Experienced Agent Thinking About the Med Supp Market

[aacards8]

Hi all,

I'm a 20year agent who's looking into possibly getting into the med supp market. I currently write life and p and c and have dabbled in final expense. Is this a market worth getting into?

Any input from you med supp experts would be appreciated. I'm kind of looking to make my life a little easier and streamline my business a little more. I have a p and c book but am thinking about just focusing on one line of ins from here on out in my career.

Thx

 

[captain94]

I use medsupp sales to boost my F.E. sales. The renewals are nice on medsupps but you cant beat the upfront on the
F.E. market.

 

[STIBROKER]

I'm a 20year agent who's looking into possibly getting into the med supp market.

DANG...another victim of the health care reform....Frank
will be by shortly.......

 

[maniacagent]

Hi all,

I'm a 20year agent who's looking into possibly getting into the med supp market. I currently write life and p and c and have dabbled in final expense. Is this a market worth getting into?

Any input from you med supp experts would be appreciated. I'm kind of looking to make my life a little easier and streamline my business a little more. I have a p and c book but am thinking about just focusing on one line of ins from here on out in my career.

Thx

I just did this; there IS A LEARNING curve.

 

[Superchief]

Med supp is easiest product in Senior Market. Won't get rich selling a policy, but the renewal income makes it attractive.

As he mentioned above it makes a good prospecting tool for Final Expense or really any other Senior product.

Don't get caught up trying to be a Medicare aficionado; just learn the basics of Parts A, B & D and get a good handle on the conversion rules.

 

[Todd King]

I personally think it's a wonderful market to be in. I've been in the senior market most of my insurance career.

One thing I'm glad to see you imply right off the bat is that you don't seem to want to do just one thing. What I mean by that, is that I agree with the Captain there that you cross-sell.

I have so many agents that do FE, but won't do med supps. I truely believe it's because they don't understand the power of the renewals with med supps. There is no product in the industry that will build you a better renewal base than med supps. Combine that with selling FE and you're good to go.
They go together like "peas and carrots"!

 

[Hopwood04]

I use Med supps as a door opener. Once in the house I cross sell to annuities and Life insurance. Works great! I encourage you to move forward.

 

[Superchief]

They go together like "peas and carrots"!

More like steak fingers and gravy.

 

[jayrayl]

Is this a market worth getting into?

In one word... Yes.

It is a market that can feel very slow starting out in. But once you start building up a block of business you will see just how incredible medicare business is when it comes to renewals. Even a very mediocre medicare agent, who sells a policy or two a week can easily add 100K to their annual income within a few years. If you work the market right, (know your stuff and treat your clients right) it can be a referral gold mine to make finding new clients much easier. Medicare will also get you in the door pretty easily, give you a chance to build a relationship with your clients and then you can cross sell to other areas as well.

What state/area are you in? Let me know and I will give you some carrier recommendations for your location.

 

[onthedot]

As a "youngster" myself, I've been thinking about getting into the senior market, but don't want to be a captive agent. Can anyone suggest an easy way to add several (or more) providers to my portfolio of products? I do L&H voluntary right now. Thanks!