Captive W/benefits Vs. Independent?

[Lainey]

I'd love to hear from agents who have experienced both worlds. Did you move from captive with benefits to independent? Independent to captive? (And of course there's the "captive independent" situation where you are a 1099 with lots of rules/regulations and restrictions). What have you learned from your experiences? Would you do it differently if you had it to do over? What should a captive agent know about what to expect if they make the switch to independent?

Thanks in advance for your genuine feedback.

 

[Newby]

I'd love to hear from agents who have experienced both worlds. Did you move from captive with benefits to independent? Independent to captive? (And of course there's the "captive independent" situation where you are a 1099 with lots of rules/regulations and restrictions). What have you learned from your experiences? Would you do it differently if you had it to do over? What should a captive agent know about what to expect if they make the switch to independent?

Thanks in advance for your genuine feedback.

What kind of benefits?

Lot's of captive agents go independent. I've never heard of many independent agents going captive. If you are wanting to work for Northwestern Mutual or NYL it might be OK. But if you want to sell insurance to the masses, independent has huge advantages.

 

[Baseball7]

Work 1099 and marry someone with good benefits?

 

[Lainey]

What kind of benefits?

Lot's of captive agents go independent. I've never heard of many independent agents going captive. If you are wanting to work for Northwestern Mutual or NYL it might be OK. But if you want to sell insurance to the masses, independent has huge advantages.

Excellent health insurance, pension, matching 401K, disability, vision, dental, etc. But I don't get any leads or marketing assistance so I spend a lot of money on prospecting. With limited lines of products there are many times I can't help someone. I've only been in the business a short couple years and have always been captive so I don't know what to expect as an IA. Just trying to get all the information I can before making a decision.

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Work 1099 and marry someone with good benefits?

Haha! That's an idea.

 

[LGilmore]

Excellent health insurance, pension, matching 401K, disability, vision, dental, etc. But I don't get any leads or marketing assistance so I spend a lot of money on prospecting. With limited lines of products there are many times I can't help someone. I've only been in the business a short couple years and have always been captive so I don't know what to expect as an IA. Just trying to get all the information I can before making a decision.

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Two mindsets going on... one is thinking like an employee (talk about benefits someone else provides) vs. thinking like an independent (DIY)

All those things you can provide yourself as an independent. None of those things don't come with strings attached as a captive.

The biggest advantage captives can offer is organized training, but even that you can do yourself.

What you can expect as an independent is if you want something you must do it yourself. For some that is pretty easy to do, for other people it's hard to take care of yourself. They need somebody to watch over them and chide them and push them to work. Other people don't.

 

[Lainey]

Excellent health insurance, pension, matching 401K, disability, vision, dental, etc. But I don't get any leads or marketing assistance so I spend a lot of money on prospecting. With limited lines of products there are many times I can't help someone. I've only been in the business a short couple years and have always been captive so I don't know what to expect as an IA. Just trying to get all the information I can before making a decision.

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Two mindsets going on... one is thinking like an employee (talk about benefits someone else provides) vs. thinking like an independent (DIY)

All those things you can provide yourself as an independent. None of those things don't come with strings attached as a captive.

The biggest advantage captives can offer is organized training, but even that you can do yourself.

What you can expect as an independent is if you want something you must do it yourself. For some that is pretty easy to do, for other people it's hard to take care of yourself. They need somebody to watch over them and chide them and push them to work. Other people don't.

That's pretty much what I thought. I've spent most of my life working for myself anyway, just in a different capacity. I'm also predominantly self educated and basically love running my own show. I've had more independence where I work now than I did at the previous place, but I'm beginning to resent having to be in the office every morning whether or not I have anything to do there and hustling to make quota so much of the time that I don't have time or energy to put into place and launch better systems of lead generation.

People do recognize and trust the brand I work for so that is also something I'll lose in going independent. I guess it isn't a big obstacle to overcome since so many agents are doing just fine on their own. Health insurance is the biggie, but if I make more money I should be able to take care of that as well.

Thanks for your reply!

 

[Chazm]

I don't understand how health insurance is factored into it at all. A few hundred bucks for a Indy plan will deter you? You'll make that back in one sale

 

[LGilmore]

That's pretty much what I thought. I've spent most of my life working for myself anyway, just in a different capacity. I'm also predominantly self educated and basically love running my own show. I've had more independence where I work now than I did at the previous place, but I'm beginning to resent having to be in the office every morning whether or not I have anything to do there and hustling to make quota so much of the time that I don't have time or energy to put into place and launch better systems of lead generation.

People do recognize and trust the brand I work for so that is also something I'll lose in going independent. I guess it isn't a big obstacle to overcome since so many agents are doing just fine on their own. Health insurance is the biggie, but if I make more money I should be able to take care of that as well.

Thanks for your reply!

just keep this in mind.. If you're going to work for an as shole, work for the one in the mirror.

Cheers.

 

[Ksutton]

I'd love to hear from agents who have experienced both worlds. Did you move from captive with benefits to independent? Independent to captive? (And of course there's the "captive independent" situation where you are a 1099 with lots of rules/regulations and restrictions). What have you learned from your experiences? Would you do it differently if you had it to do over? What should a captive agent know about what to expect if they make the switch to independent? Thanks in advance for your genuine feedback.

I started captive - in glad I started that way ... I'm now independent and won't ever go back to being captive.


I was fortunate to have some good training. I was able to be field trained by multiple top producers , pick the brains of top producers and expose/ surround myself with successful people . I learned a lot ... I mean A Lot.

I feel blessed to have a full perspective of both sides of the coin .


One thing I would suggest , if going captive to Indy, is find a successful mentor and listen .... Don't cheat yourself , be true to yourself and listen to your mentor .

 

[Glen Shelton]

Do you need hand holding starting out? Yes, absolutely. Everyone that is new to this industry will need some sort of training and most likely will be most successful with in person training where they have to show up Mon. - Fri.

That being said, I don't think you HAVE to start captive to get the best training.

It really depends on the local office/trainer/manager/up line. If you get along with them, and they are truly helping you succeed then you will get a CHANCE to succeed.

If you already know you want to end up Indy, I would start with someone who is going to help you get there faster.

That's my $0.02