Can You Recommend a Good Company to Work For?

[HelGr]

First, I'd like to thank you all for your input: Lots of great information to consider - especially ILIAA.org, and the encouraging info concerning hope for cold calling. I've got some great ideas I'm considering to go with - but, going back to this discussion, it's not that I'm looking for "free leads + top commissions". I realize, that lead generation takes time and money, and obviously those who take on this task need to be compensated somehow.

I guess, what my question boils down to is whether or not the insurance field is the right field for me at this point -- and I have a feeling it may be, if I find the right company, with the right set-up. When I realized that I could not hang any longer with the business I'm with now, I started looking for another industry to move on to - such as, medicare supplements (Simply because I find it a good fit for my personally favorite sales approach: free initial enrollment in Medicare, then consultative upsells into supplementals). And I had companies offer me anything from $25 flat fee for Medicare enrollments with no residuals, plus 10% commission on supplements (with free leads) to 9 hour days in a cubical, 6 days a week (with salary) to regular sales contracts (with nothing else on their part).

I'm not looking to be able retire after the first year in this market, but I have to make at least 50K - like I've mentioned, I've stayed with a sinking ship too long and cannot afford a survival year. "Is it possible to make at least 50K in this industry in the first year - without going back to a cubicle -- or should I be looking elsewhere?". That's the question - and if I have to pay for the leads or cold call, it's all fine, I just don't want to get into something and then realize that it's not doable.

 

[Frank Stastny]

...such as, medicare supplements (Simply because I find it a good fit for my personally favorite sales approach: free initial enrollment in Medicare, then consultative upsells into supplementals). And I had companies offer me anything from $25 flat fee for Medicare enrollments with no residuals, plus 10% commission on supplements (with free leads) to 9 hour days in a cubical, 6 days a week (with salary) to regular sales contracts (with nothing else on their part).

Be very careful when talking to "companies", they are really "agencies". They will promise you the moon and make everything sound absolutely great and wonderful but in reality their offer most likely is definitely not going to be in your best interest and you will regret going with them.

If you want to be financially successful selling Med Supps it is imperative that you be an independent agent, not a captive agent with an insurance company or affiliated with an insurance agency. I mean totally independent so you are the AOR (Agent of Record), own all the business you write and receive your commission and renewal checks directly from the insurance company you sold the policy for.

An agency is most likely going to require you to "Assign" your commissions. That is the very last thing that you ever want to do!

 

[mhastings]

Cold calling can be a risky endeavor when it comes to Medicare. Be very careful and tread lightly to not get yourself into trouble in the various states rules.

The Kansas Life Insurance Guy

 

[grego]

This post seemed to get off track from the original question. which I thought was regarding a recomendation for a good med supp company to work for. Anybody have an idea on this?

 

[Frank Stastny]

This post seemed to get off track from the original question. which I thought was regarding a recomendation for a good med supp company to work for. Anybody have an idea on this?

Yes I do, there isn't one.

For an agent to be successful in the Med Supp market today it is imperative that the agent be an independent agent.

One may align themselves with the most competitive company in the state today. As soon as that company has a premium increase the company will no longer be competitive and the agent will have an extremely tough time selling policies.

The only difference from one Med Supp company and the others is the premium they charge. Seniors are not going to pay more for the exact same coverage then can get from any other Med Supp company.

 

[Midlevel]

You nailed it Frank, thank God someone got ahold of me and told me about the independent route before I signed on with a captive agency when I was first getting into the business.

 

[trg2011]

cold calling is not fun but it works. dont overlook it. develop it and it will be a valuable tool when you need to use it.

 

[inmanbecky]

Can anyone recommend a good Medicare Supplements company that does business in (is looking to expand to) the States of WA and OR?

First, let me briefly tell you my story, so that you get a just picture of what I'm trying to ask here. At some point I used to sell for AFLAC, but then got out of the insurance market and worked as a sales and marketing rep for a painting/interior decorating company for the last 8 years - and have done VERY well on 100% commission.

Now that this company is closing and I have to move on, I'm thinking of getting back to selling insurance - particularly Medicare Supplements or Auto (the products that I have a personal preference for) -- simply because I know that, unlike with many other sales positions (unfortunately), I'd be guaranteed a legitimate product.

But here is the catch - and here lies my question: when I worked for AFLAC, I discovered that mining the gold of business from cold leads took wa-a-a-y too much time (I'm sure you all know this - and if the first term that pops up in your mind is "survival year", you're still with me). My ratios were two - three appointments in an 8 hr day calling from a phone book. So, even with 30-50% closing ratio (which is estimating quite high) you're talking $50/day, on individual policies. Not gonna cut it. Besides, I have a feeling that cold calling is dead: there is a great degree of fatigue among the people who have been bugged overly too much in the recent years, plus I believe I heard that it is becoming illegal to do so for Medicare.

So, here I am: I do good in sales (I actually was getting 30-50% closing on my home improvement presentations), but I'm not a cold caller - I guess. I don't mind doing it - but I just can't see any money in it. Buying leads is a scary business to me: I'd be too new to the industry now that I'm thinking to return to it after 8 yrs, and I'm leery of being easily scammed and buy 2 yr old cold leads for a top dollar.

As I started looking for a company to sell for, I'm discovering that insurance companies tend to fall into two categories: 1) Just like AFLAC, they expect you to build your own business around their products -- and I cannot affort this right now. I've stayed with a sinking ship too long, and I cannot afford a survival year at this point
2) They'll give you leads, but want you to travel miles away for days on end (I guess to make sure you'll actually work).

Can anyone recommend a good insurance company that provides enough lead generation support, without trying to take advantage of you by having you buy their leads while paying minimum commissions (as in some cases that I've run into), and yet have respect for your business-building abilities and previous successful sales experience that shows that you know not to burn good leads?

Go to insmp.com and read. Then give us a call. I cal give you some direction and explain a few things to you. I used to sell AFLAC too, they key work is used to. Call me at 772-228-8940, I'd be happy to talk to you.

 

[daythunder]

Florida here I come, hehe JK