Entering Med Supps

[Guest]

My agents will disagree with you.

They sold 108 policies in November and over 80 apps in the last two weeks, and with weekly pay, advances and over 90% issue rate, they are making money and we only just started!

Maybe many of you need a refresher, watch the vid!

BUT IN THE REAL WORLD IT WILL TAKE A FEW YEARS TO REALLY START MAKING ANY MONEY.

 

[Jim Jenkins]

Originally Posted by VaDwayne

I had placed this in the offers section, but wanted to make sure everyone had the opportunity to participate, and most of us don't spend a lot of time in the "offers" section.​

Looks like VaDwayne forgot to mention this in this discussion.
He's offering Medicare training for those unaware.

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[Frank Stastny]

Rob,

Not all agents sell Med Supps full-time like your agents are doing. Many agents like Russ and I do but not all.

Let's assume that an agent isn't selling Med Supps full-time. That he or she is spending a lot of time talking about and selling other products or earning a salary to promote other products and only makes around $40,000 in first year commissions based on twelve months of production. Using a national average for annual commission of $300 per application that is only 2.6 applications per week.

If the agent "sells it right" and provides service he/she should carry at least 95% of that business into the second year in renewals. (In the vast majority of states, first year commissions are paid for the first six years.)

In year two the agent should be starting with a Med Supp renewal base of around $38,000 not counting renewals, commissions or salaries from other products assuming the agent is not selling Med Supps full time. It should be apparent to anyone that after two or three years an agent can be making a very handsome supplemental income just from their Med Supp sales.

Rob, I think you have misstated the "issue rate" percentage. I don't remember the last time a company didn't issue an app I sent in. You may have meant returned by the prospect so it could be sent in to be issued since they are selling over the phone.

If you have to send the app to the prospect for a signature, as opposed to doing it electronically, try using a Priority envelope to send it and a self addressed, stamped Priority envelope for them to use to return it. Your return rate will be higher.

 

[VaDwayne]

My agents will disagree with you.

They sold 108 policies in November and over 80 apps in the last two weeks, and with weekly pay, advances and over 90% issue rate, they are making money and we only just started!

Maybe many of you need a refresher, watch the vid!


I made a good living this year too and I'm really loking forward to the renewals in 2010. I am glad to hear you are doing well because I really like you and your post. I am referring to someone sitting on the phone and cold-calling for med. supps. all day. By the way, how many agents do you have? Does your 108 number, or the 80 number, include MA Plans? I am talking about Medicare supplements ONLY? If you include MA's, then I sold 33 last month by myself, of course not over the phone, the problem is that the MA's boom will be going away very soon. Are your agents cold calling from a list, or using leads? Just curious.

 

[Guest]

One sale per day!?!? That is part time!!!

I have an agent in NY, works Tues, Wed and Thurs from 5 to 9-ish selling med supps, after his full time P & C job/work is done.

In three weeks he has 8 sales. Part time!!!

There is a big difference between what people expect, what they are willing to work for, and what can be achieved.

Success is not a guessing game, it's not chance, it's not luck.


PS:The issue rate is not 100% because we are encountering clients who want to complete and send in their own apps, so we let them, and some get declined.

Remember, we are not selling face to face and are still brand new so we will be constantly improving, growing, revising, tweaking etc.

Thanks Frank, as always, great stuff!

Rob,

Not all agents sell Med Supps full-time like your agents are doing. Many agents like Russ and I do but not all.

Let's assume that an agent isn't selling Med Supps full-time. That he or she is spending a lot of time talking about and selling other products or earning a salary to promote other products and only makes around $40,000 in first year commissions based on twelve months of production. Using a national average for annual commission of $300 per application that is only 2.6 applications per week.

If the agent "sells it right" and provides service he/she should carry at least 95% of that business into the second year in renewals. (In the vast majority of states, first year commissions are paid for the first six years.)

In year two the agent should be starting with a Med Supp renewal base of around $38,000 not counting renewals, commissions or salaries from other products assuming the agent is not selling Med Supps full time. It should be apparent to anyone that after two or three years an agent can be making a very handsome supplemental income just from their Med Supp sales.

Rob, I think you have misstated the "issue rate" percentage. I don't remember the last time a company didn't issue an app I sent in. You may have meant returned by the prospect so it could be sent in to be issued since they are selling over the phone.

If you have to send the app to the prospect for a signature, as opposed to doing it electronically, try using a Priority envelope to send it and a self addressed, stamped Priority envelope for them to use to return it. Your return rate will be higher.

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We do not sell MA's, strictly medicare supplements, four agents.

I'll tell you this, we have been and continue to be successful with every resource we have tested.

My agents will disagree with you.

