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What is best way to get low-cost E&O insurance for new agents? If you were licensed within past the 2 years, you may be able to take advantage of discounted errors and omissions insurance for new agents and brokers. Rates start at $39.40 per-payment from a A+ rated insurer.
E&O For New Agents:
Are you an agent who has been licensed for less than 2 years? Do you have annual commission income of $75,000 or less?
If YES to BOTH, you are eligible to take advantage of a discount available through the E&O policy. The policy is offered through the American Association for Medicare Supplement Insurance.
The insurance coverage can save you money.
Plus, the Association does not require any membership. We actually do not offer agent membership. This can save you quite a bit compared to other plans.
New agents will save the most. But, the policy continues to be low-cost when you reach year three. There are 5 levels and options. Buy only the coverage you want … all at very competitive rates.
Click this link to access the E&O Policy Online Application System.
Questions? Call CalSurance at 800-745-7189 Make sure to ask for the “AAMSI E&O Plan”
Our other Associations offer the same coverage BUT they have Membership Fees associated. AAMSI does NOT.
New agent rates – paid annually for EACH of the 5 different levels of coverage you choose from. These are all described when you click the link. A 10-pay version is available. Ten (10) payments during the year. Add $7.50 per installment. Thus $31.90 + $7.50 = $39.40).
SAVINGS FOR YOU: The plan offers a discounted rate for agents licensed within the past two years.
COVERAGE IF YOU SWITCH AGENCIES: The insurance coverage is yours and moves with you. Many new agents switch from one agency or company to another. This insurance coverage moves with you. That is a significant advantage (especially because the rates are generally low).
LOW RATES: Compare the rates. Many agents report they are lower than other available plans. Buy only the amount of coverage you need. That can save you money as well.
PAY ONLY FOR WHAT YOU NEED: Five levels of coverage are available. You pick what you need based on what you sell. Most agents we are told pick Level 3 and Level 4 of the plan choices.
A+ RATED INSURER: That’s very important with E&O insurance. IF you ever have a need for this coverage, you will want a quality insurer and their support behind you.
EASY ONLINE APPLICATION: Complete the application in 5 minutes or less.
INSTANT E&O CERTIFICATE: No waiting using the online system.
CREDIT CARD PAYMENTS ACCEPTED: If you have to pay for E&O why not earn some points. Points for travel or gift cards, Or even cash back. It all adds up.
NEW AGENTS – LOOK FOR THESE TWO QUESTIONS ON THE APPLICATION
This will get you the best rate for agents licensed for the first time within the last 2 years.
It does not mention the New Agent discount.
To get the New Agent discount you must follow the 2 steps above.
More information on the E&O Policy Levels
Videos to help agents starting to Sell Medicare Insurance