New Agent Needing Guidance

[Todd King]

I have been researching for a long time trying to figure out how to get started as a new Independent Insurance Agent. Originally, I was most interested in Medicare Supplements and Medicare Advantage sales specifically because of the residual income and I still am but what I have been learning is that while MS and MA provide a very good stream of residual income, the upfront money isn't as good as FE sales which I have to have in order to pay my bills. Is this true and how would I overcome this and make enough to pay my bills?

As of late, I have been considering starting with FE because of the upfront money and then as soon as possible after getting started and getting established in FE, I would like to get the training needed to get up and going in MS (buying leads, etc) and in MA, which I understand is a natural market to go along with FE sales. I live in Cleveland, TN and have found a couple agencies locally to me. One is a very good, reputable agency for FE only who provides extensive training, field training, access to buy exclusive fixed leads, help with doing Senior Seminar sales but that can also get me hooked up with a company that can train me for selling medicare products, get me the carriers and DM leads. The other Agency is a smaller agency GMA who does it all and wants me to get signed up with all FE carriers MS and MA Carriers and begin selling them all upfront, but starting with FE for a few weeks while waiting till July to do the AHIP testing. But jumping into it all at almost the same time seems overwhelming to me and I have gotten over a dozen invitations from carriers to sign up for all under him right off the bat. Plus he believes primarily in Telemarketing Leads for FE and DM for MS and working Senior Seminars which he would train me to do. Not crazy about working TM leads for FE. I need some guidance and input from experienced agents PLEASE.

We have a successful agency right there in Cleveland. Call Jacob Anderson at
(423) 559-5274. It wouldn't hurt to talk with them to see if they are a fit for you.

 

[Chazm]

Just so you know, FE and Med Supp policies pay very quickly, like within a few days of the policy approval. If you enroll someone in a MAPD plan and they are aging into Medicare, it can take up to 2-3 months to get paid the full first year commission of $440.

I get paid as soon as 5-7 days with one of my top mapd plans and within a couple of weeks with the other one.

 

[timeflies]

UHC pays quickly. Others not so fast.

 

[Chazm]

UHC pays quickly. Others not so fast.

And Humana pays the fastest. Luckily in Jax my top two plans are humana and UHC.

 

[timeflies]

UHC has a very good dual plan here and their HMO is pretty good. Humana's customer service has caused a lot of problems for me. Won't use them unless the members has already made up their mind on joining Humana. Anthem's plans are pretty good, but they do take a couple of months to pay commissions when there is a true up for folks new to Medicare. Aetna is somewhere in the middle.

 

[mkim1969]

So you state that you realize the importance of needing up front and you're okay on it, that you want the residuals from Med Supps, but still want to know which one pays the most upfront money?

This sounds like another unsuccessful story waiting to happen.

Here's my advice. Get a (or keep your) real job. Start doing Med Supps nights and weekends. NO other insurance products. Just Med Supps. You could absolutely get 5-10 deals per month if you work hard enough. The real job pays your bills and hopefully keeps stress levels low while you learn the craft of Med Supps and start building your base of residuals.

I'd work non-stop 14-16 hours per day until I could leave and do med supps full time. Because it's worth it. I often ask people "How bad do you really want it?" All will say the want it badly, few want it badly enough.

Sshafran is saying basically the same thing. I have a very good feeling however that you won't do this. I have a feeling you'll take the job with the agency (easy way out) and likely never see the light of day of the independent Med Supp agent world. Why? Because most people don't have the guts to do it. Are you the exception? Well there's always that slight chance, but it's doubtful. Sorry, those are just what they call....the FACTS. The fear in your posts alone tell me you likely won't do whatever it takes to succeed. I've seen it time and time again.

I sincerely hope in 1-2 years however, that you will prove me terribly wrong.

How would you recomend selling the 5-10 med supps per month? Which marketing method?

 

[csyjnapapa]

When you do me campaigns, do you continue through GB h AEP or pause during that time and pick up there after?

 

[Bevo]

How would you recomend selling the 5-10 med supps per month? Which marketing method?

There are people selling over double this amount per month using TM leads, Internet Leads, DM leads, and even cold calling.

Pick one and go for it. If they can do it, you can do it and likely even more. It's a numbers game. If you can get a 10% close rate on TM leads, and you want 10 per month, you know you'll need to call 100 Leads. Want 20 deals a month, call 200.

Just have to want it bad enough.