Brand New (Medicare) Agent Seeking General Career Advice

[KatieV]

Hello....

I am a brand new agent getting ready to take my AHIP exam. This has led me to have some mixed feelings, and because of this, I would *really* like perspectives of seasoned agents.


I have 3 friends in the insurance business who have helped shape my opinions. One isn't a very close friend, he's a captive agent for a well known company. Drives to their office and works 8-5, M-F. That is NOT for me. The second friend I have has been in the business for many years. He sells life insurance and annuities to a particular niche and has done very well for himself. He's totally independent, has his book of business, and rarely works LOL. He once told me to not go into P&C because it takes a long time to build, and the renewals weren't good b/c people don't have loyalty. The third agent I know (and has shaped my experiences far more than the other 2) is an independent Life/Health agent...She currently doesn't receive renewals but she doesn't buy any leads either. She did FE for the longest, but has transitioned over to Medicare and absolutely loves it.

I am in a remote position with a great company that offers salary + commission, pays or reimburses me for absolutely everything, pays for my NR licenses, and offers some benefits. As a brand new agent, I think this is exactly what I need right now.

I have no biases right now towards any particular niche within Life/Health. Medicare comes with a lot of regulation and specialized knowledge...and I'm wondering- if I have to keep up with CE every other year, and carrier certifications every year, is it *really* worth it to also load AHIP on there every. single. year?

I have a background in marketing and sales, so I think I'm coming into this industry with a slight advantage. I just don't want to be stuck in Medicare and have to keep up with AHIP when I could be making just as much money selling different products. Thoughts? Recommendations? Advice?

Much Appreciated xo-

Katie

 

[sshafran]

Hello....

I am a brand new agent getting ready to take my AHIP exam. This has led me to have some mixed feelings, and because of this, I would *really* like perspectives of seasoned agents.


I have 3 friends in the insurance business who have helped shape my opinions. One isn't a very close friend, he's a captive agent for a well known company. Drives to their office and works 8-5, M-F. That is NOT for me. The second friend I have has been in the business for many years. He sells life insurance and annuities to a particular niche and has done very well for himself. He's totally independent, has his book of business, and rarely works LOL. He once told me to not go into P&C because it takes a long time to build, and the renewals weren't good b/c people don't have loyalty. The third agent I know (and has shaped my experiences far more than the other 2) is an independent Life/Health agent...She currently doesn't receive renewals but she doesn't buy any leads either. She did FE for the longest, but has transitioned over to Medicare and absolutely loves it.

I am in a remote position with a great company that offers salary + commission, pays or reimburses me for absolutely everything, pays for my NR licenses, and offers some benefits. As a brand new agent, I think this is exactly what I need right now.

I have no biases right now towards any particular niche within Life/Health. Medicare comes with a lot of regulation and specialized knowledge...and I'm wondering- if I have to keep up with CE every other year, and carrier certifications every year, is it *really* worth it to also load AHIP on there every. single. year?

I have a background in marketing and sales, so I think I'm coming into this industry with a slight advantage. I just don't want to be stuck in Medicare and have to keep up with AHIP when I could be making just as much money selling different products. Thoughts? Recommendations? Advice?

Much Appreciated xo-

Katie

I'll take a stab at answering you.

I did Medicare + another sales job for several years until my Medicare commission equaled close to 100,000 -- at which point I dropped the other sales job and dove into Medicare full time.

A few short years later I'll likely hit 240 or so. Maybe 250? We'll see at the end of the year.

I have no background in marketing. My degrees have nothing to do with business... so if I can do well, I truly believe that many others can do well also.

Marketing is costly and at times I get tired (bored?) of answering the same questions over and over and over.

But - the commission is strong once you build the client base.

Initial advice: Maybe do this salary position for a year or 2 - learn the business - save like crazy, then cut the strings and go full independent.

Then take that independent business with your marketing ability and build a strong small business.

 

[sshafran]

P.S. AHIP takes about an hour after a while.
You can literally click click click as fast as possible then pass the exam at the end. When you do Medicare all day every day... AHIP is not a big deal.

Carrier certifications- similar, more annoying than anything. But again - worth it for the comp.

 

[KatieV]

I'll take a stab at answering you.

