How's business?

by insurance2 » Mon Feb 02, 2009 04:42 am

I've recently made a determination to become an insurance agent after 18 years in the real estate business. I'm nearing completion of the studies for the California life agent state exam. I have a dear friend in the business whom has offerd me a sales position with a reputable company where he is a sales director. His company does provide leads at no expense to the agent. All the while I'm studying, I wonder if insurance has any "recession proof-ness" to it...?

In the midst of 1.5 million job losses last year, the health industry ADDED 360,000 jobs. Does this have any relativity to the health insurance industry?

I'm hopeful that I can find business (and quickly) in my new career as it's just not out there for the majority of real estate agents right now...and I've had it with the 7-10 year cycles of the real estate market going in the tank. Bottom line question; how's biz?

Total Comments: 9

Posted: Mon Feb 02, 2009 06:37 am Post Subject:

The insurance industry so far hasn’t got affected by the recession. The agents in this board would say that their businesses actually have grown during this testing time. When you are not receiving desired returns from the market the general tendency is to secure what you have, and insurance is the solution. However, success at the same time would largely depend upon the individual skills of the person.

IMO, this thread is just the right one for Gary :D Has anyone seen him lately?

~Jeremy

Posted: Sun Feb 08, 2009 02:01 am Post Subject:

We're doing well, but we always do well in January and early February. The health insurance industry does will during this time of the year. Also we invested a lot of money in advertising in the forth quarter of 2008 and are reaping some of those benefits now.

We are getting plenty of new clients but it does appear that they aren't keeping them as long as they used to on average.

The second quarter will be the real test.

Posted: Tue Feb 10, 2009 11:30 pm Post Subject:

Alston is right, I have seen many agents including myself writing a lot more health insurance business lately but the retention is getting lower at the same time.

Many policies that I have been writing have been for people in between jobs and when they get a new job they drop the policy. I have also been losing more long time clients due to them not being able to afford premiums, some I write on lower cost policies but a lot are just opting to have no health insurance at all.

All in all it all evens out. The key is to keep targeting those who have to provide their own insurance like the self employed, which has been at the core of this business for a long time.

Posted: Wed Feb 11, 2009 02:37 am Post Subject:

IMO, this thread is just the right one for Gary Has anyone seen him lately?



Bottom line question; how's biz?



See THIS LINK.

or

See THIS LINK.

Posted: Thu Feb 12, 2009 12:18 am Post Subject:

Insurance 2
2 questions. are you going to be selling life or health. I see that you mentioned 360k in jobs for health but are you referring to life bz or health. also, if you dont mine me asking, what is the name of the reputable company. I have been in this biz for 5 years and love it. but I dont mind making phone calls and getting my teeth kicked in.lol. the rewards always seem to out wiegh the crappy part of this industry. but I sell life and have sold a little med advantage and med sups. but I prefer life. bigger commissions and better retention from the sounds of this forum.

Posted: Mon Mar 02, 2009 02:40 pm Post Subject:

Why is the health insurance industry up?

Posted: Thu Mar 05, 2009 02:29 pm Post Subject: My question is need advice

My question is the same I have a interview with NYL and with Physical Mutal can anyone tell me anything about how it is to work for either of these companies.

Posted: Thu Mar 12, 2009 10:19 pm Post Subject:

I have been getting a lot of health inquiries for individuals who are no longer eligible for company benefits. For example, a major factory cut 500 employees down to 36 hours a week instead of eliminating the third shift. As a result, these employees were no longer eligible for the group health coverage. To the factory's credit, they did give a $200 stipend to each employee on a monthly basis to help pay for health insurance, and they have kept these employees eligible to participate in the 401K.

Companies that are cutting corners are finding that because of the high unemployment, it is easier to retain and attract new workers without offering such perks as in the past. It is getting more and more common to find employers that do not offer health insurance and other benefits.

The insurance industry has so many facets to it, and there are so many forces at work. I have sold more fixed annuities to retirees in the last few years because they realize the stock market may not rebound quick enough for them. Their investment strategy has turned from growth into stability...and they want to know that their money will last.

There are many insurance products that you can offer, and when everything is rosy and grand...people are less likely to understand the urgency of protecting themselves immediately.

Posted: Sat Mar 28, 2009 06:52 am Post Subject:

Why is the health insurance industry up?



Well, in the given context many are losing health coverage from their employers and therefore are flocking in the private healthcare market. Chris is right on his observations the recent growth in the health insurance market is due to market recession and job cuts. Also, the employers are trying save on their health insurance premium front by eliminating this benefit. And as a result of this private health insurance companies are gaining business. But there is a flipside to it too, since the cost of private policies is very high, many people are voluntarily choosing to stay uninsured.

Thanks,
Rupert

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