Just Starting Out and Need Information and Advice

[Frank Stastny]

Full Throttle, excellent advice. Starting out with too many products is going to mean that you are going to know a little bit about all of them but not enough to tout yourself as an "expert" in any one of them.

Med Supps and Final Expense are well suited to do together. Adding LTCi is only something I would add after having mastered the first two. LTCi is pretty much of an animal all by itself.

Of the options available to you I believe you can get started in Med Supps and FE a lot quicker than other lines of insurance you may be considering.

I may be a little biased because I think Med Supps are the easiest to sell and the quickest to learn. FE just falls into place after you have made the Med Supp sale. It is almost a "no brainer", especially if you have saved your prospect money on their Med Supp.

I'm sure others have different opinions.

 

[Full Throttle]

Of the options available to you I believe you can get started in Med Supps and FE a lot quicker than other lines of insurance you may be considering.

I would guess your probably right, at least if you don't have someone to do joint work with starting out. I've never worked the senior market as my focus, so I'll defer to you on that one. One huge advantage to the senior market is the ability to telemarket and earn a good living according to Frank. I would also agree with LTC being a different animal as it's more of an asset based sale which requires a fair amount of additional fact finding to sell it suitably.

I started out in the employee benefit market, but had the advantage of a mentor to do joint work. I bird dogged for appointments, he did all the talking. I soaked in as much as possible between watching during meetings and asking questions on the car ride to and from appointments. It didn't take more than 6 months months to feel fairly competent to operate on my own and about 12 to 18 months to really feel like I "got it".

Now I'm shifting my focus to working with the business owner him or herself on their personal needs, however, it's still my same target market as before. The knowledge I gained learning that side of the business makes much more valueable to the business owners I meet and gives me a fuller arsenal of options to help my clients.

 

[mike6075]

I would guess your probably right, at least if you don't have someone to do joint work with starting out. I've never worked the senior market as my focus, so I'll defer to you on that one. One huge advantage to the senior market is the ability to telemarket and earn a good living according to Frank. I would also agree with LTC being a different animal as it's more of an asset based sale which requires a fair amount of additional fact finding to sell it suitably.

I started out in the employee benefit market, but had the advantage of a mentor to do joint work. I bird dogged for appointments, he did all the talking. I soaked in as much as possible between watching during meetings and asking questions on the car ride to and from appointments. It didn't take more than 6 months months to feel fairly competent to operate on my own and about 12 to 18 months to really feel like I "got it".

Now I'm shifting my focus to working with the business owner him or herself on their personal needs, however, it's still my same target market as before. The knowledge I gained learning that side of the business makes much more valueable to the business owners I meet and gives me a fuller arsenal of options to help my clients.

you mentioned not to rely on individual and small group health. So what can I market to small business owners? What does emloyee benefits consist of?
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MAA is really strong

what is MAA?

 

[Full Throttle]

you mentioned not to rely on individual and small group health. So what can I market to small business owners? What does emloyee benefits consist of?

Health was always my main lead in and revenue generator in this market. Most of my income is still group health commissions. There are certainly other revenue streams in employee benefits: ancillary benefits (STD, LTD, life, dental, vision, ect.) and worksite marketing (generally all employee paid, think AFLAC, Allstate Workplace Division, Colonial).

With worksite marketing, there are essentially two sales: first, to get the owner to allow payroll deductions, second, to sell the employees on why they need what you are offering). The first sale is usually the most difficult.

If I was starting completely from scratch again in today's environment, I wouldn't start out working small group health as my focus. I would likely do one of three things:

1. Pursue the worksite marketing angle as my focus.
2. Pursue the senior market that Frank has mentioned on here for med supps and final expense.
3. Join a captive life company and learn their system for getting in front of people and do as much joint work as possible in the beginning (Mass Mutual would probably be my first choice if the agency is good in your area, but also Guardian, NML, or Met).

Of the three, my preference would be #3 as that's the angle I enjoy working, however, my guess is the success rate is highest on #2. That being said, if you do the activity that needs to be done every day, success is almost 100% guaranteed in either three categories.

 

[tyler9953]

Good thread. I started with a carrer contract with Mutual of Omaha. Not a bad deal; I learned alot and had help that I wouldn't have had by starting cold turky as a general agent and getting contracts with GA's and FMO's. Knowing what I know now, I would have learned by forums and other sources of education. Thing is, I changed my Mutual contract from "carrer" to "broker" and lost about $1200 per month of renewals; this was after just a year and half. That sucked, but it had to be done. I would not be captive, and not a carrer contract either. Here is a great FMO in Austin, TX: Precision Senior Marketing.

These guys are good. I have used a few brokerages and they get 2 thumbs up from me. Just do your homework. Get a website and try and drive traffic to it. You can do well with that. Also, check with "norvax" for your leads. They have a great return policy and have exclusive leads. I have used them and they are good. Made a good bit of money with their leads.

 

[mike6075]

Good thread. I started with a carrer contract with Mutual of Omaha. Not a bad deal; I learned alot and had help that I wouldn't have had by starting cold turky as a general agent and getting contracts with GA's and FMO's. Knowing what I know now, I would have learned by forums and other sources of education. Thing is, I changed my Mutual contract from "carrer" to "broker" and lost about $1200 per month of renewals; this was after just a year and half. That sucked, but it had to be done. I would not be captive, and not a carrer contract either. Here is a great FMO in Austin, TX: Precision Senior Marketing.

