Tips on Getting Up to Speed Quickly

[Denniston]

So my current job is ending in a month (actually I'm done now and will be receiving a paycheck for the next 4 weeks), and I am transitioning into a career in Life and Health insurance. I'm really excite about the possibilities, but I have to get moving.

I have my L&H license, E&O, and AML taken care of. I have some contacts with a couple MGAs for contracting.

I like the idea of being location independent (I.e. Phone based) but I plan on working local leads and phone leads to get started.

I'm a little intimidated to try to sell med supps without much real interaction with it.

I feel like life insurance gives me a quicker on ramp to real money, but understand the volatility with its commissions.

My game plan is to print up some postcards, include several of them with letters to my friends and family asking for life referrals. As well as start doing some Facebook promoting.

I've also thought of printing door hangers and beating the bushes.

I'm also considering hiring a telemarketer to generate leads.

What suggestions would you have for a new agent at ground zero for getting up to speed quickly (p.s. I know the first year or two are going to be the hardest, and this is a marathon not a sprint, but my kids also like to eat )?

Also if I do the telemarketed leads should I focus on Life/FE or med supps?

If med supps how do I get comfortable enough to close a sale (besides just starting to make calls)? I do have a friend turning 65 who I'm hoping to practice on with an experienced agent by my side.


Thank you in advance for your wisdom and advice!

 

[Glen Shelton]

So my current job is ending in a month (actually I'm done now and will be receiving a paycheck for the next 4 weeks), and I am transitioning into a career in Life and Health insurance. I'm really excite about the possibilities, but I have to get moving.

I have my L&H license, E&O, and AML taken care of. I have some contacts with a couple MGAs for contracting.

I like the idea of being location independent (I.e. Phone based) but I plan on working local leads and phone leads to get started.

I'm a little intimidated to try to sell med supps without much real interaction with it.

I feel like life insurance gives me a quicker on ramp to real money, but understand the volatility with its commissions.

My game plan is to print up some postcards, include several of them with letters to my friends and family asking for life referrals. As well as start doing some Facebook promoting.

I've also thought of printing door hangers and beating the bushes.

I'm also considering hiring a telemarketer to generate leads.

What suggestions would you have for a new agent at ground zero for getting up to speed quickly (p.s. I know the first year or two are going to be the hardest, and this is a marathon not a sprint, but my kids also like to eat )?

Also if I do the telemarketed leads should I focus on Life/FE or med supps?

If med supps how do I get comfortable enough to close a sale (besides just starting to make calls)? I do have a friend turning 65 who I'm hoping to practice on with an experienced agent by my side.


Thank you in advance for your wisdom and advice!

Hi Denniston,

Welcome to the senior insurance market! It sounds like you have already gotten a head start on some of the basics (licenscing, contracting, etc.).

I think both Final Expense & Medicare Supplements are great opportunities as the senior market continues to explode over the next 10+ yrs.

I would definitely recommend choosing one course of action when getting started and becoming proficient before venturing into other lines.

Here is an article I wrote for my blog that might be helpful when choosing between Med Supp & FE -

The Differences Between Final Expense and Medicare Supplements - Lead Heroes

 

[Denniston]

I would definitely recommend choosing one course of action when getting started and becoming proficient before venturing into other lines.

I think you're probably right about this. I think my end game would be getting established in the Medicare Supplement field, but I'm not sure I can get up to speed with it all quick enough. Where as the with life insurance its a much simpler product. Thoughts?

Here is an article I wrote for my blog that might be helpful when choosing between Med Supp & FE

I had already read and bookmarked your article (and reread it today). There's a lot of great information in there.

Do you have any suggestions on how to accelerate lead generation and filling my sales pipeline?

 

[Glen Shelton]

I think you're probably right about this. I think my end game would be getting established in the Medicare Supplement field, but I'm not sure I can get up to speed with it all quick enough. Where as the with life insurance its a much simpler product. Thoughts?



I had already read and bookmarked your article (and reread it today). There's a lot of great information in there.

