Becoming an Independent Insurance Agent

[tins]

...some of my new, fellow agents (at Bankers Life/Colonial Penn)

You wrote a book on Medicare and you work for Bankers Life?

For real? Are we being punked?
Is Ashton about to jump out?

 

[GLT]

I think first you need to identify a product that you want to sell.

I would suggest that you not start out trying to be all things to all people. Pick one product and become an expert on it. Then, look to expanding into other kinds of insurance.

For example, it is very easy to start with Med Supps and cross selling Final Expense. Once an agent has that down pat then he can begin offering LTCi and possibly annuities to his existing clients.

I would suggest you give very careful consideration before going with an agency/brokerage firm. Most will make you assign your commissions and pay you a greatly reduced commission. Once you sign on the dotted line you are locked in.

You do not need to incorporate. I've been an agent for seventeen years and I'm just Frank Stastny.

Can someone explain what it means to be "locked in?" I'm sure that doesn't mean for life.

 

[Norwayguy]

Can someone explain what it means to be "locked in?" I'm sure that doesn't mean for life.

Frank was speaking of signing a contract where you assign your commissions. Those commissions are not yours they belong to your upline for them to then pay you. I have never heard of a good ending to something like that...Just think what company wants the added headache of paying commissions when the carriers have thier own departments for that specific task.

 

[GLT]

Thank you for that explanation.

 

[iopen247]

Thanks Helpful discussion.
I am new Agent can anyone suggest should I directly fo to health carrier and contract with them and start learning while earning and go slow or Join sone broker and learn faster.?
Anybody have suggestion on Medical carrier in New York state to start with
Thanks

 

[jwilliams79]

Hello everyone,

I'm new to this forum and in search of guidance.I am in NC, have my Health,Life,Property,Casualty, and Medicare licenses, in addition to a Real Estate License and a non related fulltime job. Whew! What was I thinking ? And I'm attending school part time. I dont go to work till 230 pm so I was looking to sent appointments in the morning. Anybody have any ideas on what I should specialize in or what company to go with?
Thanks in advance and any advice is appreciated

 

[jmarkk1]

Sounds like you've got a lot going on. In order to help answer your question, i think you need to give us more details...like income goals, etc
There are plenty of things to specialize in, and I'd strongly recommend being independent vs captive.
There is a lot of money to be made in Medicare and final expense...and you can really help people.

 

[ballfan]

I have a question about licensing as an indy.

I have a producer license in Mo. I obtained it while at a wire house. I know to go in an change the addresses in NIPR system. Easy.

But when i set up my new llc, and go indy, do I need to do anything else? Do I need to switch from plain producer, to a Business Entity Producer?

 

[ksurfer86]

Are there other wholesales like health choice one that offer more of better carriers???

 

[NewAgentNJ]

Thank you, very helpful