Going along with the most competitive products and prices we have seen in several years, yesterday afternoon, BCBSM announced a tremendous agent bonus program for new business with effective dates of July 1 through December 1, 2017. The bonus is for new to Blue business with between 5 and 49 contracts enrolled and pays a one-time incentive of $100 per contract. What a great opportunity to put some extra cash in your pocket.
This is a great incentive from BCBSM and it can be even better when combined with SBAM’s ongoing Agent Award program and commissions from new sales of our sponsored Dearborn National Life and Disability program and LifeSecure Accident program. We know that many of your customers are struggling to find and retain the quality employees they need to be successful. More and more, a high quality employee benefits program, including voluntary plans are required. While health premium increases are flat to modest, and in some cases declining, has there been a better time to discuss voluntary benefits with your customers?
Here are a few examples of product combinations, their costs and your compensation to consider:
Example 1: 15 Life Group enrolled in BCBSM Simply Blue PPO Silver with a $2,500 deductible base plan – annual premium of $42,915.
- Annual BCBSM Commission (assuming 65% participation) – $1,547
- BCBSM Bonus – $900
- Dearborn National Commission (assuming Group Life/AD&D, Supplemental Life w/25% participation – annual premium of $5,500) – $825
- LifeSecure Accident assuming 20% participation (annual premium of $930 ee paid) – $418
- SBAM Incentive – $215
Total commissions and incentives – $3,905 – more than 150% increase in compensation!
Example 2: 25 Life Group enrolled in BCBSM Simply Blue PPO Silver with a $2,500 deductible base plan – annual premium of $68,761.
- Annual BCBSM Commission (assuming 65% participation) – $2,647
- BCBSM Bonus – $1,600
- Dearborn National Commission (assuming group life/AD&D, Supplemental Life w/25% participation – annual premium of $11,000) – $1,650
- LifeSecure Accident assuming 20% participation (annual premium of $1,550 ee paid) – $698
- SBAM Incentive (assumes COBRA admin enrollment at $30/month) – $215
Total commissions and incentives – $6,810 – more than 150% increase in compensation!
Example 3 – 40 Life Group enrolled in BCBSM Simply Blue PPO Silver with a $2,500 deductible base plan – annual premium of $111,733.
- Annual BCBSM Commission (assuming 65% participation) – $4,302
- BCBSM Bonus – $2,600
- Dearborn National Commission (assuming group life/AD&D, Supplemental Life w/25% participation – annual premium of $18,000) – $2,700
- LifeSecure Accident assuming 20% participation (annual premium of $2,481) – $1,116
- SBAM Incentive (assumes COBRA admin enrollment at $30/month) – $215
Total commissions and incentives – $10,933 – more than 150% increase in compensation!
Take this opportunity to earn with support from BCBSM/BCN, Dearborn National, LifeSecure and SBAM. It’s easy and we will support your efforts all the way through the selling and servicing process.
Remember, when you write through SBAM, all the programs will be included on the SBAM Consolidated Invoice which means less work for you and a one stop shop for all of your client’s enrollment and billing needs. Plus, it opens the SBAM door to your clients for additional product discounts and our top rated government relations activities in Lansing and Washington D.C. in support of small business owners and their needs. That is a win for your agency and a win for your customers.
Please visit the agent section of our website for complete details on the SBAM, LifeSecure and Dearborn National bonus programs.
Questions: Please call your Managing Agent or SBAM at (800) 362 -5461.