what is best path to six figures/yr in new insurance career

[dnvoss]

let me give a little more background about myself. I was not a mortgage broker, even though I did start as one many years ago. I worked for a national wholesale mortgage company as an Account Executive. We underwrote and funded loans for banks, credit unions, and mortgage brokers. My job was to bring in the business, build relationships, initial underwrite, price loans, etc. It would be the equivalent of an insurance field representative for a company working with independent agents. I was very successful, and unforeseen this part of the business has dried up almost overnight. Over 250 national wholesale mortgage companies are out of business and close to 200,000 employees out of work. I don't want to bore you with the details but imagine a shoe store only selling black lace ups in a size 9 medium, no other choices. that's sort of like the mortgage business right now.

Insurance seems to be similar in some ways and something I would enjoy as a career. I'm just looking for something to replace the career I became so successful at.

 

[Corporate Death]

Get in the senior market with Medicare Advantage and supplements. Add fixed annuities and you will be there. Don't forget reverse mortgages.

Sr Market is really that lucrative? I've been thinking health, but I've been badgered by a LOT of Sr Market agencies.

 

[MichaelJM]

Sr Market is really that lucrative? I've been thinking health, but I've been badgered by a LOT of Sr Market agencies.

ya its that lucrative...at least the fixed anuity end is. But you have to be a hell of a door to door fella. Just depends on what you prefer

 

[Guest]

If you get health 20 policies issued per month (1 per day average) and the average av is $2000, at a 25% commission that makes you $10k per month (paid over time or advanced). Subtract lead cost, etc. tack on referrals and cross/up sells and yeah, it's possible to make six figures.

I've done it and seen it done by many agents, if you buy the right leads and know how to sell and close and answer objections, which a mortgage broker already knows (hopefully) you can do it.

Mark Rigdon at HSA for America had 18 sales last week, $39k annual AV, do the math, tastes good right?

I have a spreadsheet created for leads/sales/profit/costs. You'll make money if you can sell (the key factor).

 

[Corporate Death]

If you get health 20 policies issued per month (1 per day average) and the average av is $2000, at a 25% commission that makes you $10k per month (paid over time or advanced). Subtract lead cost, etc. tack on referrals and cross/up sells and yeah, it's possible to make six figures.

I've done it and seen it done by many agents, if you buy the right leads and know how to sell and close and answer objections, which a mortgage broker already knows (hopefully) you can do it.

Mark Rigdon at HSA for America had 18 sales last week, $39k annual AV, do the math, tastes good right?

I have a spreadsheet created for leads/sales/profit/costs. You'll make money if you can sell (the key factor).

Seriously though, are 5 health sales per week a good average for an experienced health agent?

 

[HomeService]

The Medicare Advantage market is kick butt, for some folks, but the products are sketchy as far as what they cover and who in the medical world accepts them as payment, and the clients do not understand it, so the agents go in there with the MA as a door opener to get to the annuity business, which also has its share of sketchy-ness, because the annuity usually comes with a commission -basically paid by the client in up front costs and fees or basically loads. I would rather see folks buy traditional med supps and maybe a mutual fund or something, but to each his own. { dang, I just sounded like Dave Ramsey.}

 

[Guest]

Seriously though, are 5 health sales per week a good average for an experienced health agent?

Well, he is not experienced yet, is he?

And hey, I know some "experienced" agents selling less. Don't you?

The point is, in health and life, if you buy leads (either up front or out of future commission) and can sell, you can make money, it no longer takes 3 to 5 years to 100K, everything is gravitating to phone/internet sales, (ehealth is the largest producer in the nation). Face to face takes too much time, if you're a salesperson and you're not selling 80% of the time, how can you be successful? Go to telephonic insurance sales, less gas, more productivity, more free time.

 

[MichaelJM]

Seriously though, are 5 health sales per week a good average for an experienced health agent?

I dunno are we talking group major med or individual policies... If you mean group major med you'd have to be a hell of an agent to knock home 5 per week. I suppose 5 individuals would be easier to target if you want to work 70 hours a week and make squat. Targetting 10-50 life companies and landing 5-7 new ones per month is a pretty good rate of growth. 5 new individual clients is like 1/2 of 1 of those companies...which means you would be getting 5 x 4 ... 1 20 life group worth a month or roughly 700 in monthly commission. I cant live off that, but maybe they can!

 

[bluemarlin08]

I suppose 5 individuals would be easier to target if you want to work 70 hours a week and make squat

Make squat? If you place 5 individual health policies a week, at an average annual premium of 3600 per case times 20% times 50 weeks per year is 180,000 just on health, you should make at least that on term and disability. Maybe you think that is squat, pretty good living in my neck of the woods, but you will work a lot of hours. I earn more on my life and disability than on health, on average. You better have good people skills and know your product and represent the quality companies. Good luck!

 

[MichaelJM]

I suppose 5 individuals would be easier to target if you want to work 70 hours a week and make squat

Make squat? If you place 5 individual health policies a week, at an average annual premium of 3600 per case times 20% times 50 weeks per year is 180,000 just on health, you should make at least that on term and disability. Maybe you think that is squat, pretty good living in my neck of the woods, but you will work a lot of hours. I earn more on my life and disability than on health, on average. You better have good people skills and know your product and represent the quality companies. Good luck!

Looks good on paper!!
wouldn't even cover my cl or wc for my office and employees. Depends on how you look at dollar amounts and what your goals are. If you work out of your own office at home ...and never lose a client ps national average is 33.2% of all people who purchase direct personal health plans cancel within 6 months... Then I suppose that works well for you!

Personally Health insurance holds not a candle to P&C and risk management assuming you can do it right. Everyone has a counter to everyone, just remember if it looks good on paper it probably wont work! lol!

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