Med Supp Training

[quackattack99]

Hello, just wondering if I could get some advice on the best way to break into the med supp market. Are there any IMOs out there that offer training, similar to some of the FE IMOs do? What is the commision structure? Is direct mail the best way to go about getting prospects? Any info would be greatly appreciated. Thank you.

 

[Josh]

You're going to find a lot of differing opinions about the best way to generate prospects. Direct mail works, cold calling works, internet leads work, networking works, they all work, just some better than others and it really depends on the agent and the area too.

As far as the training goes, most IMOs and FMOs aren't going to offer much, but you can probably find a GA willing to give you some help.

Commissions will vary by state, but Rick Bronstien (GreenSky) should be able to get you some more insight on that (along with others).

What makes you want to get into the Med supp market?

 

[quackattack99]

Thanks Josh. I am looking at both the FE and the Med Supp market. I think that both products are necessary and valuable to the client. However, I think Med Supp might be an easier sale, because some people just could care less what happens to them when they die. I talked to one guy the other day, not a prospect, I won't even have my license until October....he told me he just wants to be cremated and "thrown in the river" when he goes. However, when I mentioned Med Supp, he perked up and said "now there is something I would be interested in". This gentleman is 64, and just now starting to think about Medicare and his health insurance options upon retirement. I guess the point I am trying to make is that he immideately recognized the value in Med Supp as opposed to FE. I may be totally off base here, and that was just one experience. I truly do plan to do both. But, I have read on here where a new person should just start with one product, then start cross selling oce they gain more experience. Thanks again for your reply

 

[somarco]

IMO health insurance, including gap cover, is an easier sale than any product that deals with death. The Medigap business is not difficult to learn (neither is FE) but you do need a certain level of understanding and confidence to succeed.

Regardless of which way you go, be careful not to spend too much $$$ up front generating leads. Agents quickly dig a giant hole for themselves, trying to find the magic formula for success without pain.

It does not exist.

 

[GreenSky]

Agents quickly dig a giant hole for themselves, trying to find the magic formula for success without pain.

It does not exist.

That's just not true Bob, and you know it. Here is the magic formula. Because you're too selfish to help a new agent, I'll have to post it.

Yes, I'm a giver.

Rick

 

[somarco]

Yes, I'm a giver.

That's what I hear.

Has the health department contacted all your lovers yet and had them tested?

 

[DecisionMan]

That's just not true Bob, and you know it. Here is the magic formula. Because you're too selfish to help a new agent, I'll have to post it.

Yes, I'm a giver.

Rick

Actually, you forgot the square root of the sum of the Q factor.

Common mistake, which typically leads to more part D sales than Med Supp.

 

[arnguy]

Rick, you forgot to mention that the final step is multiplying the result by the Golden Ratio, i.e., 1.680339887........ad infinitum!

 

[somarco]

I suspected there were some really smart mathematician's on this forum.

Obviously I was wrong.

 

[WinoBlues]

Actually, you forgot the square root of the sum of the Q factor.

Common mistake, which typically leads to more part D sales than Med Supp.

Actually, that was his last attempt at drunk facebooking a rant about <you know who>