Advice- FE VS. Medsupp and a Good FMO

[hphs]

Hi-

I am new to the message board and looking for some advice. I have been selling Life and Health for 10+ years. I am looking to transition over to the senior market and have a few questions for the experts out there. As your primary line would you suggest med sup over FE? Does med supp have better persistencey so over time the income is stronger? I like the 6 year level income over the heap and then renewal of FE...thoughts? Since I wll need some product and marketplace training intially can anyone suggest a good FMO to tie myself with. Any and all help is appreciated.

 

[Newby]

Hi- I am new to the message board and looking for some advice. I have been selling Life and Health for 10+ years. I am looking to transition over to the senior market and have a few questions for the experts out there. As your primary line would you suggest med sup over FE? Does med supp have better persistencey so over time the income is stronger? I like the 6 year level income over the heap and then renewal of FE...thoughts? Since I wll need some product and marketplace training intially can anyone suggest a good FMO to tie myself with. Any and all help is appreciated.

I co-own an FE IMO that is known for our training. I also personally produce a lot of Med Sups and Med Advantage and have for many years.

My advice is this, select either one and cross sell the other. If you buy FE leads with income $15,000 to $50,000 you will get more med sup opportunities than others lead you to believe.

If you market for Med Sups you will get lots of FE opportunities.

I don't know of any IMO that actively trains for both that is any good. I recommend putting your FE contracts with an agency like ours and your Med Sup contracts with an agency like Chris Westfall.

Feel free to call me if you want to know my method of doing both.

 

[hphs]

Thanks...Happy to chat, shoot me the best way to contact you and we can have a discussion. Got a strong renewal income from having a Life and Health agency for the last 10+ years. Looking to transition the agency to senior market in an effort to grow long term renewals.

 

[John Galt]

Hi-

I am new to the message board and looking for some advice. I have been selling Life and Health for 10+ years. I am looking to transition over to the senior market and have a few questions for the experts out there. As your primary line would you suggest med sup over FE? Does med supp have better persistencey so over time the income is stronger? I like the 6 year level income over the heap and then renewal of FE...thoughts? Since I wll need some product and marketplace training intially can anyone suggest a good FMO to tie myself with. Any and all help is appreciated.

One of the most important things involved in your transition outside of training will be getting a consistent flow of leads. With medsupp or fe if you have no consistent and predictable lead flow you are dead in the water. Contrary to what some claim here most of the training in either has been subpar with the exception of Chris Westfall for medsupps and another member here known as Greensky. Choose one of those for medsupps. Im fulltime fe and took me a little over a year to get my bearings and understand what truly matters to be successful. Its not the highest contracts. Here is my findings:

1. Decent comp, you have to weigh this out and is determined by support and training.
2. Access to leads at a good price.
3. Dont contract with more than 4 or 5 carriers for fe.
4. Learn those 4 carriers and memorize their application.
5. Some of the larger imo agencies will toss you and say good luck so consider possibly working with a smaller more nimble group.
6. Did I mention lead flow whether its tele leads or direct mail you gotta have it.
7. The opinion of cross selling medsupps to your fe prospects is a dream at best so dont count on it.
8. Cross selling fe to medsupps happens but again not the norm, most medsupp leads have burial taken care of or have savings.

Dont jump the gun on your decisions. Here are a few interviews i have done with excellent broker groups: Agent Audio Interviews

Good luck!!

 

[Newby]

Thanks...Happy to chat, shoot me the best way to contact you and we can have a discussion. Got a strong renewal income from having a Life and Health agency for the last 10+ years. Looking to transition the agency to senior market in an effort to grow long term renewals.

Just call the 800 number on the website on Monday. Who ever answers, tell them you need to speak to Newby.

www.FexContracting.com

 

[Rearden]

Hi-

I am new to the message board and looking for some advice. I have been selling Life and Health for 10+ years. I am looking to transition over to the senior market and have a few questions for the experts out there. As your primary line would you suggest med sup over FE? Does med supp have better persistencey so over time the income is stronger? I like the 6 year level income over the heap and then renewal of FE...thoughts? Since I wll need some product and marketplace training intially can anyone suggest a good FMO to tie myself with. Any and all help is appreciated.

I have learned through engagement with my agents that the best cross-sell opportunities exist between Medicare Advantage and Final Expense.

Medicare Supplements will definitely be a source for final expense leads, but MA more closely coincides with the "final expense" market.

Understand that if you do MA/Med Supp wit FE cross-sells, it will take additional time reduce your total face-to-face appointment possibilities, although I doubt most agents are willing to commit to 30+ FE appointments anyway.

I am an advocate of one approach over the other, at least initially, so as not to diffuse your focus, thus reduce your income.

My take on it is to focus on one particular product line for six to twelve to develop your skill level, then go back to that list of customers to cross-sell whatever corresponding product you didn't talk to your existing customers about, while simultaneously continuing to generate leads in the first line of business, and begin the task of cross-selling the new product line on the first call along with the first product you learned.

My agent Michael did just this and was able to sell $25,000 in final expense premium in 10 weeks to his existing Medicare book of business without purchasing any leads.

 

[John Galt]

I have learned through engagement with my agents that the best cross-sell opportunities exist between Medicare Advantage and Final Expense.

Medicare Supplements will definitely be a source for final expense leads, but MA more closely coincides with the "final expense" market.

Understand that if you do MA/Med Supp wit FE cross-sells, it will take additional time reduce your total face-to-face appointment possibilities, although I doubt most agents are willing to commit to 30+ FE appointments anyway.

I am an advocate of one approach over the other, at least initially, so as not to diffuse your focus, thus reduce your income.

My take on it is to focus on one particular product line for six to twelve to develop your skill level, then go back to that list of customers to cross-sell whatever corresponding product you didn't talk to your existing customers about, while simultaneously continuing to generate leads in the first line of business, and begin the task of cross-selling the new product line on the first call along with the first product you learned.

My agent Michael did just this and was able to sell $25,000 in final expense premium in 10 weeks to his existing Medicare book of business without purchasing any leads.

And just think, my med advantage lead is almost ready to be released lol

 

[just some f.e.llow]

And just think, my med advantage lead is almost ready to be released lol

med advantage?
Dangerous work there, Galt.

 

[hphs]

John-

Thanks for the info. I am inclined to pick one line like you said in your prior post. If you had to pick would you pick FE or Med Supp and why? I am leaning torwards supp because it appears to have better persistencey and I like the levelized comp structure better. Do you agree? Also do you sell leads for both? I agree leads are critical. Checked out your site but didnt see any contact info to reach out to. Thanks....

 

[John Galt]

med advantage?
Dangerous work there, Galt.

Not really, it targets medsupp prospects but you always get a bunch of med advantage people too no matter how much you qualify qualify qualify, they think they have a supp too. Its geared more for agents that are capable of writing either.