Considering getting into the insurance industry, need advice/direction!!

Jun 8, 2008

  1. GT350
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    GT350 New Member

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    Hello all,
    I am possibly looking at a career part-time or possibly full-time as a Life insurance agent because the Director of Sales from Sagicor Life approached me and wanted to sponsor me if I got my Life, Health and Variable Annuity license. Basically he told me I would be mainly doing 401k rollovers but that they had many other products that he puts clients in such as Fixed annuities, etc. He said I could make alot of money in this industry.

    So what can I expect from the insurance industry? Any advice, heads up you guys can give me? Thanks

    Jeff
     
    GT350, Jun 8, 2008
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  2. xrac
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    xrac Guru

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    So how about a little information about yourself? What kind of experince do you have, what industry are you in now, what kind of money are you use to making, what family obligations do you have, etc. Background helps in giving advice and helping to gage expectations.
     
    xrac, Jun 8, 2008
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  3. GT350
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    GT350 New Member

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    I have a mortgage and recruiting background. No experience with Insurance at all. My expectations are not high at all. I would be happy making $80,000 first year. No family obligations
     
    GT350, Jun 8, 2008
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  4. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    I understand that Sagicor has the base of it's US operations here in Tampa. Sounds like they're a big deal in the Caribbean.

    What you'll find is that you're captive to selling the products of a company that has no name recognition or track record here in the US. Might happen eventually, but for quite a while you're going to feel like a pioneer.

    What are they doing that is in any way unique or different?

    It'll take a while. Maybe a long while.
     
  5. xrac
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    xrac Guru

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    For most new agents they will do well to produced $30-$50K the first year. $80K is further out. Now it can be done it is just that most do not. Do you want to sell for a company headquartered in the Caribbean?

    A.M. Best Upgrades Ratings of Sagicor

    OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit rating (ICR) to "a-" from "bbb+" of Sagicor Life Insurance Company (Sagicor Life USA) (Austin, TX). Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the ICRs of "a" of Sagicor Life Inc. (St. Michael, Barbados) and its two operating life insurance subsidiaries, Sagicor Capital Life Insurance Company Limited (Nassau, Bahamas) and Life of Jamaica Limited (Kingston, Jamaica). In addition, A.M. Best has affirmed the ICR of "bbb" and debt rating of "bbb+" on USD 150 million, 7.5 % senior unsecured notes, due 2016 of Sagicor Financial Corporation (Sagicor Financial) (Barbados). The outlook for all ratings is stable.

    A.M. Best Upgrades Ratings of Sagicor Life Insurance Company | Business Wire | Find Articles at BNET.com
     
    xrac, Jun 9, 2008
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  6. GT350
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    GT350 New Member

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    So if I get my license I can get a more established company to sponsor me. Is that correct?

    What are some of the more established life insurance companies in the South East?
     
    GT350, Jun 9, 2008
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  7. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    You do NOT need anyone to "sponsor" you to get a license.

    Some of the more "established" life insurance names that have "career" shops (employee agents if you will) include: Guardian, New York Life, Northwestern Mutual, and MetLife.
     
  8. GT350
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    GT350 New Member

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    Oh ok gotcha. I guess he when he meant sponsoring he meant not working as a full time agent onsite.
     
    GT350, Jun 12, 2008
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  9. mmike160
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    mmike160 Guru

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    Hey bud,

    I got out of the mortgage industry after 10 years in December of last year. I got into Health Insurance and it was a good move for me. Find a local Independent Health Agent to teach you the biz.

    Mike
     
    mmike160, Jun 12, 2008
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  10. GT350
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    GT350 New Member

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    Thanks, good to hear from another mortgage guy. How would you compare it to the mortgage industry? Glad it's going good for you so far.
     
    GT350, Jun 13, 2008
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