Becoming an Independent Insurance Agent

[New Life]

Re: Becoming a health insurance agent

Hi everyone..I am a newly licensed life, health and va agent in Florida, heard about efinancial and signed up immediately concentrating on term until it all sinks in. I am a real estate broker who is now officially broke since the bubble burst and I truly love sales and am trying transition into a recession proof business in which I pray, I will succeed. I was wondering what ideas or suggestions anyone may have in regard to drumming up business as funds are low. I just laid out e&o insurance $, aliss set up, and I am applying for 10 non resident licenses. The thought of budgeting 300 per week initially on leads scares me as I do not know the lingo or the business enough to confidently convert the leads to sales. Would like to explore cheaper lead methods and learn for a few months then committ to leads on a weekly basis. Of course I am started with my sphere of influence and past clients, whom I am sure now want some type of security for their families since their home equity piggy bank is broken! Please advise I appreciate all of the wonderful posts and invaluable information you post on a daily basis.

 

[Crabcake Johnny]

Re: Becoming a health insurance agent

Do not buy leads when you're new - leads are for more senior agents. Grab a phone and start making calls. You'll be generating leads for free while you settle in and get comfortable. Grab some flyers also and go BtoB.

 

[CHUMPS FROM OXFORD]

Re: Becoming a health insurance agent

And...if you're just starting...why get 10 non-resident licenses? (unless you are referring to other counties in Florida).

Save that money and pay your utility bill.

 

[New Life]

Re: Becoming a health insurance agent

I got all hyped up on the lead ting and jumped into it. Now I realize not ready for leads yet! Besides paying my utility bill do you have any insurance related advice for me?

 

[CHUMPS FROM OXFORD]

Re: Becoming a health insurance agent

Unfortunately, I don't know the Florida market. John's advice was sound (see above).

Try a few different things and see which ones work the best. Don't worry about not getting a sale on the first contact. It's a breaking-down process and many of your prospects will buy from you 3-24 months down the road.

 

[k1s1h1]

Re: Becoming a health insurance agent

do all companies pay commissions monthly if not how do you talk them into annually

 

[Delta76]

Re: Becoming a health insurance agent

do all companies pay commissions monthly if not how do you talk them into annually

Most don't. In my state, no one does. Typically the only a few carriers do, including Golden Rule and Assurant. Others can probably fill you in better.

 

[brent4rent]

Re: Becoming a health insurance agent

This is some great information!

I am an experienced carrier rep and am looking to start an agency in Atlanta. I have Group Ancillary lines experience (dental, life, disability, vision) and limited Medical experience. Little Help!

Looking for advice on:
- LLC vs. S-corp
- Whether to get appointed with several carriers, or use a wholesaler?
- Estimations for group size = commissions (for business planning needs)
- Training available from carriers
- ANYTHING ELSE YOU CAN THROW AT ME!

Many Thanks,
Brent
[email protected]

 

[Steve Botterbusch]

Re: Becoming a health insurance agent

After initiating a career change into Health and Life Insurance, as captive agent in both cases (2 seperate companies) and basically failing miserably within these companies structure, I have to wonder if there is a reasonable way to make an "honest" living in this business.
I worked hard for the licensing, but it has afforded next to no way to survive with my prior affiliations.
I have seen the NEED for Health Insurance, and feel that that, is half the battle. (No - don't mean supplemental - I can't tell you how many businesses or persons approached would say,.."Is this health insurance?" and how old the coached, canned response of ..."well yes,....but not as you know it..." became.)
Obviously, this could go on for a long time, so I'll abbreviate.
I consider myself to be perhaps slightly above average in general intelligence. All I'm looking for is a legitimate, honest alliance, with an angency or company(ies) that, with an honest weeks' work, will permit me to earn approx. $50K year, within the first year, or shortly thereafter.
I'm looking for "some" structure and support, but want to work from an in home office environment, and utilize technology (not endless driving at $3.25/gal. - and all the ducks in the world won't propell your car) to sell efficiently.
I am licensed currently, in PA and MD, in Health and Life, and have been trying to navigate this maze of possible opportunities for awhile now.
Any feedback appreciated.

 

[CHUMPS FROM OXFORD]

Re: Becoming a health insurance agent

Steve

Are there any large Indep. agencies in your area? Perhaps they could bring you along. Of course, you need to check their payout structure and a myriad of other things as well.

This Forum has a lot of information. I would read through the "Individual Health" section.

You can prospect the SE for free and find some decent lead companies where you can wade in slowly...focusing on your local area.