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Greetings from the Bluegrass. I'm green to selling, although not new to the insurance industry, having invested nearly four years with a Fortune 100 company. ...
Greetings from the Bluegrass. I'm green to selling, although not new to the insurance industry, having invested nearly four years with a Fortune 100 company. It was there that I learned about the unique needs of seniors, and I am eager to get started in helping them navigate what's often a complex system.
Welcome! I grew up near KY Lake, was educated at UK, married a girl from Eastern KY. Guess you can say I too am a Kentuckian although I now live in IN.
Welcome! I grew up near KY Lake, was educated at UK, married a girl from Eastern KY. Guess you can say I too am a Kentuckian although I now live in IN.
I'm sort of the opposite. I grew up in Indiana (Columbus and Corydon), then moved to Kentucky in '98 to accept a position with Lexmark. I married a man from Woodford County.
Thank you for the warm welcome.
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Originally Posted by Markingriffin
Welcome to the forum!!
Makes me wonder which company you are talking about.
That would be Humana.
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Originally Posted by Frank Stastny
Welcome,
I've been in the senior market for a long time. If I can help please give me a call.
I have chosen the senior market -- or should I say, it's chosen me -- for the "right" reasons. My experience with Humana was working with its C-suite to develop internal and external communications relating to the Medicare expansion and sustained opportunity. A byproduct of the learning included market conduct. To edify my understanding of regs and compliance around market conduct, I did the 40-hour classroom training and sat for the Life and Health exam.
I am genuinely interested in helping seniors navigate what is often a complex system. I feel I have a good understanding of how to help everyone from those with exceptional disposable incomes who, say, do foreign travel, to Low Income Subsidy qualifiers.
Captive or freelance, Fortune 100 or smaller, provided leads or reliance on my own networks, the ability to immediate replace a six-figure income -- these are the questions I'm now asking.
I sincerely appreciate insights from the experts.
Last edited by Bluegrass_producer : 07-13-2009 at 07:12 AM.
Reason: Posts merged
Captive or freelance, Fortune 100 or smaller, provided leads or reliance on my own networks, the ability to immediate replace a six-figure income -- these are the questions I'm now asking.
It is going to be a real challenge for you to immediately replace a six figure income selling Medicare Supplement policies. If you are going to rely on using purchased leads for most of your sales it is going to be even more of a challenge if you are talking about net income as opposed to gross.
A 1,000 piece mail drop is going to cost you between $350 and $400. A "good response" will be around 1.5%. Fifteen reply cards for every 1,000 sent. Those fifteen will not be from people who are sitting at their kitchen table with pen and checkbook in hand waiting for you to call. ( I'm sure you already know that.)
Depending on your location and what the most competitive companies charge for a Med Supp and the percent of commission you earn, the average annual commission from one Med Supp sale will be somewhere around $300. (I'm currently earning 23% commission from one of the most competitive companies in Missouri.)
Selling one policy per day that stays on the books, five days a week, fifty-two weeks a year will generate around $75,000 in commission income. You are going to have to write an average of 1.5 applications per day to gross over $100,000.
Most Med Supp companies offer a twelve month commission advance. Sell the policies "right" and charge backs will not be an issue.
If you stay in touch with your clients and provide exemplary service you should be able to retain around 90% of your clients. Do the same the second year and you will be well into a six figure gross income.
For someone with your experience and expertise it can be done but it is going to require a lot of time on your part.
I'm sort of the opposite. I grew up in Indiana (Columbus and Corydon), then moved to Kentucky in '98 to accept a position with Lexmark. I married a man from Woodford County.
Thank you for the warm welcome. .
I was in Woodford County last week. We went to the Shaker Village. My wife is from Harlan County.
I straddle the line. My left foot is in Indiana and my right foot is in Kentucky.
I actually live in Indiana and have an office in Henderson, KY and another one in Evansville, IN. They are only 10-minutes from each other but it's like two different worlds.
It's a pain in the wa-zoo to have to pay all those extra Kentucky appointment fees but it goes with the territory.
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J Scott Burke
Funeral Preplanning
Life Insurance
Medicare Supplements
Long-Term Care Insurance
Annuities
Indiana, Kentucky, Tennessee www.newburyfinancial.com
Greetings from the Bluegrass. I'm green to selling, although not new to the insurance industry, having invested nearly four years with a Fortune 100 company. It was there that I learned about the unique needs of seniors, and I am eager to get started in helping them navigate what's often a complex system.
Welcome from northern KY! need help let me know! im one of the few who doesnt sell leads, webbsites etc! i dont even want to hire agents! i WILL help you if i can been at this for a long time! what part of the state are you in?
I am in the Lexington area -- to be precise, Versailles.
I am contemplating licensure in Indiana as well, as I grew up in Southern Indiana, am well-known there are a former newspaper columnist, and have a slew of family and friends there. Producing in two states (obviously) does not bother me.
I was considering a senior products-only firm, but have ruled that out. I am currently considering a brokerage that represents multiple carriers (A-, A, A+ only) of household names.
Health insurance for a growing number of people is not being provided by their employer, so it appears that the market for individual/franchise/small group might be poised for growth. This depends upon what happens on Capitol Hill, I realize. (Don't we wish we had a crystal ball?)
I recognize opportunities with LTC and various life products, but with the economy in its current state, it's hard for me to imagine a lot of people are lining up right now to make that commitment to premiums.
I'm not confident I can size up the opportunity to the same degree I grasped it, say, a year ago.
Kentucky Newcomer
what part of the state are you in?
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