I will relate my experience as a "Senior Healthcare Consultant" during a period from January through June working for SHC. I should have posted this earlier because I'm sure that many people have been caught in the trap since I quit. I watched the majority of the sales staff turnover four three times during the five months I was on board.
I was attracted to the opportunity initially for a good career that would produce a great return and nice residuals. I was already doing commission retail sales and thought insurance would be the perfect career for me. I thought this company would be great to work for because, after all they provide the leads, which are prequalified and you're selling a product that is an "absolute need" Medicare Supplement insurance.
The truth is that they burn through people like hot potatoes and run an ad on careerbuilder 24/7 365.
What happened in my case was the ends simply did not justify the means. I wrote 70 policies in roughly 4 months. Anyone who's ever sold Med Supp Insurance will tell you that's A LOT). January was spent getting licensed ($400) and driving 2000 miles round trip to be "trained" for 3 days out in the field. I quit in early June, so my active months were FEB. Thru MAY.
Nevertheless, the expenses are HUGE. They charge you $24 per lead. If you're running 4 appts. Per day, you're already in the hole nearly $100. Some days you have 2,3 or 5 ; but 4 is ave. Then you have travel expenses (GAS, HOTEL, GAS, CAR MAINTENANCE, GAS, FOOD, AND DID I MENTION GAS?!) I don't care where you live, you will drive all over creation, period. After all was said and done I LOST money on the deal. At my average selling rate, it would have taken me nearly 5 years of CRAZY hard work before I was to the point of making $50,000 off of the residuals. A FAR CRY from the $50,000 - $100,000 they claim you'll take home first year. It's just not realistic.
Now, here's the kicker. There is a QUOTA set at 12,000 annualized premium per week. To reach this you need to write AT LEAST 8 Med Supp applications THAT STICK every single week. If you do not write above quota twice, then they can essentially terminate you at will, keeping all your book of business and all your residuals. Let me tell you, EVERYONE could be fired at any time. Nobody met quota every single week. Impossible. Did not happen. Most people wrote WELL BELOW quota, in fact. So where's the incentive to stick around for years and years and write all this business so you can make them wealthy at your expense and have nothing for yourself?
On average 30% of the leads would "porch" you. Meaning would not even let you in the door or would pretend not to be home. About 30% were DNQ, which means "does not qualify" because they had cancer or a heart condition, etc. Now most of the Seniors already have coverage and at least half of the time, their coverage is cheaper. So you do the math.
Regardless, the product I was selling by Mutual of Omaha was a GOOD product from a reputable company. I'm not going to argue that. I'd sign my parents up with it in a heartbeat over any other company in Idaho, although Blue Cross is right up there too.
If you choose to try this out, you'll learn a lot about Medicare, Insurance and Sales. You'll also learn how to get bent over. Training lasts 6 hours every Monday. 2-4 Hours on Wednesday AND on Thursday via conference call. Plus you're on your CELL phone a lot because you are almost ALWAYS out of area (so be prepared for your bill to go UP UP UP) calling in your results, talking to the trainer, team leader, or the call center, which sets all your appointments.
I hope this information benefits any would-be applicants to think twice and ask questions first, rather than find out later. It may help you cut your losses. Besides, if you're going to sell insurance, I think you will find much better opportunities out there that are more secure, just be careful.
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