Medicare Supplement/Gap Vs Final Expense

[Iwillpay]

I have a few agents that have come from a Medicare Advantage background and transitioned into final expense sales.

All have done extremely well selling final expense, with one I've done an extended interview here on how he used his existing book of Medicare business to sell final expense to, and a more recent interview here where he did $13,500 in sales just in one week, all within his first year full-time selling final expense.

Several of them still cross-sell Medicare products, mostly Medicare Advantage type products.

I am amazed at how much Medicare Advantage business can be written off of final expense leads - lots of people on disability that do not have a Medicare Advantage plan, and many who have automatic Special Election Periods where one can flip them into a new Medicare Advantage plan

Thats true I got a FE lead recently and when I turned up they said they wanted medicare, was able to write the wife T65 plan $408. comp. and the husband is my first one for 10/15. another $415.00 comp. So sell FE and add MA as you go along it helps to build your income base. 100 MA customers is like $1700 a month.

 

[Newby]

It's a no-brainer. It's what I have done for years.

Selling FE / life insurance to people you have sold med sups to is extremely easy. They all need it and they are going to buy it from someone...why not you?

I went to dinner last year with an IMO that has 22,000 Medicare Agents. He said the number of agents who cross sell to FE or any form of life insurance was practically zero.

That has never made any sense to me.

 

[senior-advisor-indiana]

Many times its over $1000 per policy. Cmon dude you have been doing this long enough to do the math. Yes I am that damn good.

----------

Lior, you are one of those hardcore guys I was thinking about when I posted my response to the OP. Anyone looking for a great medsupp trainer Lior is your guy.

----------

Good points. I agree...just pick one and go with it. Maybe when you jump back in hard you can share more.

Lior didn't know how much the part b deductible was a year ago. Why do you recommend him?

 

[rousemark]

As JD said Medicare Supplement and FE are two different markets if you think of typical FE market where you run FE DM leads. Many of the FE repliers (most?) are low income and cannot afford a MS. On the other hand if you focus on MS and then cross sell the FE, your FE market is going to be higher quality..not so much the cockroach, bed bug, cat pee crowd.

There are advantages to cross selling. The second, third, etc. sale is easier as you have already built an relationship with the client. Persistency also tends to be better for the same reason. That relationship helps keep other agents out of "your" house. You tend to generate ore referrals from homes where you have multiple policies.

While you can make a decent income, possibly with a less effort when you seek to sell multiple products, everyone that I have ever known that make really good money in this business has laser focused on a particular product or market. Take a look at the folks on this forum. The majority that are close to the top on their company leader boards do FE almost exclusively. The may occasionally sell another products but they spend a lot of time prospecting for them.

Even the guys working the "regular""life markets that are making the really big bucks tend to focus on a particular market.. Those in the business market, will zero in on Business Continuation, Retirement Planning, Benefits, etc.

A lot of times it boils down to personality type. If you are the type that really dreads prospecting and meeting new people, a relationship based practice will be lot more pleasant. However, if you are the type person who enjoys the challenge of meeting a total stranger; can shake off rejection and make yourself do what you don't want to do, then you will probably make a lot more specializing.

 

[liorselamb]

Lior didn't know how much the part b deductible was a year ago. Why do you recommend him?

What is part B means?

 

[WinoBlues]

Many times its over $1000 per policy. Cmon dude you have been doing this long enough to do the math. Yes I am that damn good.

----------



Lior, you are one of those hardcore guys I was thinking about when I posted my response to the OP. Anyone looking for a great medsupp trainer Lior is your guy.

----------



Good points. I agree...just pick one and go with it. Maybe when you jump back in hard you can share more.

One of the guys that do FE and Medicare would make a great interview. One of the phone / Internet guys would be great as well.

 

[Buff Minorcan]

After going thru my first batch of FE DM leads I'm already contemplating the switch. I know I'm a rookie but I was surprised to see so much they say about the FE market is true. Like.......it's a cat piss palooza.

I know I've lost sales because I'm not an experienced agent, I get that. But it really is tough to leave the house and head to 8 appointments and so much is a waste of time. The people that really want to see me are wheelchair bound oxygen tank 20+ prescription taking individuals that are just desperate for coverage I can't get them.

Then you got the no shows.

I think a weak spot for me is people who already have coverage at a rate they got years ago and I see the situation as a lost cause. I show them my rates and they are like "Well I already have 10k thru *insert company* for this rate. I don't really NEED more coverage but if you had a rate to match it maybe I'd consider it."

