Bankruptcy - can I be an agent?

Discussion in 'General Insurance Agent Discussions' started by 10moreyears, Aug 11, 2008.

  1. 10moreyears
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    10moreyears New Member

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    I am considering starting a new career at age 57. My wife and I each had a business fail in 2007 and had to file Chapter 7 personal bankruptcy. I think that insurance sales may be a way to quickly fund some sort of retirement income through renewal commissions. It also seems that getting into insurance for seniors, I would be in an expanding market.
    My question is this: will my recent bankruptcy be an obstacle to getting a license or a stumbling block to hooking up with an agency for training? I understand that a background check is SOP. What are they looking for?

    I'm grateful for all advice !!
     
  2. myinsurebiz
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    myinsurebiz Well-Known Member

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    Maybe not - depends on the carrier.

    After you have looked around and still can't get appointed - I can hook you up with a life and health connection with ok commissions.

    Good luck.

    Tom
     
  3. xrac
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    xrac Well-Known Member

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    You can get licensed but you will have a hard time finding a a career company that will hire you. You can probably get appointed and work as an independent or find an INDY agency who will let you work on an as earned basis. In talking to any company I would be very upfront about the problems that you have had and put it in the best light possible.
     
  4. Guest
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    Most likely you can't get appointed with Golden Rule, seen two guys crash and burn with them.
     
  5. 10moreyears
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    10moreyears New Member

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    Thanks for the comment.
    What do you mean by 'career company'??
    As you can see, I'm a real newbie!
     
  6. 10moreyears
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    10moreyears New Member

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    Tom

    I've been talking to a branch manager with Penn Life.
    I haven't mentioned the BK yet though.
     
  7. xrac
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    xrac Well-Known Member

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    A career company is State Farm, Farmers, New York LIfe, Met Life, Guardian, Norwestern, Mutual of Omaha, etc. where you have an appointment with them as one of their agents. With some of these companies you may be able to sign up as a broker on their products but they probably wouldn't hire you as an agent. A bankruptcy makes it much harder to get a job in insurance although doable.
     
  8. patch36
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    patch36 Well-Known Member

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    Check out more options than Penn Life. In your area I would go in and see the people at Gordon Marketing. They are in Indy and cater to senior market, have good support and can answer your questions. I know several agents who have filed bankruptcy and had no problems.
     
  9. taterpeeler
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    taterpeeler Well-Known Member

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    First off bud... I feel offended by your comment that this industry is a "quick" way to earn money... are u out of your damn mind? People with that attutide are what cause clients to not trust us.... I predict u will sink faster than the boats at perarl harbor.... this market takes years of stroking in order to et an income that will approach paying the bills... for anything.... that sling it against the wall mindset is whats wrong with this industry.
     
  10. somarco
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    somarco Well-Known Member

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    Charlie don't hold back. Tell us how you really feel.
     

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