Medicare, Life, P & C, or Focus on one?

Dec 29, 2018

  1. benneaf
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    benneaf Expert

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    I've been in insurance for 6 years. I had built up a decent health business when the companies in TN quit paying commission. Then I've been building up my Medicare business. I've sold a few FE policies, but haven't really gone after that. I've just recently secured my P & C license as well. I like doing more than one thing, but think maybe I've bit off too much...also do LTC. It seems like most of the big producers I meet focus on only one product...they rarely even cross sell. Are there any big hitters that do all sorts of products? Am I alone in doing a lot of different categories?
     
    benneaf, Dec 29, 2018
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  2. Rearden
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    There are a few who cross sell at high levels of production, but most top producers I've come across, focus on one product exclusively.

    The best time to consider cross-selling is after substantial (and successful) experience selling another product, such as Medicare. Cross-selling something like final expense or annuities make perfect sense, since the market demo is practically the same.
     
    Rearden, Dec 29, 2018
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  3. benneaf
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    benneaf Expert

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    That's kind of what I thought. I must have ADHD. I think I'd get bored selling the same thing over and over and over...I might make more money though...maybe I should get over the ADHD.
     
    benneaf, Dec 29, 2018
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  4. Rearden
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    Yep, I'm the same way, too.

    I would have had more success faster if I (a) followed the advice of my superiors (top producers and managers) without deviation, and (b), if I had some sort of hobby to take up my free time, so as to prevent overthinking and doubting the plan given to me.
     
    Rearden, Dec 29, 2018
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  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I've found that the insurance business is a lot like a Monopoly game. Here's the problem: It's good to own multiple properties of multiple groups... when you're playing the game (blocks other players and allows for trading).

    In the insurance business, it's horrible career advice.



    I have a primary and a secondary market: life insurance planning for families and retirement income planning with annuities. I'm eventually looking at other training options for really exploring the business owner market - which is a huge animal in and of itself.

    I don't do P&C, health insurance, medicare, or anything else "outside my lanes". I actually have NO interest in it.

    Wayne Cotton talks about ADD being Advisor Distraction and Diversion.
    Precision Growth Newsletter
     
    DHK, Dec 30, 2018
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  6. benneaf
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    benneaf Expert

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    I watched the whole monopoly video and it is really making me think harder about my business. So far my business has developed more by chance than by me willing it in a given direction. For instance, I started with Modern Woodmen of America. I secured an health insurance appointment with BlueCross/Blue Shield of TN through their general agency. Well I found out really quick people would talk to me about health insurance, but not about life insurance. With the ACA rolling out in the fall of 2013 and all the other health insurance agents running the other direction I ran towards it as it was an open door, so to speak.

    I was able to eek out a living until Humana was the only carrier in the area and they stopped paying commission. So it was a natural turn to go after Medicare. There wasn't much thought there, I just did it. I still do life insurance because that's what I started in (I sold my 1st $1,000,000 whole life policy this year BTW). I also still do health as it's a door opener for filling my Medicare sales funnel (I have a lot of clients where one spouse is in Medicare and the other still under 65). I also picked up LTC and Annuities along the way (though I've only sold 1 LTC policy and not a single annuity...though I really like the product).

    Now, in addition to all that I have my P & C license...and man is that a completely different business. Just getting access to carriers is a bigger challenge than I thought.

    I have observed that many of the people I have met that really sell a lot on a personal production basis got into the business with the help of a relative. On the P & C side the big hitters I find have purchased a book of business. All this tells me that building a book from scratch is incredibly difficult. Thinking of that and my previous jobs...most of the awards I have received in other industries were really about making organizational improvements, solving problems, process improvment, etc.

    All that is to say is that maybe for me as I put more focused thought into what I want to do it's business building. Perhaps doing all these different products for a while will help me develop a depth of knowledge to eventually turn the corner and build an agency (that's a thought I've had in the back of my mind for a long time). However, between here and there I need to make more money. And although (I think most) some would differ I think I'll be a better agency owner for having spent enough time in the trenches to really understand how it's done and the struggle involved.

    Oh...and I'll look at Wayne Cotton's materials as well.
     
    Last edited: Dec 31, 2018
    benneaf, Dec 31, 2018
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  7. benneaf
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    benneaf Expert

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    I currently have several small group health insurance policies on the books and I have already taken steps to shed myself of them. It's not where I am strong and they take a disproportionate amount of time for me to quote and service. I also am set up to be a new member representative with several Medical Bill Sharing companies. I have direct registration links on my website, but only a couple of enrollees. The same with travel health insurance. I spend sometime marketing those via Social Media, but that stops now.

    That leaves me with life insurance (somehow or another each year I sell more than the year before and it ends up being 30+ of my total income). In 2019 I'll ramp up the FE and it'll get even bigger. The health/Medicare is where I've been focused the last 2.5 yrs so I'll keep moving forward there.

    I've also decided that learning the P & C markets would just be spreading myself too thin again.

    I just got the license though and don't want to waste it. Instead of making it another one of my babies I'll find a P & C agent to partner with. Since I'm licensed we can split commissions and I can build renewals there. As I was told early on 50% of something is better than 100% of nothing.

    So FE and Medicare are the focus.
     
    benneaf, Jan 2, 2019
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