Advice for a New Agent: Independent or Captive?

[breeze333]

Hi everyone,

Wow! Great site with tons of info. I am a seasoned sales person with 20 yrs in sales, mortgages and real estate. Want to get both health and life licenses. I am 'considering' going with Insphere (formally HealthMarkets), but upon researching them, they have a semi-bad rep on sites suchas ripoff report and supposedly a B-rating. The Manager promises leads, training and support, but I dont know about them, since I dont know this industry. Second choice is working as captive agent. Or perhaps going Indepedent. Any advice would be GREATLY appreciated. Oh, I only have about 1 month of 'reserve income' and Im working a VERY low pay salary job now that barely pays the bills. So I DONT want to make a wrong move. Thanks!

 

[xrac]

Re: Advice for NEW Agent: Independent or Captive?

I personally wouldn't pursue health markets until I see how this whole healthcare reform thing shapes out. Some insurers will probbaly pull the plug, commission structures will be changed, renewal commission will be cut, etc. You could find out that there is very little to show for your time and efforts. That is my story and I am sticking to it.

 

[WinoBlues]

Re: Advice for NEW Agent: Independent or Captive?

Fastest money from the get go would FE.

I started as a captive. Got good basic training. Had a good mentor. A draw on sales. A book to work. Made club my first year. Only lasted there 1 1/2 yrs. Did not do well having a sales manager. "does not play well with others"

As you are deciding you will also want to look at the type of person you are. What type of structure do you want or need. I think Nick (ILIAA) has some pretty good webinars recorded on the subject. A great thing about this, is you can always adjust.

Good Luck

 

[breeze333]

Re: Advice for NEW Agent: Independent or Captive?

Sorry for my 'newness' but what is FE?
Thanks for the feedback!

 

[xrac]

Re: Advice for NEW Agent: Independent or Captive?

Sorry for my 'newness' but what is FE?
Thanks for the feedback!

FE = Final Expense (life insurance).

 

[Mburns]

Re: Advice for NEW Agent: Independent or Captive?

FE = Final Expense (life insurance).

Agreed. Anyone who is persuasive enough can definitely swing some good Life sales.

As far as being captive or not, I am captive with NYL and I love it because my partner is extremely helpful and the training is fantastic. However, in your situation I'm not quite sure what would be best.

 

[sshafran]

Re: Advice for NEW Agent: Independent or Captive?

Hi everyone,

Wow! Great site with tons of info. I am a seasoned sales person with 20 yrs in sales, mortgages and real estate. Want to get both health and life licenses. I am 'considering' going with Insphere (formally HealthMarkets), but upon researching them, they have a semi-bad rep on sites suchas ripoff report and supposedly a B-rating. The Manager promises leads, training and support, but I dont know about them, since I dont know this industry. Second choice is working as captive agent. Or perhaps going Indepedent. Any advice would be GREATLY appreciated. Oh, I only have about 1 month of 'reserve income' and Im working a VERY low pay salary job now that barely pays the bills. So I DONT want to make a wrong move. Thanks!

Breeze,

The biggest question you need to answer is: "Can I work for myself?"

Why do I say that?
A. You are a seasoned sales person. So, that means, you'll be able to sell life/health insurance. If you are good at sales, then you'll be able to sell in this industry. You'll need to get Product Knowledge!!! For instance, if you are good salesman, and you sell cars for instance, when a new model comes out, you don't need to reinvent the wheel. Learn the specs, learn who would like that car (some old people like certain models better than others, etc.). So, I wouldn't worry about the sales side as much as prospecting.
B. Some of the products sell themselves. When someone wants a term policy, all you need to do is meet them and sell it. Sure, some will want you to show them every possible scenario, others will just say (like my client yesterday), "What would 20K cost me? I gave him the price. He said, Good, let's go for that. Will that happen every day? No. But, the product sold itself. His wife, on the other hand...took almost 2 hrs!!!! But, I sold her a policy because I wouldn't let her think about it until tomorrow. I just sat at her table until she decided. You should be able to do stuff like this already...just read the forum and get some tips and sell!

The big difference, if you are indy, is that it is all on you. You have to generate your leads. Keep it simple. You are just looking for people who need insurance. Find the need, and show them the solution. There are tons of prospecting options that you can find on the forum. Read up and learn from them. Try some stuff out, but if you do choose to do FE, which pays very quickly (sometimes same week), your best bet will be to start direct mail and go from there.

I hope this helps. My background in sales was simply retail (Staples). I had a great sales manager who taught me tons. I also worked closely with a retired guy who was in sales for 30+ years who worked at Staples just to get out of the house. Learned a ton from him as well. The difference is, now in Insurance my earnings have far exceeded anything I could have ever done in retail.

I always prospect; I look to people who have been in the business longer, and I take control of my own business. If you can do that, go Indy right out of the gate. I think that you can do it if you are willing to learn, but have cautious expectations and take seriously the fact that many agents fail. If you doubt that you can go indy, then don't. If you are willing to try and take control, then find out what the successful guys do right, and go do the same!

Good Luck.