I agree 100%. I wish I had started Medicare part time when I was in banking, I'd be retired now. Instead I did FE on the side off and on for several years and never really got anywhere because of chargebacks. Hard to chase premiums part time. Honestly I don't see how anyone can tolerate the grind necessary to be successful in FE. Obviously there are those that are but it's not for me. Even now I only right life when someone ask me.
How do you do it?
- Thread starter Woods26
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I agree 100%. I wish I had started Medicare part time when I was in banking, I'd be retired now. Instead I did FE on the side off and on for several years and never really got anywhere because of chargebacks. Hard to chase premiums part time. Honestly I don't see how anyone can tolerate the grind necessary to be successful in FE. Obviously there are those that are but it's not for me. Even now I only right life when someone ask me.
Oh... I'm sure I've left a lot of life on the table... lolWhat about left life
I started my career in the life insurance business. That's all I wrote. Went independent in 1998 and wrote life, but I also got my securities license at that time and started doing investments as well. As things progressed, working with more and more self-employed people, I added health insurance to the mix. Eventually, I started having clients turn 65 and asking about Medicare. I dipped my toe in that market in around 2005. By 2006, I decided I wanted to work the Medicare market a little more for the steady income stream. My FMO at the time had some pretty solid internet leads. I was literally closing about 40% of them with Med Supps. At some point, they changed their source and it got to about 10% closing ratio. I eventually gave up on those leads and never purchased another lead after that.
Eventually, my Medicare book of business grew to the point that it was the largest source of my income and I really no longer pursued life insurance. I still write it from time to time, but like you, someone has to ask me for it. I usually write a handful of cases per year netting me maybe $5k to $10k in extra income.
Oh, ACA killed my indy health business. I jumped out of that market when I saw the writing on the wall. Those who stuck it out are doing well now, but I wasn't willing to work for $10 per month per enrollment. Especially when the plans were trash in the beginning (not sure they are much better now). I still have a handful of small groups, but they are mostly on self-funded plans which are less expensive and actually pay a better commission.
We have to be able to evolve when something disrupts our business model. I'm just grateful it has worked out for me.
I had the same viewpoint, which is why I bailed on the U65 market and never looked back.
They still are trash unless you qualify for a big subsidy and the coinsurance buy down (or whatever it is called) . . . but that's not my market.
- 26,597
Your Right.What about left life
I dipped my toe in the ACA 2 years ago and found it not worth the hassle. I targeted 59-63 years olds with the idea that I'd build a book of ACA that would become my T65's. But I quickly realized that I was wasting time chasing a $10pmpm commission at the expense of a $600 commission and $300 renewal.
I have my 6 and 63 and have experience selling mutual funds and annuities from my days as a banker. I just don't persue the business. I refer it to FA's who refer their clients to me.
Until the growth of my Medicare book stagnants I feel there isnt anything worth pursuing more than my next renewal.
