Combined Insurance Review: For Agents Thinking Of Joining
By David Duford - January 03, 2023 - 5 Mins Read
Are you thinking about starting a career selling insurance with Combined Insurance?
Do you want to know more about Combined Insurance to see if they are a good fit for you?
If so, you found the right article!
I’m going to talk about the opportunity of working with Combined Insurance as an insurance agent.
My goal today is to help you determine whether or not Combined Insurance make sense for your career goals.
Let’s get started.
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About Combined Insurance
Combined Insurance is one of the leading insurance carriers to offer what’s called supplemental insurance products.
They’re located throughout North America and are A+ rated. by the AM Best Rating Company
Combined Insurance has over 5 million supplemental insurance policies in force and pays out almost a half billion dollars and claims every single year.
They were started by legendary insurance agent W Clement Stone in 1922.
Combined Insurance Products
Combined Insurance features a range of insurance products that aim to cover potential disasters that could affect your clients.
Accident Insurance
Their accident insurance package covers your client and their family members for various expenses related to accidents, injuries, and the ensuing medical coverage for hospital stays and required medical appliances.
Accident coverage through Combined Insurance is comprehensive, 24/7 coverage that includes their time at work and home.
The policy pays the benefits to your clients, not to their treatment facility or hospital, and can be taken with them between jobs.
Accident & Sickness Insurance
Accident & Sickness insurance pays cash to the client and not to the hospital following treatment for an illness or accident.
Its coverage helps with daily expenses related to sickness or injury and recovery, applies 24 hours a day, 7 days a week, and can be transferred between jobs if need be.
Cancer Protector
Cancer Protection gives your clients a source of cash flow if they are diagnosed with cancer and have to deal with the financial burden of treating it.
This cash benefit is in addition to insurance coverage for the disease itself, paid directly to them.
Clients can use it however they see fit, including for treatment, further diagnostic testing, or to help cope with joblessness or immobility while they are receiving medical attention.
Cancer Care Protector
Cancer treatment and its associated costs are partly covered by Cancer Care Protector, which gets customers money quickly to be used for tests, treatment, and additional care expenses.
The money is paid directly to the client and can be transferred between places of employment.
Critical Care Protector
Depending on the plan, your clients can get supplemental coverage on their policy up to $50,000 for a critical illness with Critical Care Protector.
Its lump-sum benefit payment is limited to specific illnesses, which include heart attacks and surgery, cancer, stroke, paralysis, multiple sclerosis, and more.
The money often arrives the next day after a claim is filed and can be spent however the client sees fit.
Family Life Protector
Family Life Protector can pay up to $100,000 to help your client’s family maintain their lifestyle after the death of the client.
The optional Accidental Death Benefit can also get the family their benefit quickly and with no strings attached so your clients know they will be provided for if the worst happens.
Income Protector
Income Protector covers clients when they are disabled by an accident or a sickness from being able to work and provide for their family.
Depending on the policy they choose, Income Protector replaces a certain amount of income, no matter how they are employed.
They can spend the benefit however they like.
Sick Pay Plus
If your clients are sick or injured, a SickPay Plus policy starts paying from the first day they can no longer work to cover their living expenses.
Depending on the plan they choose, they can receive injury compensation for up to six months.
How You Find Prospects
The Combined Insurance training program is in-depth.
They provide the opportunity to learn requisite skills through their Sales School so that agents can earn the commissions they expect while working for them.
After the school program, the District Manager in your area will give you on-the-job training to help you polish your salesmanship.
This manager will continue to meet with you for 6 months, once per week, to assist and guide you in your work.
Since you will be hired as a W-2 employee rather than a 1099 contractor, the company will provide you with your leads, which are cold call leads.
These include opportunities to work on clients in residential and rural areas as well as with businesses.
You can do it in the field or remotely.
Commissions
Combined Insurance pays 100% by commission after the first 6 months.
Commissions for the agent are 45% on the sale to a new customer and 30% to an existing customer.
This commission percentage can be raised after 3 months of work and again after 6 months when they discontinue the base salary associated with company sales training.
There are also monthly bonuses available, which include annual and quarterly business trips.
Is Combined Insurance A Scam?
Combined Insurance has a high employee turnover rate since it pays exclusively by commission.
However, it is not a scam or a pyramid scheme.
Combined Insurance is a verified employer with benefits, as well as opportunities for advancements in commission percentage and monthly bonuses.
My Thoughts
Now that you know a little bit more about Combined Insurance, their products, commissions, and what to expect if you work for them, I’d like to provide my perspective as an experienced insurance agent since 2011 and an experienced Insurance Agency owner since 2013.
Lower commissions than other opportunities
While commission isn’t everything, how much you get paid is extremely important.
Pay should factor greatly in judging whether or not an insurance sales opportunity is worth your time and effort.
After doing an analysis of many insurance sales organizations, Combined Insurance definitely pays lower commission percentages than other organizations.
In fact, there are insurance agencies that pay three times as much commissions as Combined does.
You may literally make hundreds if not thousands of dollars more per week selling a similar type of product but with another organization that maximizes your pay.
One-trick pony
One challenge insurance agents that only represent one company have is that they are pigeon-holed with what products they can offer their clients.
Despite the fact that Combined Insurance is a great company, the fact that you’re limited to just products Combined Insurance sells means you may not always have the best options for your insurance clients.
For example, selling final expense, if you sell one particular product, that one product might not always offer the best in underwriting restrictions and pricing.
What this translates into is the potential for your policy to be replaced by somebody else. And that leads to chargebacks and financial problems.
I’m a big advocate of agents embracing independence. That means they can contract with multiple carriers, not just one.
It means that agent can sell better policies to their clients and not risk losing them or being replaced because they’re inferior.
No leads
Combined Insurance teaches you how to go after prospects on a cold canvassing basis.
There’s nothing wrong with that…except that it’s extremely difficult!
Most people in my experience cannot do cold calling consistently over time because of how tough it is.
I recommend agents consider working with agencies that provide insurance leads or at least have lead programs you can invest in.
Insurance leads allow you to speak with prospects that are more likely to be interested in what you’re selling.
It’s not nearly as much of a grind as cold calling, and many agents are very successful and can write more business because of it.
Summary
Combined Insurance is a great opportunity for certain agents and not so much for others.
As an insurance agent, you should be doing your due diligence to find the best insurance agency that matches your goals and your values.
If you’re interested in seeing how I help agents sell and become top producers of final expense, annuities, and Medicare Advantage, check out my overview page here.
Also, review my many Agent Success Stories as well as my best-selling insurance sales books.
Resources
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