Considering Getting into the Insurance Business

[mowest88]

I am sorry but did not want to scroll through 1000's of threads to find some advice from all of the incredible people on this site.....so I started a new thread. Here is my dilemma, I am in my upper 40's and I have been contemplating getting into the insurance/financial services industry for several years. I just have never taken that leap....but think that I am ready to do make a career change now. I have so many questions but let's start with these:

1. Should I consider P&C or L&H?

2. I do need to be able to pay my bills and believe that I will need to be in the 75K to 80K amount year one. Is that a realistic goal?

3. What companies should I be looking at? I am leaning towards captive at 1st to get the training and potentially a salary for 1st yr or 2.

4. I will start on a business plan right away....but would like to know how and what are the most effective leads after you have gone through all of your personal contacts?

5. Any other major considerations that I need to consider before quitting my job would be greatly appreciated!!!

GREAT SELLING TO EVERYONE!!!

 

[mudhound]

Oh goodness! It can take years to get to 70-80K per year!
Most new agents have to just take what they can get the 1st few years.
Most agents do not make it. Only about 2-3 out of a 100 qill still be at it in 1 year!
Of those, only 1 will make it another year.

 

[pcbinsurance]

"I am sorry but did not want to scroll through 1000's of threads"
********************
This is all I read. If you're not even willing to scroll through threads that will actually HELP you, I don't think you're cut out for this business.

 

[goillini52]

"I am sorry but did not want to scroll through 1000's of threads"
********************
This is all I read. If you're not even willing to scroll through threads that will actually HELP you, I don't think you're cut out for this business.

Be nice...it took him 7 1/2 years to make that 1st post.

 

[pcbinsurance]

Be nice...it took him 7 1/2 years to make that 1st post.

**************
He's been preparing to get prepared to learn about what he needs to do in order to consider getting into the business. He might have the 7 year itch too???

 

[DHK]

1. Should I consider P&C or L&H?

Yes, you could consider P&C and L&H. As to decide between the two, that's up to you. No one else can make that decision for you.

2. I do need to be able to pay my bills and believe that I will need to be in the 75K to 80K amount year one. Is that a realistic goal?

Most places don't offer salaries that last any more than 2-3 months. Your goal is only as good as your tactics to get there. See my answer to your #4 question.

3. What companies should I be looking at? I am leaning towards captive at 1st to get the training and potentially a salary for 1st yr or 2.

We can't answer that until you answer #1. Again, salaries, if any, would last only for up to 3 months maximum. And they're minimal salaries - such as $500/week, or draws against future commission payments.

4. I will start on a business plan right away....but would like to know how and what are the most effective leads after you have gone through all of your personal contacts?

The people you personally talk to with a skilled conversation.

5. Any other major considerations that I need to consider before quitting my job would be greatly appreciated!!!

Once you decide on question #1, and at least read the stickies in the different sub-forums... then you'll be prepared to ask some more detailed questions.

 

[shawnmwalker]

Posted again for the 100th time.

Well you have a decision tree here. I'll lead you down one path, but it is biased.

"Begin with the end in mind"- 7 habits of Highly effective people.

Decision #1:

What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond

Decision #2: Captive or Independent.

Captive:
Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.
Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.

Independent: :
Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.
Con: Starting out. Getting knowledge. Your personality type could sink yourself.

Decision #3:

Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:

Buy an agency.
Join a group.
Become a producer for an agency.
Get direct appointments.
Get an agency that provides the back end service so you can hunt full time.

You decide which one is best for you.


Decision #4: What group should I join?

There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.

Any group claiming to be best of class should provide the following:
1. Transparency
2. Training and support
3. Carrier Alignment
4. and a great Contract


I have been in Insurance for 13+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get board.

 

[laknight]

I would love to discuss some options for you. I have been in the industry for 30 years and can share with you the good and the bad...

To your question yes 80K is possible in the first year.

 

[HoosierLife]

I would love to discuss some options for you. I have been in the industry for 30 years and can share with you the good and the bad... To your question yes 80K is possible in the first year.

I feel an offer coming in by Private Message

 

[goillini52]

I feel an offer coming in by Private Message

In every thread so far.