Best Niche to start with?

Aug 29, 2008

  1. rocketboy
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    rocketboy Expert

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    Guys, I finally got my l&h license in the mail and need a little help on which direction to take at this point. I am in the process of getting my p&c license. I am confused on where to start my niche on the Internet.


    I will be doing 90% of all sales on the Internet/Phone as that is where my background comes from. So what would be best in your opinion. Of course I what the to start with the biggest money maker to get going.

    I was thinking either health or life insurance are probably the best. I dont really know what niche to go for, but I do know I need to get really good at one area and branch out from there.


    What are the residuals on health insurance contracts?

    Also do any companies offer residuals on life insurance to independent agents?

    Can you sell large life insurance plans over the phone?


    Any suggestions or comments would be greatly appreciated.
     
  2. Dave020
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    Dave020 Super Moderator Moderator

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    Generally 20% first year, 10% renewals. For group it can be lower say 10%/7%.

    I don't know of any for term. If you write UL/WL there are renewals decreasing over 11 years or so.

    Possibly, although I suspect anyone looking for large face amount (say $500k+) is likely going to want to meet F2F with the agent and review options.

    If you are going to go indy and want to do phone/internet, your best choice (IMO) is health insurance, especially individual and senior. Group can be done that way as well depending on the employer, but it can be tougher since groups are not as often shopping online.
     
    Dave020, Aug 29, 2008
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  3. myinsurebiz
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    myinsurebiz Guru

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    #1 - Yes. Not great - but yes. Money is in the upfront advance. If you don't find what you are looking for - ring me up.

    #2 - Most certainly.

    Tom
     
  4. Delta76
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    Delta76 Guru

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    The easiest way to get started is learn about one product and run like hell trying to find places to put it. By one product, I don't mean just one carrier, especially if doing health.

    I'm biased, but I think health is more of a demand product that it easier to generate leads than life, plus you start building some residual income. I would just call small businesses owners in your state with 1 to 5 employees to get off the ground.
     
    Delta76, Aug 29, 2008
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  5. Crabcake Johnny
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    Crabcake Johnny Guru

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    Start with health - it's a commodity and it's sought after. No one wakes up one day and say "...man, I wish I had a better life policy."

    Life is sold - health insurance is bought - huge difference.
     
  6. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Term insurance - yes.

    Permanent for advanced markets - no.
     
  7. rocketboy
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    Ya, I know there is really good money in WL and UL products, but I imagine it is going to be hard to sell at first. I have some big goals for the company, but I know I need to start out with a niche to get going. It looks like individual health will be the way to go.

    I will have to do some research and find the top companies to get appointed with out here. See what kind of plans and info I can get.
     
  8. STIBROKER
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    STIBROKER Like My post and enter the DRAWING,,,, Moderator

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    and what plans would that be.....
     
  9. GreenSky
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    GreenSky Guru

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    Sagicor does pay small renewals - 2 or 3%. Really good rates for larger faces for "seasoned" individuals. Last birthday also.

    Rick
     
    GreenSky, Aug 29, 2008
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  10. Winter_123
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    Winter_123 Guru

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    It is a matter of affordability and eligibility. Otherwise, you would be a millionaire almost overnight if you could sell a policy to the vast, vast number of people who do wake up one day wishing they had a better life policy.

    Winter
     
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