Great Southern Life (GSL) Med Supp Review with Tyler Nyman

Tyler Nyman, an independent insurance agent who works with his father, is a big fan of the Great Southern Life Medicare Supplement.

"We don't contract with that many companies and start writing them. You find one that works good, is competitive, and doesn't have a lot of hiccups in the process," he says.

For Tyler and his father, that is Great Southern Life.

 

 

"It's right there with them all," he says. "Everyone is within $10-$15 of each-other, and it's all speculation on who's going to go up next year and what percent increase is going to happen."

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Why Great Southern Life (GSL)?

"We don't contract with that many companies and start writing them. You find one that works good, is competitive, and doesn't have a lot of hiccups in the process," he says.

For Tyler and his father, that company is Great Southern Life. The biggest standout is the instant approval e-app, which Tyler says is the ticket to GSL's success.

For him, it's a night and day difference between the alternative, which is to wait 2 weeks and often even taking the time to call the company for an update.

The instant approval not only saves him time, but it ensures that he's being paid before he leaves the client's home. Knowing whether the client is approved or declined on the spot is a game changer.

"You can make them excited right there or you can watch their heart break before your eyes," Tyler laughs.

Great Southern Life's Competitive Premiums

The competitive rate is also a driving factor, as GSL is only $4 more than the cheapest supplement in Tyler's area.

"It's right there with them all," he says. "Everyone is within $10-$15 of each other, and it's all speculation on who's going to go up next year and what percent increase is going to happen."

Tyler says that in comparison, GSL is right on par with the competition. Now that he's rolling with the company, he says it's nice to continue going with them.

There's a comfortable familiarity there.

The GSL Bonus Structure – 5% or 10%

Americo is the brand name for insurance products issued by the subsidiary insurance company Great Southern Life Insurance Company (GSL), and their bonus structure is completely unique in the Medicare Supplement space.

To qualify, you must produce at least $15,000 of annualized premium during the bonus period.

  • $15,000-$29,999 = 5% bonus
  • $30,000+ = 10% bonus payout

In addition, there's a Top 5 bonus, which offers up an addition bonus ranging from $1,000-$5,000 for the top producing agents each qualification period.

"You definitely want to try to hit that 5% and then that 10% – it's a good goal to reach for. Just make sure you're writing $30,000 in business," Tyler says.

Tyler has a 4-month-old daughter and says that the cash bonus is much nicer than a vacation incentive. "We're not going to the Caribbean with her," he laughs. "You always have stuff you need to pay for. If all of the companies did it like that, they'd be better off."

Paper vs. E-App

In 2018, we here at New Horizons did a bonus that required agents to submit e-apps. That prompted Tyler to start submitting e-apps with Americo.

"It's way easier," he says. "Paper apps are less efficient. You're always ordering supplies, you're screwing things up, you're correcting it and re-faxing it in... Plus, with e-apps, you're saving trees."

Declines vs. Approvals and Underwriting Tips

As of July 1, 2019, Tyler and his father have submitted 57 applications, and 46 of them were issued. That is an 81% approval rate with Great Southern Life.

"Watch out for a change in medication if they're on any sort of blood thinner... if they've changed their medicine, then it doesn't look good for them," Tyler says.

With computer-based underwriting, the system is programmed to see certain things as red flags. With a change in medication, Typer explains that the system thinks the previous medication wasn't working.

Before submitting an application, Typer always asks his clients if they've changed their medicine lately. Sometimes, it's a simple explanation, like the pharmacy ran out of theirs so they had to switch to another one.

"When that happens, I say we should wait a little bit since switching medicines doesn't look good," Tyler says.

Otherwise, Tyler recommends to follow the underwriting guidelines and you shouldn't have any issues.

Final Thoughts

"Great Southern Life is a good one to get contracted with," Tyler says.

The instant approval is the top seller for him. "A lot of people say they'll be on vacation next week and it's the end of the month. With the instant approval, we'll know that day, so it's not an issue."

Ultimately, for Tyler, the cash bonus and the instant approval are the two standouts for the Great Southern Life Medicare Supplement product.

Get contracted with Great Southern Life


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