Hiring a producer soon who will be senior mkt only in my P & C agency> After she works the client list of approx 400 over 65 clients I'm going to need a list for her to prospect from. Do you have a source for upcoming turning 65bdays ? Or is there another prospecting method that is a better option?
Turning 65 Leads ?
- Thread starter 1manshow
- Start date
- 7,066
What Captain said.
The quickest way to discourage a new agent who is working the senior market is to give them a list of people turning 65.
I have tried numerous times using everything I could think of to market to T65 people. It is a waste of my time and energy. In the time it takes me to make one sale to that group I can sell several Med Supps to those who already have taken a Med Supp several years ago.
If done correctly, Med Supps are the easiest type of insurance to prospect for and sell. I purchase lists of people between 67 & 78 with incomes starting at $12,000 per year.
I do my own telemarketing and have a very smooth approach on the phone when I first contact them. I have not purchased "leads" in close to eight years.
To me, buying "leads" to work the senior market is a huge waste of money considering how easy it is get appointments. The ROI is over 90% and does not require nearly as many sales to make more money than the agent who is paying huge dollar amounts for "leads" that are nothing more than a name and phone number.
The quickest way to discourage a new agent who is working the senior market is to give them a list of people turning 65.
I have tried numerous times using everything I could think of to market to T65 people. It is a waste of my time and energy. In the time it takes me to make one sale to that group I can sell several Med Supps to those who already have taken a Med Supp several years ago.
If done correctly, Med Supps are the easiest type of insurance to prospect for and sell. I purchase lists of people between 67 & 78 with incomes starting at $12,000 per year.
I do my own telemarketing and have a very smooth approach on the phone when I first contact them. I have not purchased "leads" in close to eight years.
To me, buying "leads" to work the senior market is a huge waste of money considering how easy it is get appointments. The ROI is over 90% and does not require nearly as many sales to make more money than the agent who is paying huge dollar amounts for "leads" that are nothing more than a name and phone number.
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Curious, what is the underwriting like for changing med supps? Or are they GI in your state. TTBOMK, in CA a senior can only change their supp in their birthday month without underwriting. (I've never replaced anyone's supp, so I don't know for sure. I've only written people coming off of group.)
For a plan F in my zip the rates are:
Aetna 119.89
Blue Cross 133.00
Blue Shield 124.00
Health Net 118.00
Will people change supps to save $14 a month? I know I wouldn't... but I'm not "people!"
Al
- 7,066
The "underwriting" consists of the health questions on the app. If they answer "no" to all, generally the policy is issued. If they answer "yes" to any it will not be issued. For the most part the agent is the "underwriter".
Seniors have a "window" where they can get a Med Supp without having to answer health questions. It is called "Open Enrollment" and is the first six months after the effective date of Medicare Part B. Except for AARP, all companies I know of require the health questions to be answered after the Open Enrollment period. Although it is the same as GI it is not referred to as such.
I understand the California law, we have something similar in Missouri. In Missouri it is GI on the anniversary date of their policy. I write very few GI. I have found that, in general, people between 67 and 78 are usually able to successfully answer the health question.
Plan F would not be the best choice for a senior in California unless the premium was very close to the cost of a Plan D.
Seniors love to use the phrase "I'm on a fixed income you know". Yes, most of them will switch in a heart beat to save less than $14.00 per month. Usually, the more money they have the quicker they are to switch.
Most will make emotional decisions as opposed to well informed, intelligent ones.
I've always done best with those turning 65. I've gotten leads on those 50 and older and have used them to call those turning 65. I've written quite a few med-supps and PDP plans on those turning 65.
I haven't had much luck with those beyond 65 and already carrying a med-supp. 95% of the one's I've contacted won't change to save a few bucks a month. Some will tell me they already have the supplement taken care of and are not interested or have coverage through their former or current employer.
I haven't had much luck with those beyond 65 and already carrying a med-supp. 95% of the one's I've contacted won't change to save a few bucks a month. Some will tell me they already have the supplement taken care of and are not interested or have coverage through their former or current employer.
- 7,066
I didn't say that I don't have "luck" with those turning 65, I said I can sell a lot more policies to those over 65 in the same amount of time it takes me to sell someone turning 65.
If you are not having success with those over 65 you are probably not using the right approach. If people are telling you that they already have a Med Supp before you get a chance to do any fact finding then you are walking away from a lot of sales and making mistakes in your initial phone call to them.
They make statements like that because you are an insurance agent and are they are trying to dissuade you from "trying to sell them something". Not because they have the best plan or the most economical premium.
I have never sold a Med Supp policy where the person was not better off with both the coverage and the premium I recommended to them. I'm able to do that because of what the agent who preceded me either said or did.
With the exception of referrals all of my Med Supp sales are to people over 65. Med Supp's are all I do now because they are so easy to get an appointment for and make a sale to people who already have a Med Supp.
I've been doing phone calls for 20 years. I'm stating my success and failures with those 65 and older. Maybe your approach to those turning 65 needs adjusting. I know quite well how folks feel about insurance agents.
Frank, Thanks for your wisdom.
I am in IL. Most people here can get a plan G for less than a plan D.
Also here in IL BCBS is a GI all the time for people over 65 on part B.
How are you getting the people to talk with and what do you say?
I found the more money people have the more likely they are to stay on BCBS even if I can save them $1,000 a year.
I know you said before I can call. I have been out for a while. Can I still call you?
Thanks,
Dave
I am in IL. Most people here can get a plan G for less than a plan D.
Also here in IL BCBS is a GI all the time for people over 65 on part B.
How are you getting the people to talk with and what do you say?
I found the more money people have the more likely they are to stay on BCBS even if I can save them $1,000 a year.
I know you said before I can call. I have been out for a while. Can I still call you?
Thanks,
Dave
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