The Math Doesn't Add Up.

[Yoda]

"I don't know about other agents, but my retention rate for a 4 year period is about 97%"
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I think if you check the mortality rate tables you will find that dealing with people over 65 that 97% retention rate of yours is statistically unattainable. Take it from an old pro that for every 100 med supp clients you have, even on a good year you are going to lose at least 5 of them to the grim reaper.

 

[sman]

I'm sure there are some. That's my goal. I agree that the Med Supp agent should be offering other services, but an agent can definitely make a living selling Med Supps. Especially after the 2nd year when the renewals start flowing.

I have a few revenue streams in this business. My biggest revenue stream is on the investment side. However, the health insurance side (including Med Supps, Individual and Small Group) is quickly approaching the investment side and I suspect will soon over take it.

And for what it's worth, my average Med Supp commission is nearly $20 per month.

No agent has 1000 medicare supplement clients paying $17 a month! "Gordo" pulled that figure out of his ass and thats where he should of left it!

 

[Yoda]

Gordon posted- "Doh!!.. Long night at the gym. Rode for 45 minutes, swam 300 yards, treaded water for 30 min. then headed to the bar and had Tacos, margaritas, beer, car bombs... hang over... mind not working right"
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So your saying your twisted view of how to sell insurance is only second to your twisted view of staying healthy? If your an insurance agent and you are reading this and its Friday morning and you have a hang over you are an ***. How old are we here? I know lots of successful insurance agents who get drunk on week nights. Not exactly! Whats the point of a late night work out if you are going to eat hamburger and drink alcohol afterwards?

 

[G.Gordon]

"I don't know about other agents, but my retention rate for a 4 year period is about 97%"
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I think if you check the mortality rate tables you will find that dealing with people over 65 that 97% retention rate of yours is statistically unattainable. Take it from an old pro that for every 100 med supp clients you have, even on a good year you are going to lose at least 5 of them to the grim reaper.

doG dammit boy!!! How can you be such a moron. It doesn't seem possible. It is friggin amazing every time you put your pud pulling fingers on key board.

I've got 540 medsupps on the book. (the 1000 mentioned above is my goal) We didn't lose anywhere near 25 clients to death. At the most 9-10.

 

[sman]

I guess I've had a good 4 years selling Med Supps then. Granted, a good number of mine are turning 65's. So they are still well under normal mortality rates. If someone lost 5 out of 100, that's still 95%. That is about the only way I lose them. I just don't get replaced that often.

As for you claiming to be an old pro, I'm 20+ years in the business. Started out doing mainly life insurance. Then got securities licensed in 1998 and have been doing that for 12 years along with health insurance. Added Med Supps to the mix since many of my investment clients were reaching retirement. It's a natural fit. Makes no difference to me whether you believe my retention rate or not. It is what it is.

"I don't know about other agents, but my retention rate for a 4 year period is about 97%"
================================================

I think if you check the mortality rate tables you will find that dealing with people over 65 that 97% retention rate of yours is statistically unattainable. Take it from an old pro that for every 100 med supp clients you have, even on a good year you are going to lose at least 5 of them to the grim reaper.

 

[G.Gordon]

Gordon posted- "Doh!!.. Long night at the gym. Rode for 45 minutes, swam 300 yards, treaded water for 30 min. then headed to the bar and had Tacos, margaritas, beer, car bombs... hang over... mind not working right"
================================================

So your saying your twisted view of how to sell insurance is only second to your twisted view of staying healthy? If your an insurance agent and you are reading this and its Friday morning and you have a hang over you are an ***. How old are we here? I know lots of successful insurance agents who get drunk on week nights. Not exactly! Whats the point of a late night work out if you are going to eat hamburger and drink alcohol afterwards?

I'm 43, 6' and 185#, I can out run, out swim, out ride guys half my age. Last night I took it easy at the gym. I've done that routine three nights this week, but I usually do one hour on the bike and swim 400 yds.

I love endurance. I rode my motorcycle from the Mexican border to home in Kansas City... 1180 miles. 7am to 3am. One sandwich out of a gas station cooler and four bottles of gatorade.

 

[Tom Highway]

Gordon posted- "Doh!!.. Long night at the gym. Rode for 45 minutes, swam 300 yards, treaded water for 30 min. then headed to the bar and had Tacos, margaritas, beer, car bombs... hang over... mind not working right"
================================================

So your saying your twisted view of how to sell insurance is only second to your twisted view of staying healthy? If your an insurance agent and you are reading this and its Friday morning and you have a hang over you are an ***. How old are we here? I know lots of successful insurance agents who get drunk on week nights. Not exactly! Whats the point of a late night work out if you are going to eat hamburger and drink alcohol afterwards?

He didn't eat the hamburger on the bun, and it was lite beer and margaritas, fool.

 

[GreenSky]

I love endurance. I rode my motorcycle from the Mexican border to home in Kansas City... 1180 miles. 7am to 3am. One sandwich out of a gas station cooler and four bottles of gatorade.

So how often have you done the Iron Butt (I think that's what it's called)?

Rick

 

[Tom Highway]

Once again I take the moron off ignore for amusement and he doesn't let me down.

Shall we look at the facts:
a. The median American income is $42k/year.
b. 1000 medsupps paying you an average of $17/mo each is $204,000/year. Where I come from... that's pretty close to rich.
c. Of course you have to pay taxes to support Yoda and his mother on food stamps.... so take out 28%. I can live pretty well on $146,880/year.

fixed for the sober readers...

But how long does it take to get 1000 med supps on the books? SEVERAL years. This is where I think new agents get starstruck - they see that huge income potential and think they will earn that right off the bat. When in reality, especially after backing out expenses, the first few years are much closer ro rhat national median income.

 

[G.Gordon]

So how often have you done the Iron Butt (I think that's what it's called)?

Rick

I've done four rides like that, but I don't apply for the cert. Every time I'm usually coming home from being out riding a week or so and "ready" to be home. One of my riding buddies says, "The horse smells the stable." I never intend to do them. I've riden straight home from places like Moab, UT. and Sipapu, NM. and Big Bend in south TX. By the time I'm getting tired I'm within a few hundred miles and just don't want to stop.
- - - - - - - - - - - - - - - - - -

But how long does it take to get 1000 med supps on the books? SEVERAL years. This is where I think new agents get starstruck - they see that huge income potential and think they will earn that right off the bat. When in reality, especially after backing out expenses, the first few years are much closer ro rhat national median income.

An agent that hooks the horse to the plow, stays on focus, and keeps going should easily be able to add 200/year.