Does anyone Know of a Million Dollar Medicare Producer??

May 19, 2016

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  1. ser93boy
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    I was just curious to know if anyone on this forum knows of any agent that makes 1 million dollars per year in renewals with only 1 assistant and no downline?

    I met another agent 2 years ago who voluntarily told me that he was at the 2,000 app mark and all he had was an assistant and no downline.

    I am not asking anyone to answer this question personally, thats why I ask if anyone knows of another agent.

    I just want to know if it is possible to earn that kind of money in this business.
     
    ser93boy, May 19, 2016
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  2. insuranceconceptscindy
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    There are a few of us that may or may not know one or two agents that could possibly make a living selling medicare supplements.
    Advice that is given by all- it takes time to get there. Do not expect it to happen overnight. Also, processes. You need a really good system.
    But don't take it from me. I just play an agent on the internet.
     
  3. Bevo
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    Yes it's possible to earn that kind of money. As Cindy indicated, the time variable cannot be stressed enough.

    $1M in residuals is $84K per month. At an average $23/month residual payout, that's 3608 clients on the books (med supp numbers only in my example for easy of math BTW) for more than 20 months of the last client counted due to those residuals actually paying out in full (again time factor).

    So to hit this goal within say, 7-8 years if you were doing Med Supps, you would need to write approximately 600 policies per year for 6 years straight with a very healthy retention.

    But that's too big of a number to focus on, so divide that by 12 at 50 policies per month. I would estimate based on my experience that at those numbers you would be in the top 20% of all Med supp producers in the country.

    So, forget focusing on the $1M in renewals, instead focus on writing 50 policies per month and nothing else, and let time do the rest. Better yet a more intelligent approach would be to ask yourself "How do I get 330 reasonably decent prospects/leads to call each month". That factors in a close rate of about 15%.

    So that's the formula. Know your product and the sale of it well, and call 330 people per month who might need it. Then realize around 8.5 out of 10 people will say no or you can't get a hold of them, so go for the "No's" and get them over with each day.

    Put your head down, rinse and repeat for 6 years, look up and you'll be rich.

    Easy.
     
    Bevo, May 19, 2016
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  4. Glen Shelton
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    I nominate Bevo president of the senior insurance forum.
     
  5. ser93boy
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    Thanks Cindy and Bevo.
     
    ser93boy, May 19, 2016
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  6. Bevo
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    Haha! I'm going to have to politely decline that offer.
     
    Bevo, May 19, 2016
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  7. G.Gordon
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    Retention would be key even if you could write 600 x 6. One assistant and keeping all of those happy... NO WAY IN HELL. You have to work as hard to keep em as you did getting them. No way around it. We surpass 99% plus per year retention, we have the staff to provide the service they expect and refer others to.
     
    G.Gordon, May 19, 2016
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  8. TDFnCali
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    I would estimate that ^^^ to be in the top 3%!

    Id be happy with 200/yr....I dont wanna work that hard, plus my goal is only 1000 clients, dont need a mil/yr!
     
    TDFnCali, May 20, 2016
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  9. chasejordan1
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    Top 1%......................
     
  10. Bevo
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    I know a lot of agents writing 600 per year which is why I put 20%. I know the majority are not however so yes my number is likely way too high.

    Nevertheless, I would agree that example is shooting for the moon, but of course the OP asked what it would take to hit $1M in renewals.

    So take all those numbers and divide by 3, and you're earning $300K+ in 7 years and instead of hitting the moon you hit a star. Still awesome. The key is....finding those people to call. Most people will quit shooting for that goal and give up, or won't have the money to get those leads and aren't willing to find a way.

    After that though, it's all a numbers game (provided you know how to sell).
     
    Last edited: May 23, 2016
    Bevo, May 20, 2016
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