Hello, another newbie here. Does anyone know if Pennsylvania has a "no cold-calling" law similar to the new Ohio law? Thanks.
Med Supp Newbies, Why You Should Cold Call
- Thread starter VaDwayne
- Start date
Having visited this issue a TON and have attached docs from doi of Ohio, it is ILLEGAL to cold call for medicare PERIOD.
Doesn't mean you can't cold call for other states...
Doesn't mean you can't cold call for other states...
- 586
I agree 100% with OP. Getting your initial book of business started in the medicare supplement market is where most agents fail out of( or any line of insurance for that matter). It can be a tough run to work 50-60 hours a week, and only make 30-50 thousand your first year.
That sale you get from a cold call, just as OP pointed out, is years of renewals (for the most part) as long as you stay in contact and on good terms with your clients, but that same sale will more then likely send you referrals too. I'm not making the claim every Medicare supplement client sends referrals, but if you work it right, you will get referrals from a decent portion of your clients, over the years.
You eventually reach the point where you are making less calls, working less hours and making more money, between renewals, and referrals.
That sale you get from a cold call, just as OP pointed out, is years of renewals (for the most part) as long as you stay in contact and on good terms with your clients, but that same sale will more then likely send you referrals too. I'm not making the claim every Medicare supplement client sends referrals, but if you work it right, you will get referrals from a decent portion of your clients, over the years.
You eventually reach the point where you are making less calls, working less hours and making more money, between renewals, and referrals.
- 11,995
Good thing I live in Virginia...LOL!
Amen! I love Virginia.
It's unlikely other states will follow Ohio's decision. Ohio has been that way for some time now and if it was going to catch on it likely would have caught on by now.
- 1,310
Not sure what I missed. Thread starts out highlighting the huge opportunity with Med Supps being the renewals and the persistency.Then it ends with Dwayne saying he opts, instead, to write commercial insurance.
Just imagine keeping your head down for five years and what that does to your monthly residuals in Med Supps. It really is an awesome opportunity to help folks and make a great income. Do not quit and do not get distracted. That is the best piece of advice I was ever given.
Too many agents walk away because it's not overnight wealth. They're lured away by promises of free leads and huge commissions working easier...but at what cost?
Don't let anything distract (rob) you from this opportunity.
Income doubles in year two. Amazing. Compounding commissions and incredible persistency IF you stay laser focused and DON'T QUIT.
Just imagine keeping your head down for five years and what that does to your monthly residuals in Med Supps. It really is an awesome opportunity to help folks and make a great income. Do not quit and do not get distracted. That is the best piece of advice I was ever given.
Too many agents walk away because it's not overnight wealth. They're lured away by promises of free leads and huge commissions working easier...but at what cost?
Don't let anything distract (rob) you from this opportunity.
Income doubles in year two. Amazing. Compounding commissions and incredible persistency IF you stay laser focused and DON'T QUIT.
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- Thread starter
- #16
No secret here!! When I turned 45 5 years ago I swore that I will never work again simply for the pay. I spent 20 years in a career that I hated for the last 10 years of it. Until the day I retire or die I will do what I enjoy(this is the reason I became a paramedic, because I enjoy it). Commercial insurance challenges me, Medicare is boring for me. If I start hating commercial insurance, I'll find something that makes me happy and do it.
What I found out for myself is that happiness turns into a great income!!
My post was for those that want to sell med supps for a living, unlike me. It was meant to open their eyes if that is what they choose to do for a career. My point was to look past the initial sale and concentrate on the potential that ONE sell may bring.
I hope this clears up the confusion for you..
What I found out for myself is that happiness turns into a great income!!
My post was for those that want to sell med supps for a living, unlike me. It was meant to open their eyes if that is what they choose to do for a career. My point was to look past the initial sale and concentrate on the potential that ONE sell may bring.
I hope this clears up the confusion for you..
Your per month income would double from year to year (minus cancellations and what not). You write 10 med supps this January, then 10 the following year in January...you have doubled your take home.
- 582
I could make the same argument as to why an agent should NEVER waste his/her time cold calling.
Based on your numbers one client is worth $5,000 and 10+ years worth of commission.
I say don't beat your head in and waste your time cold calling. Buy leads/mailers and focus your attention and $$ on finding people ready to buy. Every client is worth $5,000 so why not spend a couple hundred to close more clients and make your life easier?
Who is right? ME
- Thread starter
- #20
We are from a completely different school... New agent's that come into this business end up buying leads with no closing experience or product knowledge, they buy a website that never draws in leads, the spend hundreds of dollars on mailers that they can't close and the prospects were tricked into sending in because they think it's for the gov't. They end up broke and out of the business with a huge credit card bill they can't pay and the ONLY people that are happy are the rip-off, prey on newbies associations, the lead vendors, and the website people ALL who made their money.
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