I worked final expense full time while building my medicare book. Once the renewals kicked in, I focused more on the medicare side. Beats working at McDonalds or where SAI's wife works.
Apps Written in First Year for Medicare
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I worked final expense full time while building my medicare book. Once the renewals kicked in, I focused more on the medicare side. Beats working at McDonalds or where SAI's wife works.
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MedicareBear
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I have some Final expense clients. I'm switching over to Medicare since I can do it over the phone. I also heard it's much easier since you are saving money for them rather than adding an expense to them. Also, I didn't like the chargebacks when people would call me back after I got paid. The final expense business was just not for me possibly.
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She told me she works nights at IHOP...
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It was not for me either. I try to focus on FE about every 2-3 years, go broke, move in with my parents and then work my medicare book again. I consider myself pretty successful though....
I get the bug for FE every time the 9 month advances are over and a see a lot going in to my account from a month or two of writing it.... (i.e., months 10-12 of FE FYC).
Thankfully that only lasts 3 months - just enough time for me to (a) procrastinate on buying FE leads and (b) remember how much I hate the smell of cat urine.
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I started into Med Supps this way, from full time final expense (well, three days a week). I started with one day a week focused on Med Supps, then two, then three. I started to catch a glimpse of the residual income I was building. That was in 2008 and, in hindsight, I wish I'd focused earlier on the residual. Not so sure that was possible back then.
It's great to know that you can jump into final expense anytime you need a cash infusion. You will have the cat urine (love it!), roaches crawling on the walls, and homes without air conditioning. It's a whole different world dealing with Medicare Supplement buyers vs. Final Expense clients, to say nothing of the chargeback difference and residual income aspect.
I know two agents that are full time now that both, too, started part time and now are great, successful agents. One was a full time CPA in a government job. He'd come home and work internet Med Supp leads that had accumulated in his account during the day. He did great.
The other drove a flower truck during the day and worked Med Supps by cold calling with a dialer at night, eventually hiring a telemarketer to do the prospecting and qualifying for him. Both are very successful now and struggled with their timing as to when to go full time in the insurance business.
As to the set goal - number of policies to shoot for in a given year, I'm not sure you can quantify it, given the variance in lead origination methods, market chosen to work, and your closing ability - which WILL improve over time.
CW
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MedicareBear
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Thanks, CW. I saw a video that the guy on their was pretty much saying exactly how I felt about final expense. It's a rat race where you may get charge backs and you have to drive far out and waste time and gas. At least medicare you don't deal with charge backs it doesn't seem nor the deadbeats so much. I mean it's early and I just did my first campaign but it looks like medicare is the best option.
One of the things I've learned and applied from CW, is when you go on a FE appointment, first see if you can improve their situation. Make sure their not paying too much for their Supplement. If there on MA, show them Medicare.gov and how to enter their drugs to see if there overpaying, ETC.
Improve their situation, then get the draft for the life insurance. It will stay on the books longer IMHO.
Great way to build a ton of value and come across as a trusted advisor, instead of just a pushy life insurance salesman!
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