Frank Stastny Was Right

[Rearden]

I've been selling FE exclusively for the past 8 months now and have begun simply requesting who each of my FE prospects have their MedSupp with.

I have sold 4 MedSupps with a husband/wife policy in the pipeline over the past 8 days.

What's great too is that this was after I sold them FE. First lady bought a $41 monthly premium policy, the other bought a $55 monthly premium policy, and 2 would have been burned leads had I not asked about their Medicare Supplement. Plus the husband/wife was a $55 each monthly policy as well.

What amazes and disturbs me is how much money and how much value I left on the table with the people I've seen over the last 8 months. Probably thousands upon thousands of dollars for me, and wasted premium dollars on over-expensive policies for those prospects.

Although I'm not cold calling for MedSupps (but am convinced it could do well, too), I am certainly convinced that not only can I squeeze more value out of my calls by offering MedSupps on each appointment, but if I was leading with MedSupps, I could pick up a good bit of FE business, as well.

Thanks Frank,
Dave

 

[rapidrobert]

You are no doubt correct Reardon, but many FE clients can't afford med supps. Probably 80% of my clients were on MA and couldn't have afforded a med supp. Many of them were 50 somethings on disability in fact. A relatively few who were on medicare weren't dirt poor. I guess it depends on the standard of living (i.e. demographics) that your IMO is mailing for you.

 

[rousemark]

I've been selling FE exclusively for the past 8 months now and have begun simply requesting who each of my FE prospects have their MedSupp with.

I have sold 4 MedSupps with a husband/wife policy in the pipeline over the past 8 days.

What's great too is that this was after I sold them FE. First lady bought a $41 monthly premium policy, the other bought a $55 monthly premium policy, and 2 would have been burned leads had I not asked about their Medicare Supplement. Plus the husband/wife was a $55 each monthly policy as well.

What amazes and disturbs me is how much money and how much value I left on the table with the people I've seen over the last 8 months. Probably thousands upon thousands of dollars for me, and wasted premium dollars on over-expensive policies for those prospects.

Although I'm not cold calling for MedSupps (but am convinced it could do well, too), I am certainly convinced that not only can I squeeze more value out of my calls by offering MedSupps on each appointment, but if I was leading with MedSupps, I could pick up a good bit of FE business, as well.

Thanks Frank,
Dave

What med supp plan are you writing for only $41 and $55 per month and what carrier?

 

[RonRoberts]

You are no doubt correct Reardon, but many FE clients can't afford med supps. Probably 80% of my clients were on MA and couldn't have afforded a med supp. Many of them were 50 somethings on disability in fact. A relatively few who were on medicare weren't dirt poor. I guess it depends on the standard of living (i.e. demographics) that your IMO is mailing for you.

What IMO are you with that is mailing for you?

 

[rapidrobert]

Well EFES was doing all my mailings and they mail people with incomes from $0 to $50k. They also made a mistake and mailed to 6 ghetto zipcodes that I had specifically asked them not to mail. They DID give me %50 off on those leads.

The net result was for a couple of months I had to sell policies in a complete ghetto area and guess which ones all chargedback about Christmas time?

The rural areas were better, but there were still a ton of people who could in NO way afford a Med Supp.

 

[xrac]

Well EFES was doing all my mailings and they mail people with incomes from $0 to $50k. They also made a mistake and mailed to 6 ghetto zipcodes that I had specifically asked them not to mail. They DID give me %50 off on those leads.

The net result was for a couple of months I had to sell policies in a complete ghetto area and guess which ones all chargedback about Christmas time?

The rural areas were better, but there were still a ton of people who could in NO way afford a Med Supp.

Those people are usually on Medicaid.

 

[Rearden]

Rouse -- the policies quoted were FE policies. MedSupps were cross-sold to them.

What I've found on mailings -- with both EFES and Securus -- is that you get a cross-section of demographics, even using the $0k to $50k income filter. Like Josh has said before, the income filter is not entirely accurate.

Now at least I have the opportunity to sell something to the leads I would normally burn, which happened 2 out of those 4 policies I sold.


-Dave

 

[WinoBlues]

Rouse -- the policies quoted were FE policies. MedSupps were cross-sold to them.

What I've found on mailings -- with both EFES and Securus -- is that you get a cross-section of demographics, even using the $0k to $50k income filter. Like Josh has said before, the income filter is not entirely accurate.

Now at least I have the opportunity to sell something to the leads I would normally burn, which happened 2 out of those 4 policies I sold. I plan on doing the samething.


-Dave

Sounds smart to me. Makes your homes harder for someone like me to get into.

 

[jdeasy]

I've been selling FE exclusively for the past 8 months now and have begun simply requesting who each of my FE prospects have their MedSupp with.

I have sold 4 MedSupps with a husband/wife policy in the pipeline over the past 8 days.

What's great too is that this was after I sold them FE. First lady bought a $41 monthly premium policy, the other bought a $55 monthly premium policy, and 2 would have been burned leads had I not asked about their Medicare Supplement. Plus the husband/wife was a $55 each monthly policy as well.

What amazes and disturbs me is how much money and how much value I left on the table with the people I've seen over the last 8 months. Probably thousands upon thousands of dollars for me, and wasted premium dollars on over-expensive policies for those prospects.

Although I'm not cold calling for MedSupps (but am convinced it could do well, too), I am certainly convinced that not only can I squeeze more value out of my calls by offering MedSupps on each appointment, but if I was leading with MedSupps, I could pick up a good bit of FE business, as well.

Thanks Frank,
Dave

I've asked every person I've met with for the last 3 and a half years who they have the med sup with while I was working FE lead mailers. Less than 5% of my FE respondents have a med sup or can buy a med sup.

The ones that are on a med sup I usually am able to replace except for health concerns. I write around 300 FE polices a year. I write 20 to 25 med sups a year.

More than half of my med sups are referrals from my FE clients.

Now, if you did lead with med sups, Frank is right. The FE sale on top of a med sup sale where you saved them money is very easy.

It is a completely different market, though.

 

[WinoBlues]

I've asked every person I've met with for the last 3 and a half years who they have the med sup with while I was working FE lead mailers. Less than 5% of my FE respondents have a med sup or can buy a med sup.

The ones that are on a med sup I usually am able to replace except for health concerns. I write around 300 FE polices a year. I write 20 to 25 med sups a year.

More than half of my med sups are referrals from my FE clients.

Now, if you did lead with med sups, Frank is right. The FE sale on top of a med sup sale where you saved them money is very easy.

It is a completely different market, though.

If an agent can sell Med sup clients Fe, Why can't he sell FE clients Med Sup. Lower income FE list? But since Reardon is mailing up to $50,000 seems smart.