What to Do Next Med Supps or Term Life?

LifeHealth

Expert
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Hey guys just a little background... I started selling Insurance back in June, I was given the U65 Health Insurance Book at an all inclusive independent agency. During open enrollment I was able to add a couple hundred clients to come out around 600 heads insured. I get 60% commission on everything I do and I'm wondering what to do next. I also have about 150 short term policies and about 30 life policies.

Open enrollment is officially over today and I've been given a few options to focus on. We have about 3500 personal lines customer I can try to cross sell life insurance too (I get all the new life insurance as well) or I can start selling over 65 med supps. I like the idea of the residual income that med supps give especially with Obamacare ending and at least 60% of my U65 health is paying next to nothing now.

I feel confident in selling anything, I know how to build relationships and keep customers. Just trying to get some advice on what the best logical next step is?
 
Hey guys just a little background... I started selling Insurance back in June, I was given the U65 Health Insurance Book at an all inclusive independent agency. During open enrollment I was able to add a couple hundred clients to come out around 600 heads insured. I get 60% commission on everything I do and I'm wondering what to do next. I also have about 150 short term policies and about 30 life policies.

Open enrollment is officially over today and I've been given a few options to focus on. We have about 3500 personal lines customer I can try to cross sell life insurance too (I get all the new life insurance as well) or I can start selling over 65 med supps. I like the idea of the residual income that med supps give especially with Obamacare ending and at least 60% of my U65 health is paying next to nothing now.

I feel confident in selling anything, I know how to build relationships and keep customers. Just trying to get some advice on what the best logical next step is?

Hmmm...why can't you do both???
 
Good question and I guess I do plan on doing both, I just think it might be better to focus on one or the other so I don't have too many irons in the fire. I'm a young guy only 27 and I'm more concerned with what is better in the long run or more beneficial.
 
Good question and I guess I do plan on doing both, I just think it might be better to focus on one or the other so I don't have too many irons in the fire. I'm a young guy only 27 and I'm more concerned with what is better in the long run or more beneficial.

You def could do both, although to be REALLY successful, I think you need to decide which one is best. The reason I say that is, one market focuses on U65, and the other O65...which means youd need to have 2 completely diff marketing strategies & going after 2 diff demographics. It can be done, but I dont think you can be really successful in either doing both.

Id go with Medicare (not just med supps), and then you can also add life ins to the same demographic of ppl. ACA is very uncertain & doesnt pay that well. Go with Medicare, bust ya ass for the next 5yrs...then you can kinda coast and u wont even be 35 yet!
 
You def could do both, although to be REALLY successful, I think you need to decide which one is best. The reason I say that is, one market focuses on U65, and the other O65...which means youd need to have 2 completely diff marketing strategies & going after 2 diff demographics. It can be done, but I dont think you can be really successful in either doing both.

Id go with Medicare (not just med supps), and then you can also add life ins to the same demographic of ppl. ACA is very uncertain & doesnt pay that well. Go with Medicare, bust ya ass for the next 5yrs...then you can kinda coast and u wont even be 35 yet!

Sound like he already has a book and commitment to U65, if I understand him the Medicare would be in addition to and the U65 would be his main focus
 
I got hired to do U65 health and life and I've done really well so they want me to start doing medicare as well. I think I would love medicare, I've always been able to sell to the older crowd but I have somewhere around 300 families that have health insurance through me now that I've developed a good relationship with and would be able to cross sell to. I've convinced a good portion to buy auto renters home through us even though I don't get paid for it just to solidify them.

I think in the long run Medicare is where I want to go for that residual but I'm use to making 100k a year (I owned my own company that went under about a year ago) and currently I'm making 4-6k a month and I know that life insurance is low hanging fruit.
 
I got hired to do U65 health and life and I've done really well so they want me to start doing medicare as well. I think I would love medicare, I've always been able to sell to the older crowd but I have somewhere around 300 families that have health insurance through me now that I've developed a good relationship with and would be able to cross sell to. I've convinced a good portion to buy auto renters home through us even though I don't get paid for it just to solidify them.

I think in the long run Medicare is where I want to go for that residual but I'm use to making 100k a year (I owned my own company that went under about a year ago) and currently I'm making 4-6k a month and I know that life insurance is low hanging fruit.

Life ins is a good cross sell, I used to cross term life pretty easy when I worked under 65 and worked at a call center, I also sold some MA during AEP there as well,

When I went on my own I leaned toward Medicare in my 1st year as an Independent then dropped 65 altogether, For me It was a different state of mind and a different way of working leads that I felt I was best focusing on the Medicare in the long run

Others may have different experiences this is what worked for me
 
I got hired to do U65 health and life and I've done really well so they want me to start doing medicare as well. I think I would love medicare, I've always been able to sell to the older crowd but I have somewhere around 300 families that have health insurance through me now that I've developed a good relationship with and would be able to cross sell to. I've convinced a good portion to buy auto renters home through us even though I don't get paid for it just to solidify them.

I think in the long run Medicare is where I want to go for that residual but I'm use to making 100k a year (I owned my own company that went under about a year ago) and currently I'm making 4-6k a month and I know that life insurance is low hanging fruit.

You won't build much on the renewal side selling term, that's for sure. If this were the only factor, then you can easily see that Medicare would be the side to work. I'm sure there are other factors, but I think Medicare would win out most every time. One knockout though....if you don't have the right companies available to you it will be harder.
 
Who owns the book?

If you leave the agency, or they decide to leave you, do you walk out the door empty handed? Is there a non-compete/non-piracy?
 
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