1st Post / Physicians Mutual Agent Job Offer

[Frank Stastny]

You could use them as your training company- to get your feet wet. There are several companies that will hire you as a newbie, mutual of omaha, agla, western southern... so on. All of which are good to train and get your feet wet, then break off later and be independent. It's up to you. Some people go indy right off the bat. I dunno what state you are in.

The main thing to take into consideration is that if an agent starts as a captive agent, with the intent of leaving after a year and then go independent, is the agent will not be vested in that short period of time. This means that the agent, when he leaves, will exit without any money.

Unless the agent is vested he will be starting as an independent with zero income after having busted his butt selling policies. A lot of agents start with the intent of leaving and going independent but they find that they can't walk away from the money and they are stuck.

 

[Focus LTC]

However, 35k-40k would be a significant step down for me, especially when it's 100% commission (i.e. no safety net) and I'm trying to pay for my own wedding!

I need to find something that's more predictable base + commission.

Your "safety net" is all in your head. Its a false sense of security. Right now at your current job there is no guarantee that you will get another paycheck. You could be laid off tomorrow.

The only "predictable" income is being 100% commission self employed independent. I know how much money I'll make every month. Month after month.

Once you get enough skills, your income will be predictable too.

 

[Frank Stastny]

Your "safety net" is all in your head. Its a false sense of security. Right now at your current job there is no guarantee that you will get another paycheck. You could be laid off tomorrow.

The only "predictable" income is being 100% commission self employed independent. I know how much money I'll make every month. Month after month.

Once you get enough skills, your income will be predictable too.

Everything you have said is spot on.

When one is working on a salary they have no control over the amount of money they make regardless of how hard the work or how good a job they do. They get paid the same amount of money if they are screwing off or busting their ass.

As a commission agent I have total control over the amount of money I make. If I want more money I just work a little harder. The key is being disciplined enough to be able to work unsupervised. Some can, others can't. Those who can succeed, the others...

 

[mtnmusic]

I've been offered a job at Physicians Mutual as a sales agent. I am completely green to this entire industry. I've been a salaried claims investigator/servicer for 4 years since I graduated college, but I'd like to move on to something sales related. However, to say I'm nervous about accepting a mostly all-commission position would be an understatement. I'm intrigued by PM since they seem to be friendly, helpful, and most of all b/c they seem to offer solid training & support. That said, I really need to know what I can realistically expect to make my first year, and whether I'd be working mostly from home/office or going door-to-door cold calling. I'm motivated and expect to do well, but I'm neither prepared nor able to have a $30k or $35k year, nor is door-to-door BS appealing to me. Their promotional materials suggest I can make up to $50k in my first year, which would amount to a good raise for me. I also understand they have a kind-of 90-day draw period to help get me started building a client base. However, I don't know how realistic these figures are. Please help! Love this forum, by the way!

I was a state manager for PM for a short and realized my biggest competitor was their direct sales division who had direct mail products at rates we field agents couldn't touch.

 

[2112Greg]

PM is the only insurance company I have ever been treated so wrongly that I filed a complaint with the DOI. The turd that runs the Austin/Round Rock office is, well, a turd. I hope that his crappy little office is out of business now. I posted my experience with them elsewhere here...

On top of that, the products are complete garbage. And overpriced at that. I would sooner leave the insurance business altogether than consider affiliating with this outfit.

 

[magagent]

Sounds like the kind of company I would wanna work for... Not only do we have the most expensive products on the market for our field agents, we will sell it at rock bottom rates through the mail... NICE!

I was a state manager for PM for a short and realized my biggest competitor was their direct sales division who had direct mail products at rates we field agents couldn't touch.

 

[HomeService]

I was a state manager for PM for a short and realized my biggest competitor was their direct sales division who had direct mail products at rates we field agents couldn't touch.

That used to make me mad as an agent as well. The direct sales division seemed to have zero problems writing... yet I had to drive all over TX and worry about getting it closed and picking up the first premium and getting it issued.

