First Choice Insurance Agency

What First Choice Insurance Agency does

First Choice Insurance Agency is a privately held, independent insurance brokerage headquartered in Oak Brook, Illinois, founded over 30 years ago by President and owner Michael J. Perna. The firm serves Medicare beneficiaries, pre-retirees, retirees, and individuals/families seeking insurance and retirement-planning solutions, with an operational base of approximately 11 named team members including licensed brokers, agents, and an executive assistant. It operates as a non-captive broker representing more than 50 insurance carriers—Blue Cross Blue Shield, Mutual of Omaha, Standard Life, United American, and Pacific Care among them—enabling side-by-side comparison shopping across Medicare Supplements (Plans A–L), Medicare Advantage (HMO, PPO, PFFS), Medicare Part D prescription drug plans, life insurance, fixed and fixed-indexed annuities, long-term care insurance, and dental, vision, and hearing coverage. The firm is licensed in several states beyond Illinois and holds an A+ Better Business Bureau rating, a Compliant Free Award, and National Ethics Association membership for its principal.

The company's flagship offering is New Generation Retirement, a five-step holistic retirement planning system covering asset allocation and risk, income planning, asset maximization, legacy planning, and tax strategies. This framework is operationalized through Generational Vault, a proprietary secure online client portal that documents and tracks each client's planning journey, serves as a centralized repository for financial documents, and functions as the agency's recorded demonstration of fiduciary service. The firm goes to market through a sales-led motion: licensed brokers conduct complimentary, no-obligation personal interviews to design customized coverage, supplemented by free Medicare educational workshops held at public venues (libraries, restaurants, community centers) across Illinois. Marketing channels include the company website, phone/email intake, and the credibility signal of National Ethics Association membership.

First Choice earns revenue exclusively via insurance commissions paid by the more than 50 carriers it represents on each placed policy. Pricing is personalized to individual health, age, and coverage selections and is not publicly listed. The firm has pursued modest organic expansion—adding licensed producer Andreas Kladis, sustaining a forward-dated 2026 community workshop calendar, and maintaining multi-state licensing—while engaging in a three-year charitable partnership with Mercy Home for Boys & Girls as a community-facing brand activity. The company has no disclosed external investors, no M&A activity, no patents or trademarks, and no AI/ML capability embedded in its products or operations.

Name

First Choice Insurance Agency

Legal name

First Choice Insurance Agency Incorporated

Website

https://fcinsagency.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

First Choice Insurance Agency is an independent, Oak Brook, Illinois-based brokerage founded over 30 years ago by Michael J. Perna, serving Medicare beneficiaries, pre-retirees, and retirees across multiple states with supplemental health, life, annuity, long-term care, and dental/vision/hearing products from 50+ carriers via licensed brokers and community workshops.

Ownership category

akta.pro rank

Product category

Insurance Brokerage and Retirement Planning Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Medicare Supplement (Medigap) (FSAIAEAG)

akta.pro secondary industry

Medicare Dental & Vision (MA Embedded & Supplemental) (FSAIAHAJ)

Keywords

• Medicare supplement insurance
• Retirement income planning
• Long-term care insurance
• Annuity and life insurance
• Independent insurance brokerage

Headquarters

HQ city

Oak Brook

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D

Revenue model

1. Insurance Commissions: As an independent insurance agency, First Choice Insurance Agency earns commissions from multiple insurance carriers for placing insurance policies (Medicare Supplements, Life Insurance, Annuities, Long-term Care, Dental/Vision/Hearing) with consumers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

First Choice Insurance Agency is an independent insurance brokerage that places Medicare Supplements (Plans A-L), Medicare Advantage Plans, Medicare Part D prescription drug coverage, life insurance, annuities, long-term care insurance, and dental/vision/hearing plans with individual consumers. It represents more than 50 insurance carriers and wraps its advisory work in a five-step New Generation Retirement planning system supported by the Generational Vault online document portal.

Product overview

First Choice Insurance Agency offers a comprehensive suite of insurance and retirement planning products primarily focused on Medicare beneficiaries and retirees. The core offering is the New Generation Retirement system, a five-step holistic retirement planning approach supported by the Generational Vault online portal. The agency's product portfolio centers on Medicare-related insurance products including Medicare Supplements (Plans A-L), Medicare Advantage Plans (HMO, PPO, PFFS), and Medicare Part D prescription drug coverage. Additional core products include life insurance, fixed and fixed indexed annuities, long-term care insurance, and dental, vision, and hearing plans. The agency operates as an independent broker representing over 50 insurance carriers, allowing customized solutions for individual client needs.

Differentiator

Problem solved

Functional benefit

Brands

• New Generation Retirement: A holistic five-step retirement planning system covering asset allocation and risk, income planning, asset maximization, legacy planning, and tax strategies.

