Deciding on Being a Genworth LTC Specialist

[caligirl]

Yes, I am going to go for it. You are right....the training is worth it and Genworth has good products and a good reputation so to me that's worth it too.

As far as a 100 more then I have now.... just that. I have what I have through my own contacts and that's a 100 more. Obviously I will have to refine a marketing and business plan, which I already put together earlier this year, on an ongoing basis.

They are responder leads that are mine and no one else's from what I understand.

 

[billberry12]

caligirl,

Good for you. Give it all you have got for at least two years. Don't look back or question anything they tell you. Then, at two years, take a long hard look, and decide if it's Genworth forever, or interdependent time.

By the way, how long do you have to stay captive in order to get renewals for life?

 

[caligirl]

Thanks, I believe it's 3 years and I'm vested. I think with the statistics and trends in our aging population that it's good timing for LTC. I mean the need is probably going to double during the next 20 years and I live in one of the highest cost states for LTC. Plus the partnering with AARP is a great endorsement. People out here love AARP as they should!

 

[billberry12]

Then you must commit to three years. That is a looong time. If you aren't going to succeed, you will know within a year or two. If you leave them, you will give away all the renewals on what you have sold. That's not good. These leads they give you are crap. The odds of you making it are about 10%, but if you are new to the business, what do you have to lose....nothing really. Believe me, I do know what I'm talking about. It's not easy, but it somewhere to start, and you might be a hero one day for Genworth and AARP.

 

[Tahoe Ray]

I will preface this post with I do use Genworth for LTC (but the last couple of months I have seen an influx of TLC business-do you know if you'll have that available to you as well?).

My biggest concern would be their capacity in the LTC market. They just raised rates last month so Trans (who is also raising rates) and MedAmerica (who claims they are not) are quoting much closer in CA. Now, everyone is feeling the pinch in this market segment (exits by Pru and Met in the last couple of years to name a few) but Genworth owns the largest block of business in an area that no one wants to be in....scary.

 

[caligirl]

I am aware of this industry's failure vs success rate.... highest I've ever seen in sales. But let's be honest. 90% of those that fail are not born sales people and should never have been recruited to do sales. This is my 3rd career or rather industry. I have never seen an industry that pushes it's management soo hard to hire any and every warm body that has a heart beat. I would really like to know why that sweat shop of hiring and firing( leaving of free will included) became the norm here in the insurance and financial industry. Any good theories?
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I haven't seen anything on TLC as of yet. I'm fairly new to insurance... what does the TLC acronym stand for?

It is true that the LTC providers seem to be dropping by the wayside. I suppose it's all about ROI and whether it's a primary product. I guess Genworth sees the return only because they do have the Lion's share of the market, right? The market will probably evolve quite a bit over the next 20 years of baby boomers.

 

[CALTCAgent]

I have never seen an industry that pushes it's management soo hard to hire any and every warm body that has a heart beat. I would really like to know why that sweat shop of hiring and firing( leaving of free will included) became the norm here in the insurance and financial industry. Any good theories?
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[/quote]

Its profitable for the insurance companies.

New agents leave renewals for the company, produce leads for exerienced agents, don't have to pay any benefits, less liability because of independent contractor status, etc.

Just some theories, I could go on.

 

[Tahoe Ray]

I have never seen an industry that pushes it's management soo hard to hire any and every warm body that has a heart beat. I would really like to know why that sweat shop of hiring and firing( leaving of free will included) became the norm here in the insurance and financial industry. Any good theories?
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[/quote]

Its profitable for the insurance companies.

New agents leave renewals for the company, produce leads for exerienced agents, don't have to pay any benefits, less liability because of independent contractor status, etc.

Just some theories, I could go on.

Yes, yes, yes and yes. This methodology is prevalent not only in insurance but in the Financial Advisor world. A rep builds a small book over a couple of years, gets fired and the office takes over his/her practice. I have seen it happen time and time again.

 

[Min]

If your interest is how much money you can make, no comment but if you want to do what is best for a clients, I suggest you start with Vital Signs Analysis of the companies that interest you - Genworth's comdex is 76 - I will not use a company with a comdex lower than 93 and Genworth's invested assets total EOY 2011 was less than 39 billion and I will not use a company with less than 65 billion - also, check rate increase history, exclusion and limitations in the contract, etc if doing what is best is your objective

Min

 

[Mr_Ed]

If your interest is how much money you can make, no comment but if you want to do what is best for a clients, I suggest you start with Vital Signs Analysis of the companies that interest you - Genworth's comdex is 76 - I will not use a company with a comdex lower than 93 and Genworth's invested assets total EOY 2011 was less than 39 billion and I will not use a company with less than 65 billion - also, check rate increase history, exclusion and limitations in the contract, etc if doing what is best is your objective

Min

I want to throw up.
what a bunch of drivel.