These guys are good. I have used a few brokerages and they get 2 thumbs up from me. Just do your homework. Get a website and try and drive traffic to it. You can do well with that. Also, check with "norvax" for your leads. They have a great return policy and have exclusive leads. I have used them and they are good. Made a good bit of money with their leads.

Tyler,

So how did you get business while you were at MOO and how are you getiing it now. $1200 is a lot to give up. What made you think that you were going to get a lot of business leaving MOO?

 

[tyler9953]

Mutual supplied leads (expensive and no returne policy) but it was mainly direct mailing I did myself. I love the senior market, love med supp, LTC and final expense. Know the products inside and out and really enjoy the age group. I am young my self (23). I still get most all my business through direct mail. Mutual will give you free materials for mailings and that is a very very very vaulable reasorce. You can find a mail house that will mail your mailers for cheap. I get a better return rate on personalized letters. Don't get me wrong, they have my real signature, but are printed envelpes and letters, with real stamps in a #10 envelope. This works great. Mutual also as a great deal with UsaData for your mailing list and the address's are very acurate. Yes, $1200 was a lot to give up...I hate it...although I have rewritten many of my med supp clients to other med supps that are a lower premium for same plan. Good for them and good for me. With Mutual, only life, DI, CI, LTC, gets you production bonus and contributes to your production bonus. I just didn't write enough with MOO. I enjoy being able to offer my clients the best product for the best price. This is how I would want to be treated if I were a client so that is how I treat my clients. When you have that mentality, it is hard to be a company man and go into a house with a one trick pony. MOO is a great company and I write a good deal of biz with them, but there are a ton of great companies out there for different products. This is getting long....I would highly suggest being completly independant if possible. It is tough that first year. My 1099's were so emberising I will not mention then here but we made it. My second year of 1099's were 3x that of my first year. Hope this helps you in some way.

 

[mike6075]

Mutual supplied leads (expensive and no returne policy) but it was mainly direct mailing I did myself. I love the senior market, love med supp, LTC and final expense. Know the products inside and out and really enjoy the age group. I am young my self (23). I still get most all my business through direct mail. Mutual will give you free materials for mailings and that is a very very very vaulable reasorce. You can find a mail house that will mail your mailers for cheap. I get a better return rate on personalized letters. Don't get me wrong, they have my real signature, but are printed envelpes and letters, with real stamps in a #10 envelope. This works great. Mutual also as a great deal with UsaData for your mailing list and the address's are very acurate. Yes, $1200 was a lot to give up...I hate it...although I have rewritten many of my med supp clients to other med supps that are a lower premium for same plan. Good for them and good for me. With Mutual, only life, DI, CI, LTC, gets you production bonus and contributes to your production bonus. I just didn't write enough with MOO. I enjoy being able to offer my clients the best product for the best price. This is how I would want to be treated if I were a client so that is how I treat my clients. When you have that mentality, it is hard to be a company man and go into a house with a one trick pony. MOO is a great company and I write a good deal of biz with them, but there are a ton of great companies out there for different products. This is getting long....I would highly suggest being completly independant if possible. It is tough that first year. My 1099's were so emberising I will not mention then here but we made it. My second year of 1099's were 3x that of my first year. Hope this helps you in some way.

Graet info Tyler, thanks. I am talking to MOO, someone else posted that they were doing well there selling to orphan policies. If I go indy, I was thinking about working the medd supp market by cold calling seniors. I would use a dialer and a list. Does this work in your opinion. Are you getting your leads from just direct mail?

 

[DHagy]

Check out National Marketing Group, Inc. Est. MGA/IMO since 1991. licensed in 33 States. Offers a large selection of Life, Individual and Group Medical, Medicare Supplement, Medicare Advantage, LTC and Annuity products. They have a good size staff for support and service. They offer yearly agent sales incentive trips, Lead Credits and Marketing Allowences on all sales. They do between 2-4 product training webinars weekly. Your 100% vested on all business from your first sale and General Agent commission levels are available with minimum production. As many agents referrals as you would like are available upon request. Call 1-800-359-0980 for more information

 

[DavidD1]

Check out National Marketing Group, Inc. Est. MGA/IMO since 1991. licensed in 33 States. Offers a large selection of Life, Individual and Group Medical, Medicare Supplement, Medicare Advantage, LTC and Annuity products. They have a good size staff for support and service. They offer yearly agent sales incentive trips, Lead Credits and Marketing Allowences on all sales. They do between 2-4 product training webinars weekly. Your 100% vested on all business from your first sale and General Agent commission levels are available with minimum production. As many agents referrals as you would like are available upon request. Call 1-800-359-0980 for more information

do they provide:
IMMEDIATE CONTRACT RELEASES
FREE LEADS BASED ON PRODUCTION
SUPPORT 24/7
22% HEALTH AGENT STARTING CONTRACTS
90% LIFE AGENT STARTING CONTRACTS
WHAT IS THE GA MINIMUM PRODUCTION FOR CONTRACT


* These should all be questions you can answer openly on line....