I have a Life and Health License and also a series 7. I am considering joining an insurance company as a career agent. My options so far are Bankers Life, Prudential Advisors, Penn Mutual and Mutual of Omaha. The comments on the forum on Bankers Life have been pretty one sided. I do not know what I do not know yet any advice would be helpful.
Career Options for Agent with Life License and Series 7
- Thread starter 2bgeorge
- Start date
- 15,041
What about Guardian, New York Life, Mass Mutual, and Northwestern Mutual?
- 11,271
What part of California are you in?
There are various "options" out there, but I want to know about how you earned your Series 7. Which firm sponsored you, how long have you had it, were you in back-office staff or were you in production, what was your production, what did you sell, who did you sell to, and do you want to keep your Series 7?
What do you see yourself doing? What have you done with your licenses before?
See, here's the problem: You're asking the question like you're looking for a JOB. In this industry, those who are "looking for a job" get slaughtered. You need to interview THEM, more than they interview you. The more questions you ask them, the far better off you'll be AND the more they'll want you.
Interview Part 3 - Guide to Interview the Interviewer
Once you know what you want to do and who you want to do it for (what markets you see yourself succeeding in), it'll be far easier to help you in the best way.
There are various "options" out there, but I want to know about how you earned your Series 7. Which firm sponsored you, how long have you had it, were you in back-office staff or were you in production, what was your production, what did you sell, who did you sell to, and do you want to keep your Series 7?
What do you see yourself doing? What have you done with your licenses before?
See, here's the problem: You're asking the question like you're looking for a JOB. In this industry, those who are "looking for a job" get slaughtered. You need to interview THEM, more than they interview you. The more questions you ask them, the far better off you'll be AND the more they'll want you.
Interview Part 3 - Guide to Interview the Interviewer
Once you know what you want to do and who you want to do it for (what markets you see yourself succeeding in), it'll be far easier to help you in the best way.
- 11,271
Oh yeah, I am biased, but you might want to read this thread too:
https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/
https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/
- 4,017
I'm not going to bad mouth a company with which I've had no direct experience. But other agents opinions of a particular company definitely play into whether I'd consider working with said company.
Now as far as what you should pursue, I agree with DHK that you need to first determine what you want to do. In what market do you see yourself being most successful? Your licensing, qualifications, and experience should be considered, but should not necessarily be the determining factor in your decision.
I got my series 6 at one time because I was going through the hiring process at one of the big captive companies, and they required it (and others). However, I found myself gravitating mainly to serving middle and lower income families, and ended up changing to a company that was more suited to that market. I ended up letting the series 6 go at renewal time because I just didn't need it (and my company wouldn't support it).
I've since left that company, but I've continued that same market focus for nearly 3 decades, and I couldn't be happier.
Now as far as what you should pursue, I agree with DHK that you need to first determine what you want to do. In what market do you see yourself being most successful? Your licensing, qualifications, and experience should be considered, but should not necessarily be the determining factor in your decision.
I got my series 6 at one time because I was going through the hiring process at one of the big captive companies, and they required it (and others). However, I found myself gravitating mainly to serving middle and lower income families, and ended up changing to a company that was more suited to that market. I ended up letting the series 6 go at renewal time because I just didn't need it (and my company wouldn't support it).
I've since left that company, but I've continued that same market focus for nearly 3 decades, and I couldn't be happier.
- Thread starter
- #6
Thank s for the responses. My primary interest is working with customers who have a need for a fixed income alternative. I have has a securities license since 1979, the firm that sponsored me is no longer in business. I earned my series 7 by passing the test, the rest of the things I learned after that came from real world experience. I am in San Diego.
- 11,271
Okay - San Diego has every major career agency you can think of - including Northwestern Mutual, MassMutual, Guardian, New York Life, and others.
I would be partial to MassMutual or Guardian because I know you can sell fixed indexed annuities through them. MassMutual only allows their registered reps to sell FIAs through their approved list through their B/D and I think they have competitive life insurance products as well.
I've been with both MassMutual and Mutual of Omaha, and MassMutual operates at a "higher level" that Mutual of Omaha - more comprehensive in their planning approach while MoO was more 'modular' in trying to solve one problem at a time and call it 'comprehensive'.