Products and services

• New Generation Retirement A holistic five-step retirement planning system covering asset allocation and risk, income planning, asset maximization, legacy planning, and tax strategies; designed for individual consumers approaching or in retirement and delivered through First Choice's advisory process.
• Medicare Supplements Government-standardized supplemental insurance plans (Plans A through L) covering Original Medicare copayments, coinsurance, and deductibles; placed by First Choice as an independent broker with more than 50 carriers including Blue Cross Blue Shield, Mutual of Omaha, Standard Life, United American, and Pacific Care.
• Medicare Advantage Plans Medicare Part C plans offered through private insurance carriers as alternatives to Original Medicare, including HMO, PPO, and Private Fee-for-Service (PFFS) options with additional coverage beyond Parts A and B; for individual Medicare-eligible consumers.
• Medicare Part D (Prescription Drug Coverage) Prescription drug coverage offered through private Medicare-approved insurance companies, with formularies covering generic and brand-name drugs and mail-order options; for individual Medicare beneficiaries seeking drug coverage.
• Life Insurance Life insurance products providing death benefits, tax-advantaged cash value accumulation, and options for tax-free exchanges and policy exchanges to annuities; positioned as part of retirement income and family financial protection strategies for individual consumers.
• Annuities Fixed and Fixed Indexed Annuities designed for long-term retirement income with tax-deferred growth and potential earnings through market-linked indexing strategies; for individuals seeking guaranteed retirement income.
• Long-Term Care Insurance Insurance coverage for medical and support services needed by individuals with difficulty performing routine daily functions due to prolonged illness, cognitive disorders, or old age; covers nursing homes, assisted-living facilities, continuing-care retirement communities, and home healthcare.
• Dental, Vision & Hearing Plans Supplemental coverage for dental services (cleanings, exams, fillings, crowns, dentures), vision care (exams, glasses, contacts, cataract/glaucoma treatment), and hearing services (tests and hearing aids) through large PPO networks with $0 deductible options; for individual consumers, particularly retirees.
• Generational Vault Secure online client portal that organizes, manages, and provides access to clients' financial documents and retirement planning information, and serves as the recorded documentation of the agency's fiduciary-style planning process; for clients of First Choice Insurance Agency.

Quantifiable outcome

• 70% of people turning age 65 can expect to use some form of long-term care during their lives (per U.S. Department of Health and Human Services)

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• Mercy Home for Boys & GirlsminorOthersFirst Choice Insurance Agency has taken an active interest in supporting Mercy Home for over 3 years. Mercy Home for Boys & Girls, located in Chicago, has broken the cycle of neglect and abuse for over 30,000 kids since 1887. First Choice makes donations to support this nonprofit organization.
• Blue Cross Blue ShieldcoreChannel Partner/ Reseller/ DistributorBlue Cross Blue Shield is one of over 50 insurance carriers represented by First Choice Insurance Agency for Medicare Supplement and other insurance products.
• Mutual of OmahacoreChannel Partner/ Reseller/ DistributorMutual of Omaha is one of the insurance carriers offered through First Choice Insurance Agency for Medicare Supplement coverage.
• Standard LifecoreChannel Partner/ Reseller/ DistributorStandard Life is one of the insurance carriers represented by First Choice for Medicare Supplement and related insurance products.
• United AmericancoreChannel Partner/ Reseller/ DistributorUnited American insurance carrier is available through First Choice Insurance Agency for Medicare Supplement coverage.
• Pacific CarecoreChannel Partner/ Reseller/ DistributorPacific Care is one of the Medicare Supplement carriers offered by First Choice Insurance Agency.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Policygenius: Digital insurance marketplace (now part of Zinnia) covering life, disability, and home/auto. Comparable as a multi-carrier broker intermediary, but with a younger, digital-first customer base and no specialized Medicare workshop GTM; relevant as a peer illustrating the technology-led disruption of traditional independent agencies.

Direct peers

• GoHealth: Public Medicare-focused insurance broker with proprietary technology platform and large inside-sales operation. Directly comparable because both sell Medicare Supplement, Medicare Advantage, and Part D plans from multiple carriers to individual consumers, but GoHealth operates at significantly greater scale and through a digital/telephonic rather than workshop-led model.
• eHealth: Public online Medicare marketplace enabling comparison-shopping across hundreds of carriers. Directly comparable as a multi-carrier independent broker focused on Medicare Supplement, Medicare Advantage, and Part D — differentiated mainly by a national digital funnel rather than local workshops.
• SelectQuote: Public senior-focused insurance distributor (Senior Market) selling Medicare Supplement, Medicare Advantage, and life products from multiple carriers. Directly comparable target customer (65+ consumers), multi-carrier independent agency model, and product mix that closely mirrors First Choice's portfolio.

Broad incumbents

• Mutual of Omaha: Major insurance carrier offering Medicare Supplement, long-term care, and life products. Directly comparable as one of First Choice's named 50+ carrier partners, but operates at incumbent scale with its own captive distribution; useful peer for carrier-side economics and competitive dynamics.
• Aetna (CVS Health): Major Medicare Advantage and Medicare Supplement carrier with national distribution. Comparable as a key carrier-counterparty in the Medicare Supplement market and as a vertically integrated competitor pushing captive distribution that competes with independent brokers like First Choice.
• UnitedHealth Group / AARP: Largest U.S. health insurer and Medicare Advantage carrier with the exclusive AARP-branded Medicare Supplement relationship. Comparable as a dominant carrier-counterparty and the most aggressive D2C Medicare distributor, illustrating the structural competitive pressure on independent brokers.
• Humana: Major Medicare Advantage carrier with large captive distribution force and direct-to-consumer Medicare sales. Comparable because Humana is one of the carrier counterparties First Choice places business with, and represents the vertical-integration model (carrier-owned distribution) that increasingly competes with independent agencies.
• Bankers Life: Established insurance carrier and distribution company (subsidiary of CNO Financial) specializing in insurance for middle-income Americans in or near retirement. Comparable as a senior-focused multi-line insurance distributor (life, annuities, long-term care, Medicare supplements), but operates as a more vertically integrated, multi-state incumbent rather than a small independent agency.

Regional players

• Blue Cross Blue Shield of Illinois: Regional Blue Cross Blue Shield plan (licensee of the BCBS Association) offering Medicare Supplement, Medicare Advantage, and Part D in Illinois. Comparable as the leading regional Medicare carrier in First Choice's home market, and one of its named core carrier partners, but operates as an integrated carrier rather than as an independent broker.

Market position

Strengths4 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/FirstChoiceIns4
• Facebookfacebook.com/fcia1

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Choice Insurance Agency