Anyone know how to become an actual insurance company??

[Macker77]

I am currently an agent, I have my own agency, etc. I am looking for information on becoming an actual insurance company, with just a focus on final expense. Does anyone have any experience on this? Is it worth it? TIA

 

[rousemark]

I am currently an agent, I have my own agency, etc. I am looking for information on becoming an actual insurance company, with just a focus on final expense. Does anyone have any experience on this? Is it worth it? TIA

Have lots of money.

 

[Lloyds of Lubbock]

And your reserves are coming from where?

 

[adjusterjack]

I am currently an agent, I have my own agency, etc. I am looking for information on becoming an actual insurance company, with just a focus on final expense. Does anyone have any experience on this? Is it worth it? TIA

Call your state's insurance department. They regulate insurance companies. They will tell you chapter and verse of what it takes to start an insurance company and get licensed by the state.

And, yes, you will need lots of money.

 

[jdeasy]

Call your state's insurance department. They regulate insurance companies. They will tell you chapter and verse of what it takes to start an insurance company and get licensed by the state.

And, yes, you will need lots of money.

Kinda like the horse business. I learned how to have a little money in the horse business. Start with a lot!

 

[titeye]

I heard 3 or so replies saying "have a lot of money". That is a relative statement, however. All the more so when not all insurance companies are publicly traded. So, what is "a lot of money?" Would it be $2, $20 or $200 million? Or less than $2 million?

 

[Markthebroker]

I heard 3 or so replies saying "have a lot of money". That is a relative statement, however. All the more so when not all insurance companies are publicly traded. So, what is "a lot of money?" Would it be $2, $20 or $200 million? Or less than $2 million?

 

[Newby]

Well since from the beginning you will have zero cash flow coming in and once your first agent sells his first policy and you draft $75 and you have to pay out $1350 the first year (agent + Upline managers) $1012 of that before you collect the 2nd premium plus have money in reserve somewhere to cover $10,000 if the insured dies…how many policies could you sell your 1st year before you run out of money?

 

[titeye]

haaahahahaaaahaahahahahah

 

[titeye]

Well since from the beginning you will have zero cash flow coming in and once your first agent sells his first policy and you draft $75 and you have to pay out $1350 the first year (agent + Upline managers) $1012 of that before you collect the 2nd premium plus have money in reserve somewhere to cover $10,000 if the insured dies…how many policies could you sell your 1st year before you run out of money?

Yeah, that's a lot of money!