Re: Advice Wanted -- Insurance Forum

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Date Posted: Sun, June 16 2002, 11:29:59
Author: Brent D. Gardner, ChFC
Subject:

Re: Advice Wanted
In reply to: Keith Busmente 's message, "Advice Wanted" on Sun, June 16 2002, 6:44:25

>Up to this point in my career (three years in August),
>I have not ventured into the health insurance field.
>First, it doesn't particularly interest me, and,
>second, I feel as if it would take time away from life
>and securities. It appears to me that health
>insurance can be time consuming. Nonetheless, I think
>I'm leaving money on the table and it seems as if
>everyone will let you in the door to get a health
>quote. Any advice or strategy would be appreciated.

Keith,

The first policy I sold was an individual major medical back when I was a Junior in college. The second policy was a group health contract.

I've come to love and hate health insurance, but from a marketing perspective, it DOES generate appointments. I still sell individual and group, but it is a pain sometimes. Every year, the premiums go up. I'm at a point where I don't apologize anymore, because its not my fault. =)

One area that can boost production is working the Medicare Supplement market. Most prudent seniors buy the coverage, and they all seem to want help in their purchase decision. Invariably, it leads to cross selling opportunities.

The positive thing about individual major medical is that a lot of the people that buy it are self-employed, which creates needs for other products and services. The same goes for group.

There are some differences between health and life. Health insurance is a "take it, or leave it" business. I'm not saying that salesmanship doesn't matter - it does. But, if your product isn't priced to sell, you're SOL.

For group, I use company reps to help with presentations and enrollments. I tend to avoid brokerage houses, because they want to own my book, but every state is different. The better companies have found that "quote mills" do not result in good claims experience. They contract direct to the writing agent, which I like. The downfall is I have to do my own research. The upside is I own my business, and I don't share business with anybody.

For individual, I have my own GA contract with a company that I've used for 6 years (have my own coverage with them). Fortunately, they are competitive, so I don't quote umpteen companies anymore. I say "This is who I sell" and that's that. Every state will be different, though.

Medicare Supplement business in my state is EASY, since the the Insurance Commissoner publishes a guide with ALL company rates and phone numbers. It makes the search for a good company VERY easy.

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Replies:

Re: Advice Wanted -- Keith Busmente, Tue, June 18 2002, 20:05:15
- Re: Advice Wanted -- Brent D. Gardner, ChFC, Tue, June 18 2002, 20:26:03