Career Direction Advice (Medicare)

[Lvm82]

In May of this year, I applied for a position in the underwriting department of State Farm. I didn't think they were going to call me because it has been 3 months since I applied.

So I went ahead and registered with an Fmo/imo to sell medicare and final expense. One carrier contacted me to do some seminars and I'm in the process of getting my marketing/lead strategy together since this is my first time. Basically, I am gearing up to hit the ground running for Aep as well as setting appointments for final expense.

Problem is the job I applied for in May for the Underwriting department called last week. They offered me the position but said I can't have any appointments. I thought that was mainly the rule for agents applying for sales position within the company. Even though it's underwriting, I guess the rule makes sense. This position starts in October.

So now I'm trying to figure out if I should go ahead and take the job or go ahead and push on with my business as an independent agent. I am in the process of getting everything set up with my seminars and other marketing strategy and I'd hate to give up now. I know it's going to take hard work and some years of hustle and bustle to work the business, but If I take the job there is no telling when I will when start it up again. I'm also not too crazy about doing a 9-5 but something steady and where I can save is always good. On the other hand I do want the training and experience from the job, the pay is $45,000, not much but steady. You do work from home most times, and I really don't feel like interviewing for another job.

I did have some funds saved up for leads/marketing in addition to a part time job that's holding me over a right now to start medicare and final expense but I'm going to have to get some income coming in soon in the future.

So my question is starting out with medicare and final expense, is it wise to have a full time job while your starting the business? They say we are in a recession and especially inflation so is it wise to just take the job, save up some money temporarily, then come back to medicare and life? If I work on seminars and direct mail leads can I expect to make atleast a steady income of $40,000 or more in the first year or two.

What would you do? I guess I need to make my decision by October 1st.

 

[Midlevel]

When I first got licensed for investments and insurance I applied for and was offered a job at a major bank in my town as an investment advisor. Then a couple days later someone internal had applied and they gave it to him. I thank God quite often I didn't take the job wearing a suit and tie and having an office next to the President of the bank with quotas to make and low commissions.

The freedom that comes with being independent is priceless. First 5 years may be a little lean but after that the rewards are amazing. I work maybe 30 hours a week other then during AEP where I step it up to 40-45 hours. Countless vacations throughout the year and golf whenever I want. Not gonna get that with a 9-5 job and you will probably be making about the same income at State Farm 5 years from now as when you started. Income potential is unlimited selling Medicare insurance.

 

[straightnochaser]

In May of this year, I applied for a position in the underwriting department of State Farm. I didn't think they were going to call me because it has been 3 months since I applied.

So I went ahead and registered with an Fmo/imo to sell medicare and final expense. One carrier contacted me to do some seminars and I'm in the process of getting my marketing/lead strategy together since this is my first time. Basically, I am gearing up to hit the ground running for Aep as well as setting appointments for final expense.

Problem is the job I applied for in May for the Underwriting department called last week. They offered me the position but said I can't have any appointments. I thought that was mainly the rule for agents applying for sales position within the company. Even though it's underwriting, I guess the rule makes sense. This position starts in October.

So now I'm trying to figure out if I should go ahead and take the job or go ahead and push on with my business as an independent agent. I am in the process of getting everything set up with my seminars and other marketing strategy and I'd hate to give up now. I know it's going to take hard work and some years of hustle and bustle to work the business, but If I take the job there is no telling when I will when start it up again. I'm also not too crazy about doing a 9-5 but something steady and where I can save is always good. On the other hand I do want the training and experience from the job, the pay is $45,000, not much but steady. You do work from home most times, and I really don't feel like interviewing for another job.

I did have some funds saved up for leads/marketing in addition to a part time job that's holding me over a right now to start medicare and final expense but I'm going to have to get some income coming in soon in the future.

So my question is starting out with medicare and final expense, is it wise to have a full time job while your starting the business? They say we are in a recession and especially inflation so is it wise to just take the job, save up some money temporarily, then come back to medicare and life? If I work on seminars and direct mail leads can I expect to make atleast a steady income of $40,000 or more in the first year or two.

What would you do? I guess I need to make my decision by October 1st.

$45,000 per year is a salary for state farm underwriters? That is incredibly low...

 

[Lvm82]

The freedom that comes with being independent is priceless. First 5 years may be a little lean but after that the rewards are amazing. I work maybe 30 hours a week other then during AEP where I step it up to 40-45 hours. Countless vacations throughout the year and golf whenever I want. Not gonna get that with a 9-5 job and you will probably be making about the same income at State Farm 5 years from now as when you started. Income potential is unlimited selling Medicare insurance.

That's true. I read the indeed reviews and they say they there's little to no promotion like they tell you and the bonuses are low especially for the large amount of production they push on you and expect out of you. I was only considering taking it because I don't want to run out of funds or savings that I might have to spend for lead marketing or charge backs of the business. But my Imo/fmo is telling me that I really don't need to spend money on the medicare side. They told me just find some senior centers/facilities and ask/offer to do seminars. So I was just nervous about the risk of spending or overspending vs. return. But I guess we all have to take that risk. It takes money to make money. While the comfort of steady job is handy, I know all my time will go into the job and I will just abandon the business. Plus you never know how long you will be there with layoffs and such.

 

[Lvm82]

$45,000 per year is a salary for state farm underwriters? That is incredibly low...

Oh sorry, it's actually an underwriter assistant. At one point I was considering studying to be an underwriter so I thought this position would be good experience and training for my resume. Now I'm strongly reconsidering.

 

[Bevo]

Everyone is different. So asking "What would we do..." likely won't give you the correct answer of what YOU should do. Success is 90% psychology. Most people fail in business because they can't pick themselves up when they fall. It's not enough to know "what" to do. Success in any business is being able to consistently "do it".

To do that, you have to have a big enough reason why. Something so compelling and large, that no matter what you'll keep going even when you're staring at a blank bank account or can't meet payroll, or your credit card balances give you a mini-stroke. It's stressful and can be lonely as hell, and there's a reason why 4.9 out of 5 bails in this business their first year.

I'm 15 years in and can wake up and do whatever I want, however I want, whenever I want. My driving force was FREEDOM, and I hate shitty bosses and shitty people. I completely burned the ships when I entered this business with only $2000 to our name and a 6-month-old son. Most people can't handle it. If you're contemplating $45K per year worth of security with State Farm, you might not be a person who can.

If you choose to go for it on your own, find that reason. If you fail, your reason wasn't good enough.