A few phone calls today really making me appreciate what I do. I have a good friend who owns a Pepperride Farm franchise - says sales are way down for him. Prices of everything are up, people are tightening up on money which means his sales go down. When milk's $4.00 a gallon the goldfish and cookies are out. He said he can ride it out a few months before he'd need a part-time job.
Another one of my buddies called me looking to get into the insurance biz - out of work mortgage broker. Obviously in this market real estate agents and mortgage brokers get hammered.
Then I'm making my round of telemarketing calls and got two leads where both said "our business is down and yes, we really need to get our rate down now." I have a feeling both of those would have blown me off a few months ago.
Interesting - when the economy's booming people have more money and I sell more plans. When the economy sucks all the people who would have been fine with $500 a month now need to get that rate down.
Seems like in this biz we're ahead of the game regardless.
I used to be in car and home improvement sales. Both fields get crushed with the economy starts to scare people. Very much appreciating this line of work.
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People have money for everything but Health Insurance, it is a non tangible item most people believe should be free paid by someone else or the government.
I went out and bought a new couch yesterday and to the mall - people are spending money like it is going out of style and I bet 20 to 30% (In Texas) easily did not have Health Insurance, nor do they care.
The economy is just another excuse for irresponsibility.
I have child plans starting around $30 to $40 a month, and adult 40 year old plans starting around $100 (or less) - but it could be $5 and they still wouldn't buy it.
It could be free and 20 million wouldn't fill out the form to enroll.
This industry is a little better than others, but don't think for a second you won't feel some pain from a recession - you will.
The only recession proof business I see is cell phones, fast food, and tire rims (the spinning ones...)
People have money for everything but Health Insurance, it is a non tangible item most people believe should be free paid by someone else or the government.
I went out and bought a new couch yesterday and to the mall - people are spending money like it is going out of style and I bet 20 to 30% (In Texas) easily did not have Health Insurance, nor do they care.
The economy is just another excuse for irresponsibility.
I have child plans starting around $30 to $40 a month, and adult 40 year old plans starting around $100 (or less) - but it could be $5 and they still wouldn't buy it.
It could be free and 20 million wouldn't fill out the form to enroll.
This industry is a little better than others, but don't think for a second you won't feel some pain from a recession - you will.
The only recession proof business I see is cell phones, fast food, and tire rims (the spinning ones...)
Don't forget about cigarettes, beer, and cable tv.
I don't deal with the uninsured. What I'm finding is when I call small biz owners who already have plans they are now more interest in what I have to offer.
I don't deal with the uninsured. What I'm finding is when I call small biz owners who already have plans they are now more interest in what I have to offer.
Talking to people without coverage is like telling people they should go to church more often.
It could be free and 20 million wouldn't fill out the form to enroll.
This is a proven fact actually. Medicare has a high percentage of people who roll off simply because they don't fill out a new determination form to make sure someone is still eligible. Of course, those same people who couldn't be bothered turning Opra off long enough to fill out the form go complaining when it's time to see the doctor.
Overall, insurance is mild recession proof, maybe even an uptick during a mild recession. It does start to get highly 'curtailed', on the cut list somewhere right after those goldfish and sausage links, probably above the cell phone and spinner rims.
Hey txinsurance, I think the problem here in TX is that healthcare is basically free and people know it. Anybody can walk into any hospital, say they can't pay, and the hospital writes it off.
hey txinsurance, I think the problem here in TX is that healthcare is basically free and people know it. Anybody can walk into any hospital, say they can't pay, and the hospital writes it off.
In California, some hospitals, if it's not an emergency, are starting to turn many away and told to go down the street to the clinic.
In regards to people not enrolling in free plans. I have met with individuals who are offerd coverage by their employer (100%), and they still have not submitted the paperwork to get on the plan. Unreal!!
Lately, when potential clients mention "recession" as a method of disqualifying themselves from making a decision, I say the following;
"Bill, I understand that budgets are tight now and you should save money when you can. Expert advice regarding your finances and assets is not one of those areas. Insurance is complex, so you need an expert on your side who is available to you when you have a need or question. Of course many people say they can get "free information" by searching online, but will that webpage be able to call your insurance company on your behalf when you have claims issues? Can you call and talk to that webpage to get detailed answers to your questions about your coverage?
Its real simple; you get what you pay for, right Bill?!
If you are making an important decision such as protecting your home and family, isn't it worth paying some money to get quality expert advice, Bill?"
I don't deal with the uninsured. What I'm finding is when I call small biz owners who already have plans they are now more interest in what I have to offer.
Talking to people without coverage is like telling people they should go to church more often.
I agree, it is much easier to save some one money than make them spend it. I have found that a lot of people don't want health insurance until they need it and most of the time at that point it is too late and they have become uninsurable.
However recently, the uninsured market has picked up for me. I don't know if we are working on another "baby boom" but I know that I have signed more new mothers than anyone lately!
Recession proof
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