Am I Screwed? Your Input, Please.

[Sambuca]

Have I made a huge mistake? Here's my story: I have been in sales for many years. I've had my Life (& Health) license for about a year as a requirement to sell pre-planned funerals. I left the 'death business' for an opportunity at new agency of one of the major P&C insurers. I became licensed at P&C on my own dime, as I saw this as a personal investment in my future.

At this new position, I receive a salary of $500 per week; not enough to make a living, but gas money and a bit of a cushion until I can build up enough business to earn commission. The monthly commission structure is as follows:
$0 to 15,000 premium - 0%.
$15,000 to 20,000 - 4%
$20,000 - 30,000 - 8%
$30,000 plus - 10%
I also need to set 2 appointments (not just referrals) per week for the Life agent in order to commission.

I'm all about being rewarded more for the more I produce, but the 6-8daily leads I'm provided are making it pretty tough to reach commission on any level. The absolute most disheartening part of this arraignment is that all the book belongs to the agency; I don't earn anything on renewals and I'm not building anything for myself.

So my question is this: Do I cut my losses and try to find a better situation, or do I stick it out for a while and try to learn what I can? How long should I commit, keeping in mind I'm in my mid 50's and need to build something over the next 10 years or so? Obviously I'm not experienced enough nor financially able to go independent.

 

[Andle]

Screwed, no. I would find out what the average household premium is in your market and crunch the numbers. That will tell you how hard you need to work for the commission. For life appointments make sure and ask everyone. This sounds like an Allstate or SF gig. Learn while you can then move on when needed.

 

[Newby]

Have I made a huge mistake? Here's my story: I have been in sales for many years. I've had my Life (& Health) license for about a year as a requirement to sell pre-planned funerals. I left the 'death business' for an opportunity at new agency of one of the major P&C insurers. I became licensed at P&C on my own dime, as I saw this as a personal investment in my future. At this new position, I receive a salary of $500 per week; not enough to make a living, but gas money and a bit of a cushion until I can build up enough business to earn commission. The monthly commission structure is as follows: $0 to 15,000 premium - 0%. $15,000 to 20,000 - 4% $20,000 - 30,000 - 8% $30,000 plus - 10% I also need to set 2 appointments (not just referrals) per week for the Life agent in order to commission. I'm all about being rewarded more for the more I produce, but the 6-8daily leads I'm provided are making it pretty tough to reach commission on any level. The absolute most disheartening part of this arraignment is that all the book belongs to the agency; I don't earn anything on renewals and I'm not building anything for myself. So my question is this: Do I cut my losses and try to find a better situation, or do I stick it out for a while and try to learn what I can? How long should I commit, keeping in mind I'm in my mid 50's and need to build something over the next 10 years or so? Obviously I'm not experienced enough nor financially able to go independent.

With a pre need background you would be better off ditching the P& C and go into Final Expense Life sales. Work for yourself on the first day. Make WAY more commission. It's a way more natural move for you with a funeral sales background. I did the exact same thing. Feel free to call me. Number is on my website. Read the getting started info on the website first to answer a lot of your questions. Www.FexContracting.com

 

[VaDwayne]

Have I made a huge mistake? Here's my story: I have been in sales for many years. I've had my Life (& Health) license for about a year as a requirement to sell pre-planned funerals. I left the 'death business' for an opportunity at new agency of one of the major P&C insurers. I became licensed at P&C on my own dime, as I saw this as a personal investment in my future.

At this new position, I receive a salary of $500 per week; not enough to make a living, but gas money and a bit of a cushion until I can build up enough business to earn commission. The monthly commission structure is as follows:
$0 to 15,000 premium - 0%.
$15,000 to 20,000 - 4%
$20,000 - 30,000 - 8%
$30,000 plus - 10%
I also need to set 2 appointments (not just referrals) per week for the Life agent in order to commission.

I'm all about being rewarded more for the more I produce, but the 6-8daily leads I'm provided are making it pretty tough to reach commission on any level. The absolute most disheartening part of this arraignment is that all the book belongs to the agency; I don't earn anything on renewals and I'm not building anything for myself.

So my question is this: Do I cut my losses and try to find a better situation, or do I stick it out for a while and try to learn what I can? How long should I commit, keeping in mind I'm in my mid 50's and need to build something over the next 10 years or so? Obviously I'm not experienced enough nor financially able to go independent.

From reading this forum, it appears that the mojority of new agents with State Farm get screwed.

 

[Tkruger]

Yep.............Screwed with a Capital S.

 

[vic120]

Where is Jake when you need him?

 

[Tkruger]

On a smoke break.


He'll return shortly in his Khakis and Polo shirt.

 

[Cokey30]

I'm in the same boat I'm new to the insurance biz but have a strong sells background, I decided to just start off indie. The comp plans for being captive just suck from what I've seen so far. I had an interview with allstate the guy told me the percentage is 10 percent on alp I almost walked out in the middle of his next sentence lol.

 

[mudhound]

I know very little about p&c?
However, I would not like not having lifetime renewals!
I'd be leary of not getting paid for my production early in the game?