Medicare Supplements/ Advantage - Retirement Planning

[jcboomersooner]

Hello everyone,

I'm brand new as of today. I am struggling right now. I've been in the business for a while and I'm not satisfied with my activity and my income.

I'm thinking of getting into the Medicare Supplements market, with the intention of using those clients and sales to market retirement planning, rollovers, and life insurance sales.

Am I on the right track? Can anyone point me in the right direction by adding their thoughts? Can anyone steer me in the right direction as far as who I should talk to about getting contracted with the right IMO for Medicare and Advantage products?

Any and all responses would be greatly appreciated. As I mentioned, I am struggling.

 

[somarco]

The obvious question that only you can answer is, "Why are you struggling?",

 

[jcboomersooner]

I am struggling because my activity is not what I want it to be, nor is my income. I've been primarily (cold) calling small business owners for retirement planning. The process is too long and drawn out. I am looking to make my life more simple and more structured.

I want to change my market, and I am looking for opinions on the senior market and selling Medicare supplements and Advantage plans, and if anyone is successful at cross-selling in this market.

 

[somarco]

I don't know what your background is, but retirement planning normally involves relationship building. Absent a referral from a trusted source (FP, accountant, attorney) it can take months or longer to generate a sale.

Medigap can be relatively short incubation but you won't find prospects cold calling on businesses.

Medicare prohibits cold calling for Advantage plans.

Before you go overboard on cross-selling you need to focus on one thing and make it work.

 

[Chazm]

Sounds like you're starting out at a company like American Senior benefits or Bankers life and casualty. Mind you not those exact companies but they are the ones who try to train you that "selling med supps won't make you wealthy. You have to sell $250k annuities to make any real money. "


My advice is to focus on one, financial planning or Medicare products. Master how to find and sell those people then thinks about adding other things later on.

 

[somarco]

You have to sell $250k annuities to make any real money.

What kind of commission % are you looking at?

Last time I looked at selling annuities there was a firm that wanted me to run seminars every 3 weeks at a cost (to me) around $5k each. Expected sales of $500k per seminar. My cut was 4%.

That game was too rich for my blood, betting on the come. I would be OOP around $15k before the commission flowed to me.

 

[Chazm]

What kind of commission % are you looking at?

Last time I looked at selling annuities there was a firm that wanted me to run seminars every 3 weeks at a cost (to me) around $5k each. Expected sales of $500k per seminar. My cut was 4%.

That game was too rich for my blood, betting on the come. I would be OOP around $15k before the commission flowed to me.

Edited my post and added quotes to get my point across. Not that you have to sell $250k annuities. But they will tell you that selling med supps won't make you any real money. Big annuities are where it's at

 

[somarco]

So what is the going rate for deferred annuities? Immediate annuities? Inquiring minds want to know.

 

[Chazm]

So what is the going rate for deferred annuities? Immediate annuities? Inquiring minds want to know.

Asking the wrong hombre. Haven't done one in maybe 3 years. I think I got 6% on deferred. Never did an immediate but it was maybe 1-2%. Not sure

 

[kgmom219]

I am struggling because my activity is not what I want it to be, nor is my income. I've been primarily (cold) calling small business owners for retirement planning. The process is too long and drawn out. I am looking to make my life more simple and more structured.

I want to change my market, and I am looking for opinions on the senior market and selling Medicare supplements and Advantage plans, and if anyone is successful at cross-selling in this market.

Selling Med Supps/MAPD to T65's is not difficult.

Getting in front of enough T65's to make any money IS.

Cold calling businesses isn't going to get you anywhere. Primarily because they know if you are cold calling then you are a newby and chances are, you are going to be gone in the next 3 years.

Learn Med Supps. Buy some leads. Send some mailers. Sell it. Ask for referrals. Get a webpage. Whatever works for you.

Then decide if you want to add MAPD. Anyone buying MAPD probably doesn't need/want financial planning, but you can add FE for cross selling.

Find a networking group, any activity generates more activity. If you aren't getting in front of enough people, figure out why. Where do the "old people" have breakfast? Start showing up regularly, work on your laptop. After a while, someone is going to say "what do you do?" Be ready. Keep going, then next October, all the men are going to ask you to help them out.

Good luck!!