Newbie need a LOT of advice on voluntary sales with Colonial

Jun 14, 2008

  1. Labman
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    Labman Super Genius

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    Well, at the ripe old age of 50 I can retire from my career of 30 years with the government. My initial plans are to work for Colonial as I have experience with them from an administrator position and a customer. They were much better than AFLAC who we had for a short period of time.

    The good thing with me retiring in relation to income is I only need to make about $30,000 per year. Now, I want to make more, but, the above would be great for the first year.

    I've been in this state my whole life and know a lot of people. I've also sold real estate for a few years part-time and did okay. If I'm lucky, there is a good possibility of me getting in with a statewide organization with a few thousand lives in the beginning. I'm only expecting to maybe get a shot at about 1500 of those lives though.

    Here is my question. I know voluntary sales won't be easy, but I'm willing to do the work and put in the time. Is thirty thousand dollars a year reasonable for the first year if I open some groups and participate in enrolling a few others?

    I'd like to offer either small group health or individual as a mix but concerned I may be getting ahead of myself. Would it be best just to focus on Colonial the first few months?

    Thanks for all of your help!!!!!!!!
     
    Labman, Jun 14, 2008
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  2. B Ray
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    B Ray Expert

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    I can see that being attainable, just get started on making your list and get some good training.
     
    B Ray, Jun 14, 2008
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  3. NewHealthStrategies
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    NewHealthStrategies Super Genius

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    Let's do some math.... average premium? Let's use $300 per employee.

    Average commission.... let's use 5%... so you'll make $15 per employee per month.

    $30,000 in income divided by 12 = $2,500 a month gross.

    $2,500 divided by $15 a month means you'll need 166 employees to acheive the gross monthly income goal.... (I think these are CONSERVATIVE numbers).

    So, let's say you target groups of 25 or less employees and the average group you write will be just 5 employees.

    166 divided by 5 = you'll need 33 groups to hit your goal.

    33 divided by 12 - 3 a month (rounded up for you anal types)......

    Certainly doable.

    Remember Volunatary pays higher commissions so the average per employee # should be higher.......

    Don't abandon the voluntary track... it's the future of healthcare sales (broad brush used here).
     
  4. HomeService
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    You would have to make one group sale a week basically, with a few weeks thrown in there that a sale did not happen. { things happen} Using the above numbers, you would have to work hard at it but you are correct, Colonial is top notch.
     
  5. Labman
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    Labman Super Genius

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    NewHealth,

    I've seen some prelimary commission numbers, and unless I missed something, I thought the average was up around 20% commission for an opener depending on the product. One would make more if you open, enroll and coordinate the account. Plus there are some generous bonuses for the first year. The figures I saw were on the public service sector not sure how that plays out for the private companies.

    Thanks guys and please keep the advice coming. I can use all the help and confidence I can get. Moving from a steady pay check to a commission only job makes me a nervous nellie! LOL!!!
     
    Labman, Jun 14, 2008
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