Newly Licensed: Should I Sell Final Expense, or Medicare Advantage?

Discussion in 'Getting Started Selling Insurance' started by dpg32, Apr 18, 2015.

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  1. dpg32
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    dpg32 New Member

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    Hi,

    I'm newly licensed in life/health, and am having trouble deciding what to do. On one hand, I'm looking at selling FE for Lincoln Heritage. The territory (IL) is relatively new for them, and apparently the market is only 30% saturated.

    They use direct mail marketing, where the prospect sends a postcard saying they want to find out more information, and I would be going to their door to explain it.

    Leads are $36 each, 80% commission, 75% advanced to start.

    On the other hand, a friend who is a longtime broker is encouraging me to sell the medicare advantage product.

    I currently work for a startup health company, and basically sell primary care services to seniors with medicare part B, so I understand a lot about medicare. I also setup alot of my own marketing through food pantries, church groups, and have relationships with quite a few aggregators, which might translate well into selling a medicare product.

    My concern is that I might be struggling anytime it's not AEP season.

    I'm wondering which route I should go, because I'm financially motivated, but also want to choose something that I can really enjoy as well. I do like working with seniors.

    Any advice is much appreciated!

    Thanks,
    Dylan
     
  2. GreenSky
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    GreenSky Guru

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    We're all familiar with the low commissions and high lead costs of LH. You can do much better almost anywhere else.

    I earn a good living selling Medicare plans but you can starve for the 1st few years. I don't sell FE because I really don't like that market.

    If you'd like to chat send me an email (address below).

    Rick
     
  3. dpg32
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    dpg32 New Member

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    Thanks- sending you an email; I need all of the info I can get from people who have nothing to gain.
     
  4. HoosierLife
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    HoosierLife Guru

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    Check out fexcontracting.com. You can get fixed cost lead prices for the mid to high $20s and average 110% commission with 75% advances.

    We also have access to teleleads. One of the best imo. I've used teleleads almost exclusively for 2 years.

    The IMO owners are in Indiana, so you could do ride along training sessions.

    I love Lincoln Heritage. It's an easy sale anytime I run into one of their policies. They are overpriced and the underwriting is strict.

    As an independent, you will have access to the top carriers in FE at the highest comps available to a brand new agent.
     
  5. dpg32
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    dpg32 New Member

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    Thanks for your insight and advice- I appreciate it!
     
  6. Newby
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    Newby Guru

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    We have some agents who do FE most of the year and Med Advantage just during October -December. I have a lot of experience with both as well as can show you the FE alternatives to Lincoln. PM me if you want my direct number so we can talk.
     
  7. sarahangel
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    sarahangel New Member

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    Do Not recommend LH unless you':)re Best Friends with Management. Management selects and distributes leads leaving the new agents with least productive leads, no phone #'s, etc. You'll be carrying huge debt with very little net profit.
     
  8. dpg32
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    dpg32 New Member

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    Thanks Sarah- I was actually wondering about that. By the way, have you ever worked for them, or do you just know someone who did?

    Also, any recommendations about alternatives?

    Thanks,
    Dylan
     
  9. Agentguy5
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    Agentguy5 Guru

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    Wifey and I are adding Med Supps to our bag. We are presently making BANK off of selling FE but are smart enough to be open minded. I would suggest selling FE for now and consider adding the Advantage/Med supps LATER like we are doing. If you decide to contract with someone to sell FE, you damn better make sure that they have the best training program available so that you don't fail out like most insurance agents do.

    I will tell you that 360 Financial Group has the Best lead program out there and that is why we, Spurcity and myself, are of the top 3% Final Expense agents in the country.

    Best of luck

    Douglas Massi
     
  10. dpg32
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    dpg32 New Member

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    Thanks Agentguy5!

    In terms of failing out, I'm not too worried; I've been working with the senior population for the last 8 months, so I have a good head-start compared with someone who's never sold before.

    I'll look into your leads as well!

    Thanks,
    Dylan
     
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