Insurance agents have heard over and over how the market for Medicare Supplements is flooded with opportunity.
Around 10,000 people turn 65 EVERY SINGLE DAY and that trend will continue for at least another decade, giving you plenty of medicare leads.
Another statistic to consider is just 31% of Medicare beneficiaries are in a Medicare Advantage plan, so the remaining 69% could benefit from a medicare supplement insurance plan. You can also sell supplemental insurance year-round.
Here’s some key information when deciding whether to get into the business selling medicare supplement insurance:
- Most don’t require annual certifications
- You can use them to connect with people in Original Medicare and make sales during lock-in
- You can still sell medicare supplements during the annual enrollment period
- E-applications are available from most carriers, so you can sell over the phone
- Around 4 million people will age into Medicare over the next decade and change
One thing a lot of the agents selling supplement insurance rave about is the residual income.
Two reasons Medicare Supplements have massive earning potential:
- Medicare supplements pay the same commission for as long as seven years
- Some pay the same commission for life if your client maintains their coverage for longer
So, your sales compound each year, creating a residual income with no additional working hours.
Many of your leads that you will encounter are willing to pay more for the extra benefits too, unlike other avenues in the insurance world since they want to avoid the sky-high out-of-pocket expenses that come in the medical world.
Keep in mind, though, you’ll need to ask them about their health, lifestyle, medical needs and their budget.
Medicare Supplement plans have different rates based on their location, age, gender, tobacco use and even marital status.
Not only will asking questions give you an idea of what plans they qualify for, but it will make them appreciate you as a knowledgeable and caring insurance agent.
Speaking of being a knowledgeable insurance agent, no amount of medicare leads is going to keep you in business if you don’t review the changes to medicare every year. One tip from a veteran agent is to carry the Medicare and You Handbook with you on your appointments.
Another tip is maintaining a diversified portfolio of product offerings. This may be more work to set up initially because it involves getting appointed to multiple carriers, but it will pay off in the end when you offer flexibility to the client. Just make sure you don’t spread yourself too thin with too many carriers and are able to recite their information like you can the alphabet.
If you’re looking for medicare leads, Secure Agent Leads provides exclusive, real-time leads that are specific to your targeting.