How do you Make $...

Aug 6, 2008

  1. John Siegal
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    John Siegal New Member

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    First i want to say thanks for the help and input on this board..i am learning quite a bit.

    I am a fairly new agent...been mostly involved with individual health.

    I've been encouraged to take a look at selling Med.Sups... and Med.Advantage programs...

    But Frankly...i can't see where their is any money to be made in this....

    I spoke with an FMO...and was told the average comm. is between 15-20%...and the avg.policy sells for $150 mth in my state...

    that equats to about $360 bucks...on the high end.

    What am i missing?

    Thanks again!
     
  2. djs
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    djs Super Moderator Moderator

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    What's wrong with $360?

    In this business, it's about a lot of $360 sales, not about 1 or 2. I don't do med supps, but I do a lot of P&C, where the average commission for say a homeowners policy might be $150. Your goal is to write lots of them, and have them renew every year, always paying the commission. If I did P&C for the first year commission, I'd be broke!

    Dan
     
    djs, Aug 6, 2008
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  3. Todd King
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    Todd King IMO/FMO Owner

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    yes, you make more money the 1st year with ind. health, but then the renewals aren't that great. with the med supp business, you make the same renewals next year as you do the 1st year. Also, it seems to be easier to retain seniors than in any other market. Then of course you have the cross-selling of FX, LTC, Drug Plans, and Annuities.
     
  4. xrac
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    xrac Guru

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    It is possible to average selling 3 supplements per week plus once you are experienced you can add annuity, final expense, or LTCI sales. Do the math.
     
    xrac, Aug 6, 2008
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  5. GIRLINBIZ
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    GIRLINBIZ Expert

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    When it comes to medsups it is all about cross selling in the home and referral business. The commission you make on the medsup ain't that bad either.
     
  6. The Rabbi
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    The Rabbi Guru

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    The senior market is a cake walk. There's no selling, no pushing. Educate them and have a good selection of plans. They have to get a sup or a MA.

    I'm adding annuities with a survey mailer and lunch seminars.
     
  7. lookin4abetterwayinpa
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    lookin4abetterwayinpa Expert

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    I can't believe neither rick or sti have not hit this one yet, it's easy. Hold down your shift key and then press the 4 at the top of the keyboard.:)
     
  8. sman
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    sman Guru

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    Tortoise and hare John. Sell only 100 of those a year at $360 per year and after 5 years, you've got nearly $200k in renewals. Not to mention the cross-selling.
     
    sman, Aug 7, 2008
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  9. wildcat
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    wildcat Super Genius

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    John, your next question should be; how do you write 100 supps per year?
     
    wildcat, Aug 7, 2008
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  10. HoosierDaddy
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    HoosierDaddy Guru

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    This is a tough business and you have to be able to hussle and work if you are going to successful... I wish there were easier ways....

    "Sometimes I wish we could just hit them over the head, rob them and throw their bodies in the creek"... Al Swearingen

    Smile tomorrow is Friday!!!!
     
    Last edited: Aug 8, 2008