Med Supp Vs Final Expense

[tm8340]

I am just starting out(I will be an independent agent) and had planned on focusing on either final expense or med supp. Both involve cold calling and the senior market. I know lots of opinions exist on this next question, but as a newbie in the field, I am trying to decide whether to pursue either med supp or final expense leads. I am leaning towards med supp only, but was wondering what some grizzled vets in the biz have to say looking back in hindsight, if they were to choose one path NOW, what would it be? Thanks for the input, Tom

 

[JimmyUt]

I am just starting out(I will be an independent agent) and had planned on focusing on either final expense or med supp. Both involve cold calling and the senior market. I know lots of opinions exist on this next question, but as a newbie in the field, I am trying to decide whether to pursue either med supp or final expense leads. I am leaning towards med supp only, but was wondering what some grizzled vets in the biz have to say looking back in hindsight, if they were to choose one path NOW, what would it be? Thanks for the input, Tom

How much money do you have saved up?
Do you plan to sell face to face or over the phone?

These two lines of business are completely different and you will need savings to get started in either one. That being said, if face to face, many agents work the med supp leads, and cross sell final expense. If I were to start over, I would buy med supp leads and cross sell final expense, but only if I had 6 months of expenses as well as lead money set aside

 

[tm8340]

Hey Jimmy, I do have enough saved to last a bit before $ starts coming in. I am open to face to face or cold calling. I think I would do better with f2f, but after reading some cold call threads, I know I will be cold calling also. With the cross selling, just so I am clear, you have a f2f for med supp and if they want it or not, you still bring up final expense as well? Or do you mean that you sell the med supp f2f and cross sell final expense via cold call? Yes, I do have some $ for leads. I know that is another can of worms- where to get them, etc. I am leaning towards med supp but want to know more on how you cross sell final expense. If I can sell both, why not?

 

[JimmyUt]

Final expense is best face to face. My point was to lead with med supps and then cross sell final expense. It will be easier face to face. If you have money saved up, I say go for it and find what works best for you. Once you save someone money it is easy to talk about moving some of those savings into a final expense policy.

 

[Cybrspidey]

I am just starting out(I will be an independent agent) and had planned on focusing on either final expense or med supp. Both involve cold calling and the senior market. I know lots of opinions exist on this next question, but as a newbie in the field, I am trying to decide whether to pursue either med supp or final expense leads. I am leaning towards med supp only, but was wondering what some grizzled vets in the biz have to say looking back in hindsight, if they were to choose one path NOW, what would it be? Thanks for the input, Tom

If you have money saved up... I recommend all my agents to start off in FE... then I cross-train them in Med Supps and MA plans. FE provides a killer frontend income (cash flow) and Medicare provides a retirement backend. FE has decent residuals, and the great thing is, many clients you will see for FE, they will be a great market for your medicare products (GREAT residuals) as well.

With all that being said... NEITHER should you EVER do cold calling. That is a fast way to put yourself out of business. Leads are where it is at and the key to long lasting success. Feel free to reach out if I can help you in any way!