Anyone offering Health Ins.?

I do. I sell Anthem Blue Cross, Blue Shield and Kaiser Permanente. Individual policies written by the blues pay 20% of the premium the first year and 10% on all following years. Kaiser pays a set amount per individual. Small group plans (2-50 employees) pay 7% of the premium. There are some down sides. One of the big ones is that some people get pissed when the are declined and they blame you, this can be avoided when you prepare people to be declined. You have to be very up front with people and let them know ahead of time if you think they are going to be declined. The next down side is that if you do not prepare people for rate increases they are not happy and they can blame you, again if you prepare them for rate increase they do not blame you. Last is some people with see you as only an insurance agent if you sell health, life and disability insurance. This problem is a little harder to solve. My experience is that around 20% will see you as only an insurance guy/gal and will not think of you when they want investment advice. I guess I am ok with that. Around 80% of the time I will close some other type of business with the business owner after I sent up a small group plan. The other business I close are Financial Plans, Retirement Plans (SIMPLE IRA, SEP IRA 401k), personal asset management or other types of insurance like life or disability. The conversion rate for individuals form insurance to asset management is much lower around 50%.

Thanks for the info.  Having worked for State Farm while in college (primarily in marketing), I’ve seen the “it’s my agent’s fault” mentality all too often.  That being said, I appreciate the warning.

I agree with you it is a HUGE opportunity. I am a CFP and I see insurance as risk management. I just wanted to worn you to the down side of selling health insurance. I tell people all the time health insurance is not designed to save them money, unless you get very sick.

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