Hello, Just wanted to ask a quick question about selling certain lines. I am very familiar with the Life Insurance industry (several friends have/ still do it on the independent side), 5 years ago I got a license but decided to stick with what I was doing at the time. Now I am older and I was thinking about pursuing it again, was contemplating doing Auto and Home. My question is, is the model of selling the same with Home and aAuto as it is on the Life Insurance side. I am basically familiar with the Independent Life Insurance side, where you get a license, join an IMO and buy leads, or does it resemble more of a Captive agent model?
Differences in selling certain lines.
- Thread starter BrianBDE
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- 2,357
No, totally and utterly different.
It can. but typically being captive on P&C would make you captive on Life. You can be independent but much it is much more laborious to start.
I would not head into P&C right now, its a dumpster fire.
Best of luck
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He can have my job
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- #4
If you don't mind me asking how so? I do know that it's not like getting a contract from a carrier.
What I had in mind was, and I would have to use an example, I know someone (which is where I got the thought of doing this from), who works remotely and sits at home from 9-6 and takes incoming calls.
The thing about Life insurance is that I really don't feel like driving to peoples houses and dealing with the no homes and "Sorry I forgot now is not is a good time" which I know is part of the business but I just don't want to deal with it right now.
A ton of agents do exactly that with life insurance.
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- #6
yes, but don't you have to buy those incoming calls (leads), at least that's what I have been told.
I have also been told that half of your job in Life Insurance especially if you decide to sell Final Expense is tracking down missed premium payments so you don't get chargebacks.
Then these people are probably not making a lot of money. (You're not going to get paid a lot just to sit on the phone and write business when getting the leads themselves is the hardest part of the insurance business).
Not my experience but I guess that depends on your market (I do not write final expense). A lot of the health markets are much more reliable: medigap, disability, LTC, etc. where you're not chasing people who don't pay. Even traditional term is pretty sticky if you're not selling overpriced policies (like "mortgage protection").
It can still happen but every market is different and there are opportunities everywhere if you're looking and/or are willing to invest (money or time).
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- #8
I think they get base plus a bonus. It's auto insurance for a national brand. They just sit there and takes incoming calls all day. I know that they are licensed in multiple states. Maybe they are is more of a customer service person who upsells a current policy.
- 2,357
I dont mind you asking. Yes contracts totally different. In fact acccess to carriers can range from very hard to impossible. Follow up and Ongoing - Totally different. Compensation - Totally different - maybe 80% on 1st year term vs 10% every year on an Auto. Most folks need life insurance but struggle to actually procure it. Most folks know they need Auto/Home and just want to save money.
I know those people too
I do not know much about this.
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- #10
Thank You. A lot to think about.
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