It's Official, I've Reached 1000 Active Medsupps!

[BibH]

How do you handle the service work with 1000 in force? Can an agent handle that alone?

 

[billyb]

Years ago I was a big Medicare Supplement producer with a 6 figure income. Then in 2001 came Tricare for Life and 60% of my renewals disappeared in a month thanks to an act of Congress. Great accomplishment, but something could happen to your book that is beyond your control. Keep working.

 

[jdlash]

I've read this thread a few times and have to say congratulations! Isn't the part of I made it, now should I sell it kind of like getting your doctorate degree and then asking what you should do with it?

With insurance the sky has been falling since I've been in the industry. I've sold p&c for 15 years and it's been a business that "won't be around much longer" The Whole time.

How did you grow so fast? That's very impressive!

 

[JaBrooklyn]

Don't get divorced....awesome job!!

 

[Mike Siegal]

Years ago I was a big Medicare Supplement producer with a 6 figure income. Then in 2001 came Tricare for Life and 60% of my renewals disappeared in a month thanks to an act of Congress. Great accomplishment, but something could happen to your book that is beyond your control. Keep working.

Dayum...that sucks billy. What did you get into after that?

Are you still doing Supps?

 

[SecureHealth1]

I have been a member on this forum almost since my first day in the Medicare business and I attribute much of my success to the things that I learned here. Starting in 2008 I put in 5 years as a captive agent and went independent in 2013. Since then my production has doubled and now at 35 yrs of age with 1k med supps on the books I find myself wondering... whats next? Shoot for 2k? Semi retire and just work my existing book for cross sales? I wonder how long we all have left to make money in this business. Maybe now is the time to sell my book and get out!

I'm open to sage advice and sarcastic assholery... Discuss.

Congratulations man!!

 

[billyb]

With all of the retired military residing in my area I do not sell near as many supplements as I did in the past. Instead I have targeted the final expense market and have done quite well.

 

[Alston]

I have been a member on this forum almost since my first day in the Medicare business and I attribute much of my success to the things that I learned here. Starting in 2008 I put in 5 years as a captive agent and went independent in 2013. Since then my production has doubled and now at 35 yrs of age with 1k med supps on the books I find myself wondering... whats next? Shoot for 2k? Semi retire and just work my existing book for cross sales? I wonder how long we all have left to make money in this business. Maybe now is the time to sell my book and get out!

Now might be the time to work on other income streams. Diversify.

Robert G. Allen (author of Nothing Down) in his book Creating Wealth said something like: you have to put all your eggs in one basket in order to get started, but once you have reached a certain level of success, you should diversify.

In the long run you might be safer and richer with 600 clients that have two or more policies with you and/or another non-insurance related source of income.

Kudos on reaching 1,000. I was about 15 years older than you when I hit that number.

You've built a great client base. One way to go is to now start identifying and growing your fan base. Spend more of your time with the people who like you enough to buy second and third policies and who refer you often. This way you maximize the lifetime value of your clients and reduce your cost per acquisition of new clients.

 

[enyce]

Congrats!

I'm a 90% MAPD guy and so take my advice with a bit of salt.

Get 700K and invest wisely with say a return of 9-13% (vanguard etc; )

This business is getting unpredictable and in your situation I'd ride it out for 1 more year tops then cash out while its still hot!

Plus don't referrals still come to you?

Sell in 1 yr, Invest 500K , Save 200K, Work to earn new clients for the next 5 years, THEN retire.

OR

The easy route is retiring now and rolling the rigged dice.

PS: If these said renewals are lifetime renewals (which only diminish by death and change of client plans) then I withdraw my opinion and would just KEEP the BOB and work occasionally (less than part time) to sustain.

 

[99murph]

Congrats on reaching that milestone!