Becoming an Independent Insurance Agent

[SportsNut]

Re: Becoming a health insurance agent

1.0. The 2.0 version is not free, so I did not buy it. The only major difference is that version 2.0 deletes expletives from your posts.

Aw, thanks for expouding upon that Chumps...

Knowing a bit of your high moral character you may not need version 2.0 since profane language wouldn't be within your consideration. The only four letter "F word" that I use myself is *FREE*...

 

[CHUMPS FROM OXFORD]

Re: Becoming a health insurance agent

"The only four letter "F word" that I use myself is *FREE*..."

Me too. Of course, my major flaw is the fury I show when people say the "F" word.

 

[motoxxx]

Re: Becoming a health insurance agent

There is some excellent advice in this thread.

I got to where I was dead broke, frustrated with no sales after almost 2 months when I was a new agent. I had no sales experience at all so I was on a steep learning curve. I finally decided one day that I was going to cold call until I set an appointment. That took me about 2 hours to get. But it was a confidence booster.

Just like Somarco said, people can sense your desperation and if you are desperate, they will not trust you. Concentrate on staying calm, and confident and have 100% conviction in your presentation, products, and your self. Even if you don't have the confidence, FAKE IT! The phrase "Fake it Until You Make It" is very true.. People buy from people they like and who they trust. Once I learned this, my close ratio went to about 80%.

Also something that really helped me since I had no sales experience at all was this: The book "How to Win Friends and Influence People" by Dale Carnegie was a huge eye opener for me. It was recommended to me by a fellow agent that started out the exact same way that I did and it really made me understand people, how they work, what they need, and what their biggest concerns are, which is themselves and their problems. If you have not read it, I would go and get it. It is one of the most important books I have ever read.

 

[Berecca6863]

Re: Becoming a health insurance agent

This is my first post so please bear with me.

I have been working with a premium finance/life settlement company for the past couple of years as a case manager. They just had me get my license and now I have been told there is not much I can do with it within the company. I really would like to go out and sell and I have a list of pretty high net worth people that I would like to try to start selling to but that is about as far as I have gotten. I do not know where to start in terms of what I should sell and how. I know more about Life Insurance than I do health being that I have been working with this company for a while but am a quick learner.

Any help would be greatly appreciated!

 

[FL P&C Broker]

Re: Becoming a health insurance agent

Coming in broke and getting off the ground has been done over and over again - however you need the right set of traits. I say traits because it cannot be taught, read in a book or picked up reading motivational quotes.

You come in broke and either completely dig in cold calling or basically you're back on Monster.com

If you're broke and 2 hours of cold-calling ain't getting it then the next day it's 4 hours. If 4 hours aren't producing the results then it's 6 hours.

There are a lot of "broke" agent coming into the field -which is fine. Some will call me with great concern that "this" or "that" activity is not working for them.

98% of the time when I review their past week either next to no cold calling was done or a few hours. Typically this is what I get:

"But John, I tried telemarketing for 2 hours and didn't get much." My response is "call me back after you've done 30 hours."

A lot of time agents simply have to be bottom-lined. If you are lacking in funds, come Monday you are going to either:

1) Cold call (BtoB or telemarketing) at least 4 hours a day
2) Get cash - family, friends, whatever
3) Get out of the business as quickly as you can or you're destroy yourself financially

There seems to be some psychological problems that I have a tough time relating to. I spoke with an agent a few months back who had eviction papers filed from him landlord - court date was I believe 5 days away.

He didn't want to go BtoB - didn't want to telemarket and obviously didn't have money. I'm at a loss when I'm asked to give advice in those situations. If I was facing eviction I'd be out BtoB 10 hours a day. I'd bring my laptop and signing people up same day.

I guess to sum it up - you need to find out if you even have what it takes mentally. Here's a test if you're dead broke. If by close of business tomorrow you have not performed at least 4 hours of a cold-calling activity, quit on Tuesday - this isn't for you. You are not designed to "boot trap" it - you need to ride a desk somewhere.

When cold calling small businesses, are you calling them to sell them group benefits or single health plans?

 

[motoxxx]

Re: Becoming a health insurance agent

Very good Post!

Thanks! I use what I learned in that book every single day. Even though it was written back in the 1930s and a lot has changed since then, the one thing that hasn't changed is people and how they work. Mr. Carnegie was far beyond his time in my opinion. Everything in that book holds true today.

 

[stuy119]

Re: Becoming a health insurance agent

Thanks! I use what I learned in that book every single day. Even though it was written back in the 1930s and a lot has changed since then, the one thing that hasn't changed is people and how they work. Mr. Carnegie was far beyond his time in my opinion. Everything in that book holds true today.

Agreed. After I re-read the book, I always seem to do something right the very next day with a prospect that benefits me financially.

 

[jmarkk1]

Re: Becoming a health insurance agent

John,
Thanks for this information. I was wondering if you might be able to help me. I'm currently weighing in on possibly working with Futurity First and American Insurance Organization. I have 3 yrs. experience, and at this point, I'm only available to work part-time. (20-25hrs./wk.)
I've also looked at Health Choice One, but I haven't gotten any details. (I'd like to hear your advice on this for me if you think it might fit) Below are pros and cons with FFIG, which for now seems to be my first choice. If you can steer me in a better direction, let me know.
The areas that I find attractive with Futurity First are the following:
1) Local Support, Training, and marketing
2) Solution based selling that is focused on clients needs first
3) Product portfolio is solid, but they don't include every carrier under the sun, only a select group of top rated companies.
4) Expanding my current sales knowledge beyoned major med and life to include med supp, annuities, and LTC/DI.
5) Focus on career agents:matching 401K, 50/50 split on health insurance, and they pay half of FICA as well as take care of all other taxes for typical w-2 wages.
6) They pay E/O
7) They help pay for leads, etc.

The areas that I'm questioning about the opportunity are:
1)Commissions are extremely low (eventhough they pay 50% for all business on submit except health)
2)I will be captive to their carriers, and there are other good companies to work with.
3)I'm not sure that my part-time status with them will yield the results I want. (they are willing to let me work with them at 20-25 hrs./wk.; but I'm a full-time associate minister; there may be weeks where I can't put that much time in, and when you take into consideration going from a 20% to 22% commission rate on health to 14% to 17% with them, I'm not sure that this is the smartest decision; plus my life commissions will drop by about 40%)

Thanks

 

[Tinjaxfla]

Re: Becoming a health insurance agent

Thanks a million for sharing. I am not thinking about selling health but, the information has helped clear up some basic things for me.

 

[sitharmy]

Re: Becoming a health insurance agent

I might be mistaken (please don't hit to hard if I am), but goleads doesn't seem to be $9.95 a month. From what I can see it's now, $150 for the first month & $80 a month after. Am I correct & is it still worth it at these prices?