Health Insurance Entry Level

[w.neil93]

Hello,

I am a recent college grad and am really new to insurance, I took some insurance classes in college, graduated in may and got my licenses over the summer, right now I work at Allstate. I know a little about commission rates and structures but I really want to know more about health insurance commission rates and medicare.

I think I want to focus more toward the life/health side.

I do not want to sell to my friends and family, this is something that I am not comfortable with & I don't think the small, independent Allstate and SF agencies are a good fit for myself, I only have 1 other co-worker and my manager and almost feel trapped.

Are the larger, downtown offices a better place to start?

What about financial products?

I live near Chicago

If anyone can give me some tips and ideas that would be fantastic.

 

[Alston]

You may not want to invest much time or money in individual health insurance. It may not have much of a future. I suggest that you wait until the legislative dust settles before deciding whether or not to move forward.

For 2016 in Connecticut we got $16 PMPM (per member per month) in commissions.

Individual health insurance is now a loss leader at best in my state and in several other states. We get $0 in commissions for 2017. I wouldn't bother with it at all if I didn't already have so many clients with health insurance.

I service them but only make money when they buy other products from me.

Group health insurance may still be viable for the short-term. I don't know the commission structure for group.

Medicare supplement generates around $250 per person per year if you include the commission for the prescription drug plan. Medicare Advantage policies pay double that in the first year if you sell them their first MA policy. Renewals are half the FYC (first year commission).

Individual health, group health, Medicare supplement, Medicare advantage and property and casualty products tend to pay substantial renewal commissions. For most products, your renewals will be between 50% to 100% of the FYC .

Life and other products will tend to pay an FYC that is a higher percentage of the annual premium (sometimes over 100%) and then a much smaller percentage at renewal time.

 

[goillini52]

Hello,

I am a recent college grad and am really new to insurance, I took some insurance classes in college, graduated in may and got my licenses over the summer, right now I work at Allstate. I know a little about commission rates and structures but I really want to know more about health insurance commission rates and medicare.

I think I want to focus more toward the life/health side.

I do not want to sell to my friends and family, this is something that I am not comfortable with & I don't think the small, independent Allstate and SF agencies are a good fit for myself, I only have 1 other co-worker and my manager and almost feel trapped.

Are the larger, downtown offices a better place to start?

What about financial products?

I live near Chicago

If anyone can give me some tips and ideas that would be fantastic.

Welcome to the Forum!

You're a college graduate...I take it grammar wasn't your best subject. For example: May and Medicare should have the 1st letter capitalized. I never went to college, and I knew that.....Just messin' with you.

Alston's right about not wasting your time on health insurance, but he's low on what he said the commissions are on Medicare Supplements and Medicare Part D(unless the commissions are low in CT). It should be closer to $400 per year for both...more if they're older, as the premiums for Medicare Supplements are base on age in most states.

Good luck!

 

[HoosierLife]

WentToCollegeFor4yearstoSellInsursncehmmmm

 

[goillini52]

My school has an insurance and financial services program, top 10 in the nation.

Yeah, but what about their football and basketball teams? That's what's important.

If they're in the Chicago area...can't be very good.

 

[w.neil93]

Yeah, but what about their football and basketball teams? That's what's important.

If they're in the Chicago area...can't be very good.

Haha ill give you that, Cubs did just win the world series though

 

[goillini52]

Haha ill give you that, Cubs did just win the world series though

That's all we've got going. It's been slim pickins for too long.

 

[somarco]

WentToCollegeFor4yearstoSellInsursncehmmmm

So did I.

Took a different trek from grammar boy. Worked for carriers for almost 20 year before branching out on my own. Back then carriers wouldn't hire for the positions I had unless you had a degree.

In my case it wasn't just any degree. BSBA with insurance as my major. Very few schools offered insurance courses and only a handful offered them as a major.

 

[goillini52]

So did I.

Took a different trek from grammar boy. Worked for carriers for almost 20 year before branching out on my own. Back then carriers wouldn't hire for the positions I had unless you had a degree.

In my case it wasn't just any degree. BSBA with insurance as my major. Very few schools offered insurance courses and only a handful offered them as a major.

Grammar boy...

 

[Alston]

Alston's right about not wasting your time on health insurance, but he's low on what he said the commissions are on Medicare Supplements and Medicare Part D(unless the commissions are low in CT). It should be closer to $400 per year for both...more if they're older, as the premiums for Medicare Supplements are base on age in most states.

Good luck!

Apparently things are different in my state. Medicare Supplements aren't age rated here either.