I have a feeling there is a sale to be made there in that example but I'm a little too new to know exactly how to convert it.

But regardless of all that, pretending leads were only $10 and I've fine tuned my presentation.......I don't know if I would want to keep this up with this type of clientele. You can almost smell the chargeback mixed in with the cat piss.

I really debated FE or Med Supps months back when I decided to make this investment and now I'm leaning towards Med Supps. But then again maybe this is all just growing pains of a new agent. Maybe with more time and my own self improvement I'll have a different opinion in the coming months. Right now I have 100 fresh DM leads I gotta work so wish me luck haha.

 

[bboman23]

After going thru my first batch of FE DM leads I'm already contemplating the switch. I know I'm a rookie but I was surprised to see so much they say about the FE market is true. Like.......it's a cat piss palooza.

I know I've lost sales because I'm not an experienced agent, I get that. But it really is tough to leave the house and head to 8 appointments and so much is a waste of time. The people that really want to see me are wheelchair bound oxygen tank 20+ prescription taking individuals that are just desperate for coverage I can't get them.

Then you got the no shows.

I think a weak spot for me is people who already have coverage at a rate they got years ago and I see the situation as a lost cause. I show them my rates and they are like "Well I already have 10k thru *insert company* for this rate. I don't really NEED more coverage but if you had a rate to match it maybe I'd consider it."

I have a feeling there is a sale to be made there in that example but I'm a little too new to know exactly how to convert it.

But regardless of all that, pretending leads were only $10 and I've fine tuned my presentation.......I don't know if I would want to keep this up with this type of clientele. You can almost smell the chargeback mixed in with the cat piss.

I really debated FE or Med Supps months back when I decided to make this investment and now I'm leaning towards Med Supps. But then again maybe this is all just growing pains of a new agent. Maybe with more time and my own self improvement I'll have a different opinion in the coming months. Right now I have 100 fresh DM leads I gotta work so wish me luck haha.

Need more guidance. A lot of those people can be wrote even with the bad health. Will some charge back? Yep! But a lot won't. This business is a law of numbers. Keep at it and with the right training you can make it work.

finalexpenseservices.com
6019387663
[email protected]

 

[Thad.Sipple]

After going thru my first batch of FE DM leads I'm already contemplating the switch. I know I'm a rookie but I was surprised to see so much they say about the FE market is true. Like.......it's a cat piss palooza. I know I've lost sales because I'm not an experienced agent, I get that. But it really is tough to leave the house and head to 8 appointments and so much is a waste of time. The people that really want to see me are wheelchair bound oxygen tank 20+ prescription taking individuals that are just desperate for coverage I can't get them. Then you got the no shows. I think a weak spot for me is people who already have coverage at a rate they got years ago and I see the situation as a lost cause. I show them my rates and they are like "Well I already have 10k thru *insert company* for this rate. I don't really NEED more coverage but if you had a rate to match it maybe I'd consider it." I have a feeling there is a sale to be made there in that example but I'm a little too new to know exactly how to convert it. But regardless of all that, pretending leads were only $10 and I've fine tuned my presentation.......I don't know if I would want to keep this up with this type of clientele. You can almost smell the chargeback mixed in with the cat piss. I really debated FE or Med Supps months back when I decided to make this investment and now I'm leaning towards Med Supps. But then again maybe this is all just growing pains of a new agent. Maybe with more time and my own self improvement I'll have a different opinion in the coming months. Right now I have 100 fresh DM leads I gotta work so wish me luck haha.

Buff what area are you in? I am sure you can ride along with someone, that way you can maximize your DM leads.

----------

Need more guidance. A lot of those people can be wrote even with the bad health. Will some charge back? Yep! But a lot won't. This business is a law of numbers. Keep at it and with the right training you can make it work. finalexpenseservices.com 6019387663 [email protected]

^^^^^what he said^^^^^^^^^^

 

[Buff Minorcan]

Buff what area are you in? I am sure you can ride along with someone, that way you can maximize your DM leads.

I'm in North Florida (Jacksonville area). Not aware of anyone to ride with unless I trekked down to South Florida and Doug was willing.

My understanding of the Med Supp market in Florida is I'd be much better off making the drive into Georgia. That's not far at all so I don't mind.

----------

Need more guidance.

This is why I was legit sad by the lack of SPUR videos