I did Medicare + another sales job for several years until my Medicare commission equaled close to 100,000 -- at which point I dropped the other sales job and dove into Medicare full time.

A few short years later I'll likely hit 240 or so. Maybe 250? We'll see at the end of the year.

I have no background in marketing. My degrees have nothing to do with business... so if I can do well, I truly believe that many others can do well also.

Marketing is costly and at times I get tired (bored?) of answering the same questions over and over and over.

But - the commission is strong once you build the client base.

Initial advice: Maybe do this salary position for a year or 2 - learn the business - save like crazy, then cut the strings and go full independent.

Then take that independent business with your marketing ability and build a strong small business.

P.S. AHIP takes about an hour after a while.
You can literally click click click as fast as possible then pass the exam at the end. When you do Medicare all day every day... AHIP is not a big deal.

Carrier certifications- similar, more annoying than anything. But again - worth it for the comp.

I sincerely appreciate you sharing your perspective and experiences

I was kind of thinking along the same lines. I do have business experience and I'm a pretty autonomous person.

I read another thread titled "If you could do it all over again..." and one of the replies that resonated with me was that they wouldn't have stayed captive so long and started every January with no business on the books. The entrepreneur in me says I'll make much more working for myself but I am grateful for the training and stability this job is offering me as I grow in this industry.

 

[Todd King]

I sincerely appreciate you sharing your perspective and experiences

I was kind of thinking along the same lines. I do have business experience and I'm a pretty autonomous person.

I read another thread titled "If you could do it all over again..." and one of the replies that resonated with me was that they wouldn't have stayed captive so long and started every January with no business on the books. The entrepreneur in me says I'll make much more working for myself but I am grateful for the training and stability this job is offering me as I grow in this industry.

The big difference in what Scott (SShafran) has that you don't at the moment is renewals. That is a major part of the Medicare side. If it were not for the renewals it probably wouldn't be worth it...in the long run. Become independent as soon as you can!

 

[thomasm]

50K a year in lead gen cost is kind of normal in this biz. Think about that before you get persuaded to go indy! Those leads don't generate themselves without marketing dollars.

 

[Life Hawk]

I would *really* like perspectives of seasoned agents.

Seasoned and over cooked...

Sales are always based on performance and production... the reality of "making" it in this business is based on the two previous mentions. Without production, it matters not what direction you take.

Second, its a commitment to the long haul. Most are a flash in the pan... covid has ended who knows how many carriers. Bullheadedness is a key requirement.

Good questions your asking and research is key. However; at some point you have to pull the trigger and see if you have the first two items... without those you only "want" a sales carrier and only "think" you can sell.

Seasoned, over cooked, and cranky...

 

[KatieV]

The big difference in what Scott (SShafran) has that you don't at the moment is renewals. That is a major part of the Medicare side. If it were not for the renewals it probably wouldn't be worth it...in the long run. Become independent as soon as you can!

Absolutely. I want to get some solid experience under my belt first, but the goal would be to go independent in 1-2 years when I know what I'm doing.

50K a year in lead gen cost is kind of normal in this biz. Think about that before you get persuaded to go indy! Those leads don't generate themselves without marketing dollars.

Holy.... that's steep...... I think I need to join a bingo club

 

[KatieV]

Seasoned and over cooked...

Sales are always based on performance and production... the reality of "making" it in this business is based on the two previous mentions. Without production, it matters not what direction you take.

Second, its a commitment to the long haul. Most are a flash in the pan... covid has ended who knows how many carriers. Bullheadedness is a key requirement.

Good questions your asking and research is key. However; at some point you have to pull the trigger and see if you have the first two items... without those you only "want" a sales carrier and only "think" you can sell.

Seasoned, over cooked, and cranky...

Thank you- yes that makes sense. Pulling the trigger, but I also think what Scott had to say is fundamental. Renewals are key...

 

[Todd King]

50K a year in lead gen cost is kind of normal in this biz. Think about that before you get persuaded to go indy! Those leads don't generate themselves without marketing dollars.

This is correct, leads are not free. Even when you're getting them for "free", they aren't free. If you get your leads for free or a reduced price, then more than likely you are taking a huge hit when it comes to commissions. Of course, that also means you are taking a hit on renewals. Those "free" leads just keep on costing you!