Getting Sick of FE.....

[KRobby]

and 2-3 days selling Med Supp by phone. It's def a grind, but in a year or two, I hope to not be selling FE full-time anymore...except to cross-sell to my Medicare clients.

Good luck!

Do you call lists or buy leads? Sounds like the response rate and premium are far greater with MS than FE, so I'd imagine the closing rate (per lead) must be drastically lower for people to conclude FE is comparable. Commission % seems about the same other than timeliness, so that variable seems a wash.

 

[PA Bill]

In FE? No. I had moved from MP to MA plans mainly for leads. I did quite well in the MA business. I was the number agent for 3 companies in this region.

Then Humana forced their MIPPA rules on us in 2008. I had added LH in 2007 for FE to cross sell to my MA clients because it was better than what the MA companies had available. That was my introduction to FE, Lincoln Heritage.

I found this forum in 2008 researching a med sup question about something my upline at Pyramid was telling us. It didn't ring true so I was asking questions. Turns out he was misinforming us.

Anyway, thru this forum I met Newby, even though we were only 40 miles apart we had never met.

Then thru this forum I met Travis. He was big into MA too and was wanting out. he had partnered with EFES and asked me to join up with him.

I resisted because I had dealt with EMG, {Equita Mortgage Group}, and did not have a good experience.

He convinced me they were different on the FE side so I signed on with him and them in Oct 2008.

It did not go well. I thought the leads were terrible. Ryan and I could not get along and they took me off the lead program. That was OK because I still had my "Nov file" that all MA agents had back then to take care of.

After finishing up that AEP I got back involved with FE. Dabbling around I wrote $6K ap in Jan 2009. Travis was able to get my back on the EFES lead program even though my PPL was around $40 if I would commit to giving a legit shot.

I decided to go all in with FE starting Feb 1, 2009. Then we had the ice storm of the century the end of Jan, 2009. I was without electricity for 2 weeks.

But I still managed to write $10K that Feb, {which I think is a benchmark for a fulltime agent}. Jan, 2009 was the last month I didn't write at least $10K FE in a month.

I never looked back. Meeting Travis Tubbs was the best thing to happen to me in this business. And we didn't meet in person until Feb, 2009. I don't know why he had the patience and faith that he did in me at a time when we had never met. He's one of my best friends in the world today but he didn't know me from Adam back in 2008 except from this forum and on the phone.

Two weeks? Damn!

 

[wynne]

Very well said. Outstanding attitude and outlook on ones opportunity in this business. This makes for a great contribution to society. Good for you!

 

[rousemark]

Do you write as much premium in Med Supps as you do FE?

No.... Don't have any real desire to work that market these days. Prefer helping blue collar retired folks take care of their final expenses and also sell a bit of cancer coverage from time to time. Only work in the field when the mood strikes me... usually 3 or 4 days per month.

 

[Birdman300]

Do you call lists or buy leads? Sounds like the response rate and premium are far greater with MS than FE, so I'd imagine the closing rate (per lead) must be drastically lower for people to conclude FE is comparable. Commission % seems about the same other than timeliness, so that variable seems a wash.

I don't use direct mail for MS. I call lists and I have a telemarketer that also generates leads for both FE and MS. I buy DM leads from an IMO and try to cross sell MA, Dental, CI to my FE leads in the Las Vegas metro area. I've been relying 100% on DM leads for FE, but recently learned the hard way that that's a bad idea for my business.

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No.... Don't have any real desire to work that market these days. Prefer helping blue collar retired folks take care of their final expenses and also sell a bit of cancer coverage from time to time. Only work in the field when the mood strikes me... usually 3 or 4 days per month.

Yeah, I don't know a single agent that writes that much Med Supp premium either. Since premiums are much higher for Supps it's exceptionally rare for an agent to write the same amount of MS premium as they do FE.

You can do the math any way you like but I still see plenty of agents who do Medicare (Supps & MA combined) who worked their butts off in their early years but now have thousands in renewals so they don't really need to buy leads anymore. I personally know many of them. Also, because they have all the renewals they can take a week or two off and still keep collecting renewals that pay the bills.

On the other hand, most FE agents MUST continue spending money every single week, and writing apps every single week otherwise they have no commissions coming in the next few weeks. I'd love to agree with you because it sounds good in theory but telling agents to just write more FE premium and invest the profits is excellent advice...but realistically 99% won't.

All I know is that I see the direct results every single day. As a full-time FE agent I have to keep buying leads and driving into the ghetto every single week otherwise I have to rely on my small renewals as income which isn't enough. I also strongly recommend that agents NEVER rely on only one lead source (especially their IMO). He who controls your leads controls your business. I learned that the hard way...shame on ME.

I also know that several of my good friends are earning thousands weekly in Medicare commissions after being in the business for years and working hard at it. They still work, but not nearly as much as me. My direct upline where most of my Medicare contracts are with is a great example. Whenever I need a MA app or two, I stop by his house and every single time I see him, he's at home in a T-shirt and flip-flops. His facebook shows pics of him a different MLB games across the country every other week. I realize you like helping blue-collar workers, and I do as well. I just don't want to have to focus 100% on FE only.

The OP vented about being sick of FE, and I'm suggesting he diversify to other audiences. Half of the people who responded in your favor are also major FE recruiters on here who have a vested interest in selling any agent the FE dream because they rely on new recruits to feed their business with more override commissions.

I love selling insurance (FE, Medicare, Dental, CI, etc). I'm almost 50 and I wish I would have started doing this 30 years ago because I'm pretty good at it. It's the easiest money I've ever made. I haven't built tires like John (that sounds pretty nasty), but I worked in construction pouring concrete and busted my knees and back. I'll take this job any day of the week, but I'm not going to just focus 100% of my efforts on FE only. Any agent who doesn't occasionally cross sell other things is walking away from cash (long-term and short-term). That's their choice...they can do what they like.

 

[KRobby]

Since premiums are much higher for Supps it's exceptionally rare for an agent to write the same amount of MS premium as they do FE.

Interesting, wonder what the close rate is on Med Supp leads, like 5%? Heck, I can get that selling annuities with Social Security mailers!!!

 

[Birdman300]

Interesting, wonder what the close rate is on Med Supp leads, like 5%? Heck, I can get that selling annuities with Social Security mailers!!!

I have no idea what type of leads you're referring to...I don't buy DM leads for Supps...thought I mentioned that already. Actually, FE leads are awesome for MAPD. I have a Telemarketer and I cold call for myself for supps.

 

[KRobby]

I have no idea what type of leads you're referring to...I don't buy DM leads for Supps...thought I mentioned that already. Actually, FE leads are awesome for MAPD. I have a Telemarketer and I cold call for myself for supps.

I know you don't. But you said you don't know of any others that reach the same overall premium as FE even though response rate and premium per sale is significantly higher, so closing ratio must be a disaster for lead buyers.

 

[Birdman300]

I know you don't. But you said you don't know of any others that reach the same overall premium as FE even though response rate and premium per sale is significantly higher, so closing ratio must be a disaster for lead buyers.

A close ratio means nothing to me. What means everything to me is making a profit at a level that it's acceptable to me and my business in a short-term and long-term

 

[KRobby]

A close ratio means nothing to me. What means everything to me is making a profit at a level that it's acceptable to me and my business in a short-term and long-term

I wasn't saying anything about you, just that the close ratio on Medical Supplement leads must be a disaster if all that I'm reading in this thread is true and overall premium is not even comparable, given the other known variables. I'm sure I'm not the only one that finds this astonishing/valuable to know ahead of time. It also suggests cold calling lists are the way to go with this market, which many won't want to do.