I don't think Prudential or Penn Mutual have anything that you can't get as an independent, but I could be wrong. Mutual of Omaha has a guaranteed issue life insurance product that is available ONLY through career agents, but I'm going to take a guess that it isn't a deciding factor for you.
You've been in the business a long time, so I would think you'd need a B/D that can keep up and work with you on your level. Of all the insurance companies, I think you'd be happiest at MassMutual and MMLISI.
Here's the agency site for their agency in La Jolla:
MassMutual Pacific Coast | MassMutual
I would be partial to MassMutual or Guardian because I know you can sell fixed indexed annuities through them. MassMutual only allows their registered reps to sell FIAs through their approved list through their B/D and I think they have competitive life insurance products as well.
I've been with both MassMutual and Mutual of Omaha, and MassMutual operates at a "higher level" that Mutual of Omaha - more comprehensive in their planning approach while MoO was more 'modular' in trying to solve one problem at a time and call it 'comprehensive'.
I don't think Prudential or Penn Mutual have anything that you can't get as an independent, but I could be wrong. Mutual of Omaha has a guaranteed issue life insurance product that is available ONLY through career agents, but I'm going to take a guess that it isn't a deciding factor for you.
You've been in the business a long time, so I would think you'd need a B/D that can keep up and work with you on your level. Of all the insurance companies, I think you'd be happiest at MassMutual and MMLISI.
Here's the agency site for their agency in La Jolla:
MassMutual Pacific Coast | MassMutual
If you have skills to bring in clients, any independent RIA could hire you. If you don't have them, then any of the major carrier shop would be fine. You have to pick the one that fits your style. Mass Mutual is generally better latter on if you become independent. However, interview with all of them in the San Diego area. Let them sell you their cool aid. Good luck.
I'm not looking to go the career route.. but if I were .. I would definitely inquire about Penn Mutual.. from a product standpoint, they are very competitive. They have a one of the best Whole life products, one of the best IUL's , and one of the most competitive GUL's out there .. their terms like most mutuals are not great but I think they recently got more competitive.
It's nice knowing the company you work for has one of the best products out there to fill most of your client's needs.
Their underwriting is also pretty lenient in my opinion.
I don't know anything about their career system.. that of course could be more important than the product side
It's nice knowing the company you work for has one of the best products out there to fill most of your client's needs.
Their underwriting is also pretty lenient in my opinion.
I don't know anything about their career system.. that of course could be more important than the product side
Jboussea,
Don't believe all the cool aid from Penn Mutual. I also sell their products by the way. You can't have an insurance company that has all the best products and also lenient underwriting. If you have excellent health, why would you go to a mutual that has lenient underwriting. They have a pretty good whole life product(), it also has direct recognition.
There are pros and cons to direct/non-direct recognition. Most Penn Mutual folks believe direct recognition is the only way to go.
At the end of the day, you are comparing insurance company illustrations on what their dividend is going to be in year 45. It is just an estimate.
Penn Mutual tried to hire me as a career agent few times. They claimed they beat anyone and had the best illustrations. They claimed that they can close 100% of the time. I said if you are selling whole life insurance based on rate of return, something must be wrong with your overall sales process, you must be leaving a lot of money on the table each time. They stopped calling me. I call them when I need them.
Don't believe all the cool aid from Penn Mutual. I also sell their products by the way. You can't have an insurance company that has all the best products and also lenient underwriting. If you have excellent health, why would you go to a mutual that has lenient underwriting. They have a pretty good whole life product(), it also has direct recognition.
There are pros and cons to direct/non-direct recognition. Most Penn Mutual folks believe direct recognition is the only way to go.
At the end of the day, you are comparing insurance company illustrations on what their dividend is going to be in year 45. It is just an estimate.
Penn Mutual tried to hire me as a career agent few times. They claimed they beat anyone and had the best illustrations. They claimed that they can close 100% of the time. I said if you are selling whole life insurance based on rate of return, something must be wrong with your overall sales process, you must be leaving a lot of money on the table each time. They stopped calling me. I call them when I need them.
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