a ton of $$. Frank Stastny has been very successful at contact folks that are paying too much for their Med Supps. Selling them plans with much lower premiums. MOO is not the only one with low premiums. Give him a call. He has frequent posts here.

Ya...I am of the persuasion that a 76 yr old may not be alive in 5 yrs in order to save a few bucks (maybe) with an issued age policy. In the meantime, if you can lower their premium now, you might be able to get them a FE contract that has a dood chance of paying out in the next 5 yrs anyway. Just a thought.

 

[Josh]

I think you're underestimating the life expectancy. Odds of a 76 year old making to 81 are pretty stinkin' good.

 

[FEX Quotes]

I think you're underestimating the life expectancy. Odds of a 76 year old making to 81 are pretty stinkin' good.

Correct. Statistically speaking, a male age 76 has another 9+ years

 

[SeniorMarketDesign]

Our two cents' worth, would be to suggest that you might want to secure a few solid FMO's in the Med Supp marketplace in order to be sure that you're keeping informed as to all competitive products available in your area, and also to ensure that you are being offered the fair going rate as far as commissions are concerned in relation to the amount of business that you're producing. Many FMO's choose to concentrate their efforts on just a couple carriers, so having a good working relationship with a few FMO's would help you stay on top of the marketplace.

We'd be happy to offer our assistance to you, answering any questions you might have, suggesting what all competitive products might be available to you in your area, and discussing what commission levels would be available to you with most carriers available.

Please feel free to give us a call whenever you have a minute!

Senior Market Design, Inc
402.817.4828

 

[Mark]

I think you're underestimating the life expectancy. Odds of a 76 year old making to 81 are pretty stinkin' good.

Correct. Statistically speaking, a male age 76 has another 9+ years

I guess people are living longer these days. This is one reason why health care cost so much.


I've never beleived that I would make it to 85.

So are you saying that the avg person will make it to at least 85?

 

[FEX Quotes]

I guess people are living longer these days. This is one reason why health care cost so much.

And one reason why life insurance costs less

I've never beleived that I would make it to 85.

Mark, you're gonna make it to 185

So are you saying that the avg person will make it to at least 85?

The average person's mortality is based on their current age.

Take a look at the CSO mortality tables.

 

[Newby]

I guess people are living longer these days. This is one reason why health care cost so much.


I've never beleived that I would make it to 85.

So are you saying that the avg person will make it to at least 85?

Mark, it's good for life agents to get a feel of mortality tables. They are all based on the age you are now IF you are in reasonably good health.
People live a lot longer than you think. I did a fully underwritten med sup recently for a 93 year old. I do lots of them for people in their late 80's.

 

[Mark]

We all think we are going to live forever..

I would love to see some newer mortality tables. The last one I seen was in 2000.

I dont think insurance companies changes their rates very often based on these tables. I think most are still using the 2002 cso table they call it.

Next question....How long do you think you will live. To what age at least?

I hope to see 80 with having heart issues.

 

[VolAgent]

We all think we are going to live forever..

I would love to see some newer mortality tables. The last one I seen was in 2000.

I dont think insurance companies changes their rates very often based on these tables. I think most are still using the 2002 cso table they call it.

Next question....How long do you think you will live. To what age at least?

I hope to see 80 with having heart issues.

The are still using the CSO 2001 tables because those are the ones they were last told to use. Before that they were still using the 1980 tables, again because those were the last ones they were told to use. To deviate from those tables they have to have a darn good reason.