Finding Your "Niche?"

[Lloydlofton]

Hi Comrades,

I just passed my Life, Health Annuities Test in Fla. Now, i am considering what to sell. I know some people who sell Medicare Advantage, and Sups...but i'm not sure that's for me.

I was hoping maybe some of the Seasoned Vets could tell me "What they like about selling Medicare advantage?" OR is Med sups better?

There are companies that run phone rooms for Sups but not sure i wanna sit in a cubical all day.

I new and green to insurance (in the past i have sold Cars, appliances, and Real Estate). This is the first "intangible" product i would be selling.

Anyway, was just wanting some input on HOW the pros found their niche and WHY they stuck with it?

Any constructive input would be greatly appreciated. Thanks very much!

~Tim

The senior market is a growing market where you have some 10k individuals a day aging into this next phase of their life.

They are the most studied market in a generation, they all experience life events at the same time 1946-1964, they will also experience the aging experience at the same time, in other words we know what the "predictable" behaviors are, before they happen.

For example if you take a profile senior client of a male turning 65 his wife, on average, will be about 62, as he ages into retirement we already know what he will do:

1. Sign up for Social Security
2. Automatically be enrolled in Medicare (unless he chooses to continue to work for a while, then he has to opt out of Part B)
3. 80% will get some kind of supplement to manage the financial risk not covered by Medicare

They will do these three things, almost without exception.

Seniors are concerned about four things, for the most part and that is managing the cost of:

1. Doctors
2. Hospitals
3. Prescriptions
4. Recovering at home after a procedure (short term care or Long Term Care) OR
4+Not leaving a financial burden for their family (Final Expense)

So make sure you talk to them about the things they use the most, in the order they use those things?

How, use effective questions, questions you already know the answer to:

1. Why do you have health insurance, is it for your best health year or your worst health year?

2. In your worst health year do you think your medical expenses will go up or go down?

3. As you age do you believe you get more healthy or less healthy?

4. As you get less healthy do you feel your expenses will go up or stay the same?

Have a conversation with seniors about the things that matter most to them then help them design a plan to fit their needs, now and in the future.

Here's an article that might be of interest:

A Generation On The Move Needs Your Help - InsuranceNewsNet

 

[Bevo]

Ok, thanks guys.

I'll keep reading here and asking questions (try not to ask the wrong ones).

~Tim

Tim,

I'd highly suggest you determine your ultimate goal first, then work your way back. Do you want a ton of residual cash and a lot of time off in say, 5-10 years?

Do you want to be the one-stop-shop of insurance? And if so....WHY?

Figure out what you really want to get from all this, and more importantly why you want it. The quicker you do this getting in, (build a business plan and detailed road map) the quicker you'll get there.

Otherwise 5 years goes by in a blip and you might end up asking yourself these questions then.

 

[Lloydlofton]

Tim,

I'd highly suggest you determine your ultimate goal first, then work your way back. Do you want a ton of residual cash and a lot of time off in say, 5-10 years?

Do you want to be the one-stop-shop of insurance? And if so....WHY?

Figure out what you really want to get from all this, and more importantly why you want it. The quicker you do this getting in, (build a business plan and detailed road map) the quicker you'll get there.

Otherwise 5 years goes by in a blip and you might end up asking yourself these questions then.

You can learn from experience, takes a long time and is costly or you can learn from knowledge, listen to those who have made the mistakes. He offers great advice!

 

[yogooglethis]

Hi Comrades,

I just passed my Life, Health Annuities Test in Fla. Now, i am considering what to sell. I know some people who sell Medicare Advantage, and Sups...but i'm not sure that's for me.

I was hoping maybe some of the Seasoned Vets could tell me "What they like about selling Medicare advantage?" OR is Med sups better?

There are companies that run phone rooms for Sups but not sure i wanna sit in a cubical all day.

I new and green to insurance (in the past i have sold Cars, appliances, and Real Estate). This is the first "intangible" product i would be selling.

Anyway, was just wanting some input on HOW the pros found their niche and WHY they stuck with it?

Any constructive input would be greatly appreciated. Thanks very much!

~Tim

Without a doubt if i was starting up in this "do not call/ you can not call " environment for senior products I would start at a captive position at Humana ,Wellcare etc.It is double hard in Fl. to start up as an independent agent nowadays as you cannot cold call for AARP med supp- the most competitive med supp in Fl.Now is the perfect time to apply for a captive position as they gear up for AEP

You get very good training, support , some leads and best of all when you leave the captive position in a few years you have a book of business you can compliantly contact ( I think) to start your own independent agency

 

[pcbinsurance]

Lloyd, I notice your InsuranceNewsNet story had your CSA designation after your name. Also, I notice you don't have it next to your name here.

I was a CSA as well but have not continued using the designation and wonder if you are still active within the CSA community and if you think it's a good thing.

Thanks.

 

[Biggin]

Tim,

I'd highly suggest you determine your ultimate goal first, then work your way back. Do you want a ton of residual cash and a lot of time off in say, 5-10 years?

Do you want to be the one-stop-shop of insurance? And if so....WHY?

Figure out what you really want to get from all this, and more importantly why you want it. The quicker you do this getting in, (build a business plan and detailed road map) the quicker you'll get there.

Otherwise 5 years goes by in a blip and you might end up asking yourself these questions then.

I recommend clicking on "bevo" and then click on "see more posts" and then read all of them.

 

[Lloydlofton]

I think it's a good designation to have, I changed my role in the various activities I do and didn't see it as an advantage to pay to keep renewing it. But if you are working directly with clients and are positioning yourself as a expert to advise them in retirement matters I found it great for 3rd party creditably. Hope this helps.

 

[Tim Resnick]

Tim,

I'd highly suggest you determine your ultimate goal first, then work your way back. Do you want a ton of residual cash and a lot of time off in say, 5-10 years?

Do you want to be the one-stop-shop of insurance? And if so....WHY?

Figure out what you really want to get from all this, and more importantly why you want it. The quicker you do this getting in, (build a business plan and detailed road map) the quicker you'll get there.

Otherwise 5 years goes by in a blip and you might end up asking yourself these questions then.

Thanks Bevo

Not sure what you have to have on the books to make a TON of residual cash every month (3-500?). I like the way you talk though. Thanks very much!

~Tim
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Thanks Guys !

A lot to think about. Not sure i can play "the lone wolf" (independent agent) at this point; I feel like a fish outta water lol. So much info thrown at me at one time.

I most certainly would need a good FMO and or like was suggested, start captive and go from there.

I will check out BEVO's threads.

Thanks very much!

 

[goillini52]

Thanks Bevo

Not sure what you have to have on the books to make a TON of residual cash every month (3-500?). I like the way you talk though. Thanks very much!

~Tim