Do you have any suggestions on how to accelerate lead generation and filling my sales pipeline?

If you are planning on selling Medicare Supplements (and it sounded like over the phone?) you are definitely going to need a high volume of leads.

You could do your own cold calling while getting started if you wanted to keep your marketing costs down while you are finding your footing.

Once you felt you had a better grasp at the sales process you could start spending money on a telemarketer, telemarketed leads, or other lead generation tatics.

There is a ton of information available that you can read about the sales process (such as my book ) but I think one of the best ways to learn is to not be afraid to get your hands dirty and just start selling!

Do not get caught in the "analysis paralysis" trap that so many agents get trapped in.

 

[jdeasy]

So my current job is ending in a month (actually I'm done now and will be receiving a paycheck for the next 4 weeks), and I am transitioning into a career in Life and Health insurance. I'm really excite about the possibilities, but I have to get moving.

I have my L&H license, E&O, and AML taken care of. I have some contacts with a couple MGAs for contracting.

I like the idea of being location independent (I.e. Phone based) but I plan on working local leads and phone leads to get started.

I'm a little intimidated to try to sell med supps without much real interaction with it.

I feel like life insurance gives me a quicker on ramp to real money, but understand the volatility with its commissions.

My game plan is to print up some postcards, include several of them with letters to my friends and family asking for life referrals. As well as start doing some Facebook promoting.

I've also thought of printing door hangers and beating the bushes.

I'm also considering hiring a telemarketer to generate leads.

What suggestions would you have for a new agent at ground zero for getting up to speed quickly (p.s. I know the first year or two are going to be the hardest, and this is a marathon not a sprint, but my kids also like to eat )?

Also if I do the telemarketed leads should I focus on Life/FE or med supps?

If med supps how do I get comfortable enough to close a sale (besides just starting to make calls)? I do have a friend turning 65 who I'm hoping to practice on with an experienced agent by my side.


Thank you in advance for your wisdom and advice!

Chose one or the other and then get with an IMo that does what you have chosen.

And I mean actually does it. Not sit around and talk about it or write about it or knows someone that does it.

Let that IMO teach you. Don't go with a med sup IMO is you plan to learn FE. Don't go with an IMO for FE if you intend to concentrate on med sups.

Some will tell you they can teach you both. They are liars.

 

[kgmom219]

1. Do 1 thing. And do it well. If you are in a MAPD market, do MAPD. If you are in a Med Supp market, do Med Supp. Add FE in a year or so.

2. Figure out the leanest personal budget possible and know that it takes 3 years to get this to really work. Determine which carriers do commission upfront (I can't remember the actual name) and use them,with the plan to wean off them as soon as possible.

3. Determine your lead source and what you expect for ROI. Using an MGA who provides leads isn't a bad idea

4. Figure out your follow up system. I use One Card, other people here use other processes. If you don't have a follow up system in place, don't bother to start selling.

5. Get a cell number just for business. Get a real email address. (Gmail doesn't count)

Good luck!

 

[Glen Shelton]

Get a real email address. (Gmail doesn't count)

This is such a simple thing to do (and in my opinion very important) yet so many agent's DON'T DO THIS!

Jeff Root mentioned this in his book.

 

[DHK]

2. Figure out the leanest personal budget possible and know that it takes 3 years to get this to really work. Determine which carriers do commission upfront (I can't remember the actual name) and use them,with the plan to wean off them as soon as possible.

Annualized - you get an advance of 75% of the annual commissions, with the remaining paid in months 10, 11, and 12.

Versus being paid 'as earned' - you are paid as premiums are paid.


Hint: If you collect an annual check, you are still being paid 'as earned' and it reduces your risk of charge-backs.

 

[kgmom219]

Annualized - you get an advance of 75% of the annual commissions, with the remaining paid in months 10, 11, and 12.

Versus being paid 'as earned' - you are paid as premiums are paid.


Hint: If you collect an annual check, you are still being paid 'as earned' and it reduces your risk of charge-backs.

......................Thank you!