UPNorthAgent
New Member
- 3
Hi all,
I've been cruising this forum for a bit and finally got my Health/Life License a couple of weeks ago! I've decided to work in the Medicare/Final Expense market. I've drawn up a small activity plan and I think this will be may post to track results and keep myself accountable.
I've decided to go completely independent from day 1 and have started the contracting process with the following companies and their commission rates:
MoO (Now Omaha Insurance Company in MI): 24%
Forethought (Only for FE, MeddSup is not competitive): 25%
ACI: 27%
Gerber: 24%
Medico (Only for Dental/Vision): 35%
CSI: 30%
Everyone is A- rated or better, except Medico... But I don't plan to place anything except Dental and Vision.
After reviewing the forum, I've targeted my market to 67-78 years old with incomes from 20k+. This way they feel the pain of a premium increase, but can afford a Medicare supplement. I have no interest in Medicare Advantage, due to CSM. It's more of a hassle than it's worth. Same for Part D.
My marketing plan is to purely cold call at the moment. I want to stick to about 4 hours or 200 dials a day, typically 10am-12pm and 1-3 pm.
Although it won't be exact, I'm guessing once my pipeline builds, I should be seeing 4-8 leads per day, 20-40 leads per week and 3-6 sales per week, on average.
As for compensation, I'm going as earned. I don't really like the idea of having chargebacks and it'll be nifty to have monthly income built up.
Based on my analysis, 3 policies per week at $25 dollars per policy and 1 $20 dollar life policy, I figured the following income projections at 80% consistency:
Year I Year II Year III
First Year 29,640 29,640 29,640
Renewal 43,776 43,776
Second Year Renewal 35,020
Total 29,640 73,416 108,436
Annual Expenses:
Phone and Internet: 1128
Dialer and leads: 2508
Car: 2112
E&O: 470
CE: 61.00
E-mail: 60
Misc Supplies 2000
Total 8339
Income: Year 1: 21,301 Year 2: 65,077 Year 3: 100,097
I will be doing f2f, as I can do final expense or Vision/Dental easier. I also plan to do annual reviews to ensure that my clients are getting the best value for their premium dollar.
I guess that's my overall plan for the next three years, so I plan to start once I see MoO or ACI approved for writing (as they seem to be the most competitive.)
Stay tuned?
I've been cruising this forum for a bit and finally got my Health/Life License a couple of weeks ago! I've decided to work in the Medicare/Final Expense market. I've drawn up a small activity plan and I think this will be may post to track results and keep myself accountable.
I've decided to go completely independent from day 1 and have started the contracting process with the following companies and their commission rates:
MoO (Now Omaha Insurance Company in MI): 24%
Forethought (Only for FE, MeddSup is not competitive): 25%
ACI: 27%
Gerber: 24%
Medico (Only for Dental/Vision): 35%
CSI: 30%
Everyone is A- rated or better, except Medico... But I don't plan to place anything except Dental and Vision.
After reviewing the forum, I've targeted my market to 67-78 years old with incomes from 20k+. This way they feel the pain of a premium increase, but can afford a Medicare supplement. I have no interest in Medicare Advantage, due to CSM. It's more of a hassle than it's worth. Same for Part D.
My marketing plan is to purely cold call at the moment. I want to stick to about 4 hours or 200 dials a day, typically 10am-12pm and 1-3 pm.
Although it won't be exact, I'm guessing once my pipeline builds, I should be seeing 4-8 leads per day, 20-40 leads per week and 3-6 sales per week, on average.
As for compensation, I'm going as earned. I don't really like the idea of having chargebacks and it'll be nifty to have monthly income built up.
Based on my analysis, 3 policies per week at $25 dollars per policy and 1 $20 dollar life policy, I figured the following income projections at 80% consistency:
Year I Year II Year III
First Year 29,640 29,640 29,640
Renewal 43,776 43,776
Second Year Renewal 35,020
Total 29,640 73,416 108,436
Annual Expenses:
Phone and Internet: 1128
Dialer and leads: 2508
Car: 2112
E&O: 470
CE: 61.00
E-mail: 60
Misc Supplies 2000
Total 8339
Income: Year 1: 21,301 Year 2: 65,077 Year 3: 100,097
I will be doing f2f, as I can do final expense or Vision/Dental easier. I also plan to do annual reviews to ensure that my clients are getting the best value for their premium dollar.
I guess that's my overall plan for the next three years, so I plan to start once I see MoO or ACI approved for writing (as they seem to be the most competitive.)
Stay tuned?
