As we gear up for AEP, I wanted to quickly share my favorite Medicare Supplement carriers. My perspective is as a personal producer, so I'm hoping that my take on these two carriers will be useful for other writing agents this selling season.
Great Southern Life
Right off the bat, we have Great Southern Life. The instant issue is the obvious perk, and it’s very nice, but there are a lot of other little things that stand out to me as a producer.
Their e-app is done on a platform that several other carriers use. As an agent, I don't want to learn someone’s new e-app platform. As silly as that sounds, I want to be in my comfort zone when I’m in front of a client. So that familiar e-app is a big deal to me.
On the e-app, the ability to do the signature pad – it’s as quick and clean as anything. Secondly, when you do an app over the phone, the voice signature is so easy.
Good Underwriting and Incentives
The underwriting is good – they only go back 2 years on cancer where a lot of carriers go back 3 to 5 years. They have tremendous incentives as well – no other carrier offers anything like it. That cash bonus is the icing on the cake for sure.
Prices are competitive - I know when I meet with someone that I’ll be able to save them money. Plus, Americo and GSL are A-rated.
Be Careful with Heigh and Weight Chart
The only thing you have to be aware of is the height and weight chart. When you go through the health questions, don’t forget to ask the height and weight to be sure they’ll qualify.
The second carrier is going to be a new one, but I’m anticipating this to be a big carrier for me after hearing the highlights. Capitol Life is launching their Medicare Supplement on October 1st with policy issue dates of January 1.
Neat Underwriting Concept
First of all, their underwriting system is really neat. I love the quick underwriting decision, but sometimes, the computer system declines someone for something silly.
With Capitol Life, it’s my understanding that there will be a red light for declined, green for approved, but also a yellow light that’s sort of an in-between. This will be a short phone interview for clarification.
While you can call in and try to reverse a declined application, this yellow light system is going to save a ton of headaches.
Finally, the rates are expected to be at the top for F, G, and N. I do a lot of G business, and being in the top 1 or 2 spots for that is pretty compelling.
My AEP Game Plan
So, my game plan this AEP is to keep focusing on GSL, and I look forward to doing some new business with Capitol Life as well.
Good luck this selling season, and reach out to us if you have any questions or need to do some last-minute contracting!