How do you do it?

[Woods26]

FE takes less time to learn, bigger commission upfront, less on the back end. It's a real salesman's product.
125% FYC 5-8% renewal
A $50/mo premium is not uncommon, feel free to do the math

Medicare takes longer to learn, earn less upfront, but more on the back end.
Medsupp earn typically 24% for years 1-6
MAPD $600+ FYC, 50% of that in renewals, and a special place in hell if you ask some of the MSOs on this forum

No reason to limit yourself to one product though.

So is selling MAPD as difficult as med support?
What about advice on starting selling FE?

 

[axeman462]

So is selling MAPD as difficult as med support?
What about advice on starting selling FE?

MAPD is no easier or harder than medsupp. The hardest part about Medicare is learning the product. And that simply takes time. There's no way around it.
I personally don't push one product over the other. I get a feel for the client's needs and risk tolerance. That guides me to recommend MAPD or medsupp. As a result my book of business is close to 50/50 MAPD/Medsupp, and I live in a state that has close to 60% MAPD penetration.

Getting started with FE, I recommend talking with @Todd King He offers fair contracts, and a decent online class to jump start you with the products. He is also very knowledgeable in the product and the market itself. He'll be able to point you in the right direction to get you started, and offer some personalized guidance.

 

[renee15]

I'm looking at starting to sell on the side. I'm in the state of Missouri. My main job is in the steel industry and I make about 110k/yr with that job without working extra hours. I work a 4 day on 4 day off schedule. My thought would be to begin part time and over 4-5 years match my income in steel industry then go full time. Does anyone have thoughts about that? Is it realistic or not? I do have experience in sells and business development and running my own business.
In addition to that, I'd like thoughts about going captive or independent with a marketing organization? How would you start? I don't have experience in the insurance industry so I do expect a learning curve but I'm not afraid to dig in learn and ask questions either?
Would you sell by phone or local networking and face to face?
What do you wish you would have known back when you started? Don't shy away from inboxing me either if you have information or ideas or opportunity that you wouldn't put in a thread.

I grossed 125K in 2022 as a FT agent-selling property and casualty and health insurance with about 1K policies. I am now PT. (long story-had to sell my captive biz due to a spouse being ill) All my biz is by referral, so if I don't answer the phone, they leave a msg and I call them back. You really can't cold call anymore. Advertising is expensive and the ROI isn't so great. If you're in a smaller community, you would want to join some organizations so people get familiar with you. Networking was my game. I absolutely think you could start PT.

 

[renee15]

So is selling MAPD as difficult as med support?
What about advice on starting selling FE?

yeah ignore FE. I think it's a racket. People paying huge monthly amounts for 5/10/15K policies. In 22 years, I have never sold FE. Life insurance-yes.

 

[Todd King]

yeah ignore FE. I think it's a racket. People paying huge monthly amounts for 5/10/15K policies. In 22 years, I have never sold FE. Life insurance-yes.

Of course you would sell a regular WL if you can, but many companies don't write the lower face amounts, there's where FE comes into play. FE has its place just as much as Term, WL, or ULs.

 

[kstein]

I'm looking at starting to sell on the side. I'm in the state of Missouri. My main job is in the steel industry and I make about 110k/yr with that job without working extra hours. I work a 4 day on 4 day off schedule. My thought would be to begin part time and over 4-5 years match my income in steel industry then go full time. Does anyone have thoughts about that? Is it realistic or not? I do have experience in sells and business development and running my own business.
In addition to that, I'd like thoughts about going captive or independent with a marketing organization? How would you start? I don't have experience in the insurance industry so I do expect a learning curve but I'm not afraid to dig in learn and ask questions either?
Would you sell by phone or local networking and face to face?
What do you wish you would have known back when you started? Don't shy away from inboxing me either if you have information or ideas or opportunity that you wouldn't put in a thread.

Where in MO? I'm in St Charles co w an agency. 20 yr track record etc.

 

[bill3173]

It sound like you got it pretty good where you're at. Why would you want to leave to work in one of the most hated industries in America?

Sounds like you've never been in a steel mill. It's a hot, nasty, dangerous environment. I worked in the Lead Acid Battery Industry before insurance. It was a hot, nasty, toxic environment. If you were in the plant you were either breathing in lead dust all day, or Acid Gas.

The most dangerous thing about regular insurance sales is falling out of a chair.

 

[kgmom219]

I started out selling with a toddler at home. Its doable. Just tell people. "I'm starting out now part time while still working. I am available and will return calls and emails daily"

And don't sell Med Supp OR MAPD. Sell both.
Start with educating your clients. Let them decide.

I think you have a great idea. Start now while still working, so you don't have to eat Ramen. Not sure when you can retire (I'm assuming union retirement benefits) but figure out what you need. Assume $25 per person/per month. That's a very low estimate but it works and is easy.

Find an FMO that offers great training on Medicare. Sounds like you already know how to sell. Its finding the people to talk to (and again, I am assuming union retiree benefits) and your natural circle won't need your help. You want an FMO that is going to help and pay for you to find people.

 

[newbie2001]

well, anything is possible if you are motivated enough.

I personally would start more with Medicare than FE, but I'm biased, I'm a Medicare guy myself. The renewals are too attractive to ignore.

I personally like doing business f2f, but there are several here on the forum that do everything over the phone. Its really just a matter of preference.

When I first went indy, I had a seasoned agent tell me:

year 1 you're eating ramon noodle
year 2 you're eating the dollar menu
year 3 you eat at Chili's
year 4 you eat anywhere you want.

I found that to be fairly true, and I think most agents here would agree its at least in the ball park, but your miles may vary..

But if you are starting part time, you can probably extend that timeline out to over 7 or 8 years.
I personally wouldn't recommend starting part time, but to each his own I guess..

Currently eating off the dollar menu!

 

[WinoBlues]

Currently eating off the dollar menu!

I think many of us have been there.