$7,000.00, a Dream, and a Whole Buncha Entreprenurial Spirit

[FirstTimeBizOwner]

I've been fairly busy since starting this thread with the holidays, but I wanted to thank everyone for the amazing encouragement and interest in following along so far. This forum has such a body of knowledge and a certain camaraderie that I'm excited to share.

Boy that is refreshing. A young guy who is going out on his own AFTER learning the basics and ISN'T trying to figure an angle to steal all his former employer's clients, isn't bitter AND isn't "building a team."

I believe you will succeed. Good luck with it!

This is why I believe you will be so much more successful than the "average", if there is such a thing, agent who just wants to "get rich" selling insurance.

You sound intelligent and are able to communicate using the written word. Anyone who has mastered the ability to communicate using both the written and spoken word is more than 50% on their way to being successful and 90% ahead of those who can't.

You actually know where the caps key is, how to type complete sentences and know what a paragraph is and when to use it. You don't attempt to communicate with other adults like you were a thirteen year old texting.

You have taken a very intelligent, calculated approach to becoming a professional agent who wants to build a business and career as an insurance agent. Not someone just looking to make money.

You are 24 years old and have $7,000 and low personal expenses. That in itself tells volumes about who you are.

If I were trying to build an agency I would be proud to have you as a part of the team. I already have all of the information I need to know that you would be a huge asset.

These two posts were especially encouraging so I thank you both for your feedback.
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While he said he would welcome advice, he didn't really ask for any. It appears the stated purpose of the thread is for him to document his progress.

As for general advice, the old cliche applies.. Study, work hard, specialize. Become the expert in your area in your chosen specialty.

If you or he asks for specific advice, I am sure some of the experts on the forum will be glad to try to help.

Love this "old cliche." I truly believe one can get anything he wants if he really wants it bad enough.

Also, I did start the thread to document my progress and have something I can look back on but I would also love all the advice people are willing to give.

 

[sergman89]

I think you will fail miserably. The odds are stacked against you. Are you nuts? Find another career and fast. It's not too late. Insurance is a tough business and you'll be eaten alive. That $7,000? Say good-by baby to that!

Ok. I don't really feel that way. I'm just preparing you for the occasional acquaintance that will tell you that.

Lmao I love how correct you are about how people are "haters" when your trying to make something of yourself.

HEY KEEP US POSTED WITH HOW FAR YOU GET!

 

[billyg]

Wow $10.00 to 50% that is a huge variance! I can see where it would be beneficial to understand the industry to know what area to pursue. Have you ever dabbled in pre-need? I saw one post in here that said you had to be a funeral director to sell it. Does that vary state to state? Thanks for you assistance on this.

Here is what you should expect as an independent agent:

• Med Supp: 15%-20% (yrs 1-6)
• Final Expense (WL): 90%-115% (1st yr), 6% yr 2+
• Term & Universal Life: 50%-80% (1st yr), 5%-10% yr 2+
• Ind Health: 8% ongoing
• Annuities: 3%-8% one time

You will notice that with Life and Annuities there is a big initial commission, but no or low residual. I am not P&C Licensed, so can speak for that.

 

[Jamie@stainless]

Here is what you should expect as an independent agent:

• Med Supp: 15%-20% (yrs 1-6)
• Final Expense (WL): 90%-115% (1st yr), 6% yr 2+
• Term & Universal Life: 50%-80% (1st yr), 5%-10% yr 2+
• Ind Health: 8% ongoing
• Annuities: 3%-8% one time

You will notice that with Life and Annuities there is a big initial commission, but no or low residual. I am not P&C Licensed, so can speak for that.

Thank you! This is the kind of information I was looking for. This gives me a little better idea if my offerings are fair or not. The logistics of trying to set up a nation wide commission base sales program are a bit overwhelming for a newcomer. I have a lot to learn I am afraid.