They sold 108 policies in November and over 80 apps in the last two weeks, and with weekly pay, advances and over 90% issue rate, they are making money and we only just started!

Maybe many of you need a refresher, watch the vid!


I made a good living this year too and I'm really loking forward to the renewals in 2010. I am referring to someone sitting on the phone and cold-calling for med. supps. all day. By the way, how many agents do you have? Does your 108 number, or the 80 number, include MA Plans? I am talking about Medicare supplements ONLY? If you include MA's, then I sold 33 last month by myself, the problem is that the MA's boom will be going away very soon. Are your agents cold calling from a list, or using leads? Just curious.

 

[VaDwayne]

Originally Posted by VaDwayne

I had placed this in the offers section, but wanted to make sure everyone had the opportunity to participate, and most of us don't spend a lot of time in the "offers" section.​

Looks like VaDwayne forgot to mention this in this discussion.
He's offering Medicare training for those unaware.

Thank you for the introduction. I actually forgot. You are the man.

Yes, that would be correct. If you make a $25 donation to your favorite charity that helps poor families and children, I will help you better understand Medicare, how to present it, and how to talk to people about it. You don't have to sign with me, you can be working for another GA, THERE IS NO OBLIGATION AT ALL. I will help you not make the same mistakes that I have made and I will spend as much time as you need, to help you. call me at 540-241-1702.

Better yet, help out your charity, then call Frank, or Rick, or Rob, or better yet, Jim, or whomever can help you best.

The nations charities need our help this year so please give them a hand.
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One sale per day!?!? That is part time!!!

I have an agent in NY, works Tues, Wed and Thurs from 5 to 9-ish selling med supps, after his full time P & C job/work is done.

In three weeks he has 8 sales. Part time!!!

There is a big difference between what people expect, what they are willing to work for, and what can be achieved.

Success is not a guessing game, it's not chance, it's not luck.


PS:The issue rate is not 100% because we are encountering clients who want to complete and send in their own apps, so we let them, and some get declined.

Remember, we are not selling face to face and are still brand new so we will be constantly improving, growing, revising, tweaking etc.

Thanks Frank, as always, great stuff!



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*****************************************

We do not sell MA's, strictly medicare supplements, four agents.

I'll tell you this, we have been and continue to be successful with every resource we have tested.


Cool, I am glad that things are going well for you and your guys. The reason I asked about cold-calling or leads, is because this year I am going to do other things other than just cold-calling from a list, which is the only thing I did. I am going to try a telemarketer, and a new mail drop that I am going to give a shot. Do you have any other advice?

The reason I sold MA's this AEP is because I am putting every dollar made on them back into my business in 2010. I think that is going to be about $13000.00, and I am going to reinvest all of my renewals into some sort of marketing campaign. I simply want to use it in the best manner possible and am not 100% certain which direction that is.
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My agents will disagree with you.

They sold 108 policies in November and over 80 apps in the last two weeks, and with weekly pay, advances and over 90% issue rate, they are making money and we only just started!

Maybe many of you need a refresher, watch the vid!

YouTube - The Little Steam engine that could

Is this one of the training videos that you charge for?

 

[Guest]

Great idea, invest back in!! That's what I'm doing, even though at this rate I'll be profitable in much less than a year, don't care, I'm funneling cash in, I want this to be huge!!!

If you consider that only about 30% of seniors are on the internet, that leaves a ton to approach in other ways right? So explore the other options as you've stated. I don't think you'll fail. Not with 6 years of level comp!

Do you have any other advice?

The reason I sold MA's this AEP is because I am putting every dollar made on them back into my business in 2010. I think that is going to be about $13000.00, and I am going to reinvest all of my renewals into some sort of marketing campaign. I simply want to use it in the best manner possible and am not 100% certain which direction that is.

 

[sman]

PS:The issue rate is not 100% because we are encountering clients who want to complete and send in their own apps, so we let them, and some get declined.

Hey Rob. Not sure which carrier you are using, but some (like all Mutual of Omaha carriers) do not allow you to mail out blank applications. Just a heads up in case you are doing this with carriers that don't allow it.

 

[Jim Jenkins]

Vadwyane

Yes, that would be correct. If you make a $25 donation to your favorite charity that helps poor families and children, I will help you better understand Medicare, how to present it, and how to talk to people about it. I will spend as much time as you need, to help you. call me at 540-241-1702.




There is nothing more frighting than ignorance in action

 

[carroll]

Dude... chill. I congrat'd the guy and then bragged on my recent accomplishments.

All in good fun.

Thanks Gordon....It didn't bother me...remember, i'm in the construction business...my skin has gotten a bit thick over the years!
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I wasn't aware you could sell MS over the phone, mail and app and the client sends it in? Sounds too good to be true! I would be all ears if someone would tell me how to do that!