Developing My Insurance Career Plan

[Travis Price]

Thank you for your perspective, Somarco. That's a huge part of my apprehension w/ going into MedSupps. While I have a lot of flexibility in my FT job, I want to make sure my insurance clients are well served.

If I go to MedSupps, I think that my growth will be slower than with FE. However, if I can average 2 policies a week, at 150 in premium average, by year 3 I can be around 100k after lead costs. I can live with that.

 

[somarco]

I don't write FE but have written life insurance in the past.

FE sales are not Medigap and Medigap is not FE.

FE is SOLD.

Medigap is bought.

There are plenty of pie in the sky recruiters out there telling you that you can earn $100k in a relatively short time.

Medigap CAN BE one call close but not the way I do it.

FE is almost always one call and F2F.

IMO Medigap would be easier to build S L O W L Y on a PT basis over a few (or a lot of) years.

Maybe pose your question on the FE forum. FE is a hard way to go, requires a lot of hours and a willingness to "force" a decision TODAY. The attrition rate for FT FE sales is quite high. I would think it would be more difficult PT.

Also Medigap business usually sticks. The FE guys can provide something accurate but it is my perception that a lot of that drops off the books in short order.

Medigap is get rich slowly and build a residual income. One can build a 6 figure residual income in 3 to 5 years. Some may take a little longer, few will do it sooner than 3 years working FT.

Pretty sure FE offers considerably less residual and is more quick cash as long as you produce and CONTINUE to produce.

I am not trying to discourage you, but rather trying to present a realistic view of the markets you want to pursue.

 

[Travis Price]

Somarco,

Again, thank you for your experience. I think we're saying the same thing. I'm saying around 100k after three years writing 2 policies a week consistently. I don't consider that a short time period and didn't reach out to any recruiters, except to gather contract information. I'm primarily considering product markets that are best served by my schedule, then I'll start researching the right FMO/IMO for what I want to do. This is a marathon for me, not a sprint.

Personally, I ran numbers base on conservative estimates.

15 leads per week.
20% lead to app conversion.

3 apps per week (I'm basing my premise on 2 apps a week)

Average Medigap premium 150
Persistency 89% annually
Average comm 20% (MI has a higher comm schedule because we only get on average 3 years full comm for MedSupp, again being conservative)

500 weekly in lead costs.

My initial calculations was a little bit higher, but I went a bit more conservative when I've written these numbers out. After leads, my 3rd year comp would be estimated at 71k. Again, something I can live with.

I'm totally acknowledging slow growth instead of trying to set the world on fire. My biggest concern is based on my availability, am I reasonably available for service work.

Again, I think we're saying the same thing, so I don't want it to seem like I'm clapping back. I definitely appreciate you taking time to answer questions that I have and providing additional information that I may not have considered.

I don't write FE but have written life insurance in the past.

FE sales are not Medigap and Medigap is not FE.

FE is SOLD.

Medigap is bought.

There are plenty of pie in the sky recruiters out there telling you that you can earn $100k in a relatively short time.

Medigap CAN BE one call close but not the way I do it.

FE is almost always one call and F2F.

IMO Medigap would be easier to build S L O W L Y on a PT basis over a few (or a lot of) years.

Maybe pose your question on the FE forum. FE is a hard way to go, requires a lot of hours and a willingness to "force" a decision TODAY. The attrition rate for FT FE sales is quite high. I would think it would be more difficult PT.

Also Medigap business usually sticks. The FE guys can provide something accurate but it is my perception that a lot of that drops off the books in short order.

Medigap is get rich slowly and build a residual income. One can build a 6 figure residual income in 3 to 5 years. Some may take a little longer, few will do it sooner than 3 years working FT.

Pretty sure FE offers considerably less residual and is more quick cash as long as you produce and CONTINUE to produce.

I am not trying to discourage you, but rather trying to present a realistic view of the markets you want to pursue.

 

[sshafran]

(you left out MSA)

No, I did not. MSAs are MA-Only plans.

For some reason, this did not show up on the forum. Must be something wrong with the servers?

see below...

@LostDollar, "Scott, you are correct. I'm mistaken. I apologize for calling you out on the forum - the MSA is a type of MA-Only, which you clearly identified above."

@sshafran, "It's OK, LD - we all make mistakes sometimes. No problem."

Weird that this didn't show up....

 

[somarco]

For some reason, this did not show up on the forum. Must be something wrong with the servers?

see below...

@LostDollar, "Scott, you are correct. I'm mistaken. I apologize for calling you out on the forum - the MSA is a type of MA-Only, which you clearly identified above."

@sshafran, "It's OK, LD - we all make mistakes sometimes. No problem."

Weird that this didn't show up....

Only Bronstein can see it