 

[mojo1633]

You could use them as your training company- to get your feet wet. There are several companies that will hire you as a newbie, mutual of omaha, agla, western southern... so on. All of which are good to train and get your feet wet, then break off later and be independent. It's up to you. Some people go indy right off the bat. I dunno what state you are in.

I'm in Alabama. I applied with them because I saw their job posting, although I didn't expect to be offered the job. I ended up turning it down simply because I'm not currently in a financial position where I could dip deep into savings if I had a bad month. I would be starting with no prior connections or insight, so the chances of me making 45k or 50k the first year seemed slim with no base salary. The risk didn't seem worth it. I'll continue to bide my time for now and will reconsider taking a similar position in the near future (i.e. after my wedding).
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The main thing to take into consideration is that if an agent starts as a captive agent, with the intent of leaving after a year and then go independent, is the agent will not be vested in that short period of time. This means that the agent, when he leaves, will exit without any money.

Unless the agent is vested he will be starting as an independent with zero income after having busted his butt selling policies. A lot of agents start with the intent of leaving and going independent but they find that they can't walk away from the money and they are stuck.

Actually, PM told me my renewals would be 100% vested after my first year, which seems very reasonable. That wasn't the big issue for me.
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Your "safety net" is all in your head. Its a false sense of security. Right now at your current job there is no guarantee that you will get another paycheck. You could be laid off tomorrow.

The only "predictable" income is being 100% commission self employed independent. I know how much money I'll make every month. Month after month.

Once you get enough skills, your income will be predictable too.

I respectfully disagree. I do in fact have a safety net. Sure, I could theoretically be laid off at any time, but that's the case anywhere, and it's probably no more likely than your customer base drying up completely. Though I speak only for myself, reality is the chances of me actually being laid off anytime soon are extremely remote, if not nonexistent. Point is, my current job is stable and so is my income. I'd feel differently if that weren't the case, but it is.

I would like to go 100% independent, commission-based, but in my current position, a more reasonable segway (base+commission) seems more prudent than going from one extreme to the other. But honestly, the problems I had in terms of expected income were with this particular job. They pitch the job to me as though I can earn up to 50k my first year, but that obviously doesn't seem like a realistic number in the first year. Sure, it's possible, but improbable, and in my view, it wasn't worth the risk.

 

[magagent]

I think you made a wise decision. You don't "need connections or insight", a great product is needed which PM doesn't have in my mind.

I'm in Alabama. I applied with them because I saw their job posting, although I didn't expect to be offered the job. I ended up turning it down simply because I'm not currently in a financial position where I could dip deep into savings if I had a bad month. I would be starting with no prior connections or insight, so the chances of me making 45k or 50k the first year seemed slim with no base salary. The risk didn't seem worth it. I'll continue to bide my time for now and will reconsider taking a similar position in the near future (i.e. after my wedding).
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Actually, PM told me my renewals would be 100% vested after my first year, which seems very reasonable. That wasn't the big issue for me.
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I respectfully disagree. I do in fact have a safety net. Sure, I could theoretically be laid off at any time, but that's the case anywhere, and it's probably no more likely than your customer base drying up completely. Though I speak only for myself, reality is the chances of me actually being laid off anytime soon are extremely remote, if not nonexistent. Point is, my current job is stable and so is my income. I'd feel differently if that weren't the case, but it is.

I would like to go 100% independent, commission-based, but in my current position, a more reasonable segway (base+commission) seems more prudent than going from one extreme to the other. But honestly, the problems I had in terms of expected income were with this particular job. They pitch the job to me as though I can earn up to 50k my first year, but that obviously doesn't seem like a realistic number in the first year. Sure, it's possible, but improbable, and in my view, it wasn't worth the risk.

 

[mojo1633]

I think you made a wise decision. You don't "need connections or insight", a great product is needed which PM doesn't have in my mind.

True. If they don't have a good product, they had me fooled after their sales pitch. However, that probably has more to do with me not knowing enough about the products and not knowing the right questions to ask during and after the interview.