The door has closed in Maricopa County for under-65 health insurance. The county is left with only one carrier in the market. All under-65 plans now have little to no commissions, which puts health agents in a bind. There are general agencies completely letting go of that business, leaving brokers without direction and holding a book of business that they feel is worthless.
The Good News Is...
If you diversify into other products, you can still have a profitable insurance business. You could promote short-term health insurance for clients who qualify medically, however, they may be subject to penalties. This may prove to be difficult if you’re looking for a full family plan if anyone in the family has a pre-existing condition. If you are health licensed, no additional license is required to sell short-term health insurance plans.
Even better, if you have a health insurance license, chances are you also have a life insurance license. Even if you have never used your life license, you can easily diversify by learning how to sell life insurance. This is a good, profitable insurance job for which you may already be licensed.
Unlike health insurance, most life insurance carriers pay commissions quickly. Some carriers pay within a few days to a week of receiving an application. And some life products are simplified-issue plans which means that they are easy to place and are issued within a few days. Many health agents have already diversified into life, and without exception they are surprised at how simple it is to sell basic life products.
These plans are consistently exceeding expectations, meaning that clients who think life insurance is too expensive can usually get a policy that fits their budget. There are even some policies whose benefits can be accessed while the client is still living to help cover any deductible or other medical costs, depending on qualifying health issues. With new life products, you can make your clients happy, get them coverage they didn’t know they could qualify for, and soften potential health insurance gaps.
Watch the video below to learn more about better serving your clients and regaining your income.
