The Math Doesn't Add Up.

[G.Gordon]

I don't count replacing my current clients for price reasons as a application.

We wrote better than 11/mo this year with very little prospecting. Refferals are golden.

My goal this year is 200+ new clients. I need 197 more to go. I'll start busting it next week, or next month... or the first of March. Many variables in the works. Our winter has sucked, AEP kills prospecting during that time, we go on vacation the last half of Feb.... blah blah blah.

So assuming I'll need 180 to my goal by March 1, I'm gonna have to write 20/mo for the months of March - November. No biggie.

 

[VaDwayne]

Most of my med- supps are new clients!
Not sure why the math is so complicated for some, respectfully speaking!

Lets look at it this way (realistically): 250 clients = 375,000
comission = .20
annual income = 75,000
monthly in = 6,250
(Average annual premium per client is 1500)
Some agents are able to focus on this product,many have to have a couple of other products in there brief case! It is nice to get a Med- Supp renewal check every month (insuranceman)

Renewals are very important for you newbies, they take the pressure off. Clients can feel the pressure.Pressured people don't buy!

You are right. I just wrote a P&C case that will pay almost $2500 per year in renewals, so I know I am going to love them too and the tons of renewals from the med. supps. I have sold. 2010 is looking good.

I guess my question should have been, if the experienced agents aren't selling 6 a week, what in the world will I have to do to average 10? There are many agents on this forum telling others that they sell med. supps. like crazy yet their comments say otherwise.

Please, who on this forum is averaging 10 med. supp. sales per week, and would you mind sharing how you are doing it? Don't count MA's please..
- - - - - - - - - - - - - - - - - -

I don't count replacing my current clients for price reasons as a application.

We wrote better than 11/mo this year with very little prospecting. Refferals are golden.

My goal this year is 200+ new clients. I need 197 more to go. I'll start busting it next week, or next month... or the first of March. Many variables in the works. Our winter has sucked, AEP kills prospecting during that time, we go on vacation the last half of Feb.... blah blah blah.

So assuming I'll need 180 to my goal by March 1, I'm gonna have to write 20/mo for the months of March - November. No biggie.

You may have just answered my question. maybe some are including repeat customers and some are not. I know that some who are saying they are doing very well are including all sales. Thanks!!!

 

[Tampa Teddy]

Sure it is If you sell 2160 med supps and you retain 80% of your customers, and you only replace med supps for 1/6 of them a year , the math adds up to 5.4 a week. That's elementary math.

2160 multiplied by 80% divided by 6 divided by 52 = 5.384615 per week.

Thanks for the help. You see, you get the same percentage on your med supps as I do, but my income goes twice as far in Waynesboro, Va. than your's does in Tampa Florida. Money is relative. I am doing very well and I hope you are too.

WHAT??? Let me break it down for you. To begin with it took you 15 years to sell 2160. Secondly, there is NO way in hell that you will retain 80% over the course of 15 years. Death alone will probably take more than 20% of your clients.

 

[YouGotMyMoney]

Dwayne why do you care what other agents are doing?

I personally know 3 writing agents that make 20 to 30 k a month after expenses, selling under 65 health.

Most people on here would say its a lie , they are selling crap plans....etc. But its simply not true.

So why do u care what others are making?

You could write 20 med supps a week if you had the right set up, but if other agents aren't doing that.....would you assume it's not possible?

 

[VaDwayne]

Dwayne why do you care what other agents are doing?

You and everyone else in sales cares what other people make. If you knew the top dog in the insurance business only made 20k a year, would you be selling insurance. On the other hand, if you see that someone is successful, and making great money doing what you know you can do, you will be motivated and give it a try. It is a way to gage if you work hard, do you absolute best, or are lazy, how much you can expect to be compensated.


When you first got into the business, you weren't the least curious about what others made that were doing the same thing you are starting to do?

 

[G.Gordon]

When you first got into the business, you weren't the least curious about what others made that were doing the same thing you are starting to do? So you care what others make too.

Rarely for me.

I do a ton of self study and investigation. Let me see the product, do I see value, is there a market. Then I'd start finding out how to sell it and change it to fit me. Then I'd crunch the numbers to see if time+effort+consistency=what I expect.

What others make doing medsupps is irrelevant to me. I am me... they are them... we do not do things the same.

 

[Tom Highway]

I am using my blackberry so I can't really put a lot of math right now, but I am now convinced that the way to succeed in this industry is to either recruit and build your own agency, or start out with a high commission, low resistance product like fe or mapd. In other words, don't start out banking on 2+ year renewals, build up a bool of business and have an income, THEN diversify.

If you can last longer than 3 years or so, the renewals will be nice, but renewals don't help at all if you go broke starting out and wash out.

And THEN you can start your recruiting for your agency!

 

[AtlantaLife&Health]

Rarely for me.

I do a ton of self study and investigation. Let me see the product, do I see value, is there a market. Then I'd start finding out how to sell it and change it to fit me. Then I'd crunch the numbers to see if time+effort+consistency=what I expect.

What others make doing medsupps is irrelevant to me. I am me... they are them... we do not do things the same.

Be serious. We all look into the money before we get into any career or business. I'm taking Dwayne's side on this one. People involved in insurance want to make the big bucks and get renewals. I don't believe any of us involved in Med Supps saw our grandparents dishing out copays during high school and had a light bulb go off in our heads that said, "I don't want a traditional career like 90% of my high school class, I want to help Seniors save money on their copays by selling Med Supps!" Someone told you about the money to be made and it intrigued you. Same goes for Life and Health agents.

 

[Tom Highway]

Be serious. We all look into the money before we get into any career or business. I'm taking Dwayne's side on this one. People involved in insurance want to make the big bucks and get renewals. I don't believe any of us involved in Med Supps saw our grandparents dishing out copays during high school and had a light bulb go off in our heads that said, "I don't want a traditional career like 90% of my high school class, I want to help Seniors save money on their copays by selling Med Supps!" Someone told you about the money to be made and it intrigued you. Same goes for Life and Health agents.

I'm with you and dwayne on this one

 

[moonlightandmargaritas]

but my income goes twice as far in Waynesboro, Va. than your's does in Tampa Florida

While certainly true, the price you pay is living in Podunkville. As an old girlfriend of mine used to say, you're living in your own private hell.