I have been amazed by the number of emails about “new business opportunities” that I’ve received from agents and colleagues over the past couple of months – from multilevel marketing (MLM) arrangements to opening up so-called legal gambling websites and everything in between. My response has been very simple and very straightforward: Stay focused.
Health care reform is something we should embrace rather than fighting against. It’s teaching many of us the values of diversification. Unfortunately, a lot of insurance professionals put all of their eggs in one basket, and the letters they’re receiving from their current major medical companies are not making that basket any more valuable.
Let’s talk about thriving, not just surviving.
The cream of the crop rises to the top in any business, and insurance is no different. Health care reform will give you opportunities you’ve never had before. Clients will approach you in droves to purchase health insurance because of the proposed government mandates. Your health insurance compensation is already falling, so how will you survive financially? Is your plan to sell four times as many health policies? Did you have a different response to that MLM email? If you plan to stay in the insurance industry and give your clients the best possible coverage, this is the part that you need to pay attention to. It’s time to become an expert on…
- Critical illness
- Accident insurance
- Final expense
- Whole life
- Universal life
In other words, now is the time to become “reform ready.”
What does “reform ready” mean?
It means becoming an expert on the products that won’t be affected by the health care reform laws. It means aligning yourself with companies that have a plan for health care reform and are willing to help you succeed.
If the government mandates health insurance, you’ll really just become a health insurance enroller. You’ll spend your days enrolling your clients into different health insurance plans, and you’ll do a fraction of what you did before on each policy. And if you do what’s right for the client, you’ll end up making more money on each of those appointments than you ever did before.
It’s time for you to diversify your products and your income stream. While you’re diversifying your offering, you’re diversifying your client’s coverage.