Discussion in 'Senior Insurance Forum' started by Labesky, Aug 22, 2017.
Ok was not clear what you were finding fault with THANKS
You said what you were doing wasn't keeping you busy. Well. An average producing agent should be able to sell approx 5-6 plans from a 1,000 piece mail drop, but unless you have a large book that takes a lot of time customer service wise, then that won't keep you busy for an entire month. Maybe you should do more mailings or come up with other marketing activities.
Obviously the market for 67+ is much bigger because your looking at 20 years of beneficiaries rather than 6 months. But there are major hurdles to jump over with 67+ med supps. First, CAN they switch? A lot of people flat out won't be able to switch due to their health. If they can switch, you need to find them a plan that's cheaper, and in most cases much cheaper. The average consumer will not change to save $15 a month.
Finally, and probably the most importantly, the prospect has to trust you. Yes, T65's need to trust you, but it's a whole different ball game when you're asking someone to switch off of their Mutual of Omaha Plan F that paid $75K for the last surgery they had. Especially when they "know" that plan F is the best plan because that's what all of their friends and the agent that sold it to them told them.
It's REALLY hard to directly market these types of people. Most of my med supp switches are referrals. So maybe I am doing something wrong but there is definitely a lot of resistance to switching, especially when you're a new agent with no office front.
I do understand what you are saying, but some of it is just not true. For instance, I've switched many over by saving them less than $15 per month. If they like you it will happen more often than you might think. While some do have health problems making it impossible for them to switch, I will say that most don't have the bigger health problems. I still think you are missing a huge piece of the pie.
Give me a call sometime and maybe I can help you.
I'm horrible with the 66+ market unless A) they are a referral or B) they're my own clients. I crashed and burned in that market. I'm sticking with what works for me
The t67 market in my opinion is worthless because rate increases aren't starting until 69 so I do Direct Mail leads and telemarketing leads for over 70 and wait for referrals for my network for people switching and actively Market to t-65s it's been a good recipe for us. We do a lot of seminars for the turning 65 Market to bring a new business which creates a lot of loyalty for us. And once these clients hit 70 we're resetting
Huh? Where are you coming up with that information?
Obviously there are people that will switch even to save $5 a month. I could be wrong here, but I would guess that the vast majority of people you're switching are people that come to your office or are referred to you. My argument is that it's very hard to actively market to 67+ individuals. You're not going to find a lot of these people by cold calling or DM, especially not as a new agent without an office front and the legitimacy that comes with an office front. Just my 2 cents.
I did the +67 market for years. I didn't find it difficult at all. Never targeted the T65 market as I had plenty of business from the 67+ crowd. I didn't have very many people come to my office. I sold it as a bonus that I come to them.
I did this mainly in SC and VA. I will say that there are a few markets that it may not work well in.
You have more experience than I do, so you're probably doing something better/different than I am.
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