One Line Niche

[oicu812nbama]

I am considering focusing on one type of insurance or annuity selling. Any suggestions? I seem to be chasing the wind trying to offer it all.

 

[thespur1]

insurance is more common
i do both

 

[oicu812nbama]

Thanks. What I mean is focusing on pnc or life and health? I was gonna see if anyone had any reasoning as why to stick with one or the other. Pnc is alot of hassle and low upfront comish but good renewals. Life takes along time to build renewals. Just wanted to get some opinions from folks that have been in the biz a long time.

 

[Todd King]

Thanks. What I mean is focusing on pnc or life and health? I was gonna see if anyone had any reasoning as why to stick with one or the other. Pnc is alot of hassle and low upfront comish but good renewals. Life takes along time to build renewals. Just wanted to get some opinions from folks that have been in the biz a long time.

You are correct about the P&C. Life and Health is a much better way if you're starting from scratch. When it comes to building renewals, I can say that Medicare Supplements are one of the fastest ways I know of to generate a renewal base. Life does take a while, but if you're frugal with your money you could be putting some of that upfront money back and create your own renewal base. Same with health, major medical and annuities.

 

[patch36]

P&C is a slow way to starve. Health has better renewals. Life and Health products tend to pay much better. I have done both. I quit P&C 5 years ago and give all P&C referrals away. Way too much work for the 10pct commission on auto's and 20pct commission on homes, and customer loyalty is sliding all the time with P&C.

If you had 1000 P&C clients with an average of $2000 worth of premium with you, half auto, half home, you would make $30,000 iu commissions/renewals a year. That might cover half of your office expense and receptionist/office mgrs salary. P&C agents in general have to have a store front.

If you have 500 medicare clients and the avg monthly commission is $20 each...well, you get the idea.

 

[oicu812nbama]

Thanks guys! Thats the conclusion that I was coming to but I guess I needed to hear it from someone else. I've been successfully selling life and annuities for 3 yrs, and love it. What carriers/ imo's do I need to consider for health and med supps? I've sold supplemental health, but major med and med supp will have to be a learning process. I've heard that Moo had good prices on med supp. Also do you guys do group health? I've made alot of money on payroll cases and I know that if I could offer bcbs or something competive that I could close alot of small groups.

 

[OHInsAGNT]

You are correct about the P&C. Life and Health is a much better way if you're starting from scratch. When it comes to building renewals, I can say that Medicare Supplements are one of the fastest ways I know of to generate a renewal base. Life does take a while, but if you're frugal with your money you could be putting some of that upfront money back and create your own renewal base. Same with health, major medical and annuities.

I think this administration might have bullseye on Medicare Advantage. The party in power didn't like the privatized aspect in the beginning.

I'd be hesistant about going that way exclusively. Med Supp will be fine since it is all private, unless not competitive with a futurepublic program.
- - - - - - - - - - - - - - - - - -

If you had 1000 P&C clients with an average of $2000 worth of premium with you, half auto, half home, you would make $30,000 iu commissions/renewals a year. That might cover half of your office expense and receptionist/office mgrs salary. P&C agents in general have to have a store front.

Actually you would have $300,000 in renewals using that math.
- - - - - - - - - - - - - - - - - -

customer loyalty is sliding all the time with P&C.

Our average P&C clients keeps booked for 8.5 years. That is stable to this day. The best I see with health is about 2.5.

Do you get a lot better than that? I'm seriously interested. Maybe we're doing something wrong.

 

[oicu812nbama]

lol. look at the way the government is handling social security, highways, prison system, aig, etc. the last thing we need is them trying to take over something else. nationalized anything sounds good, but never works.