Going back in the insurance business

[wfs]

I've been out of the biz for about 9 years. I used to sell part time for a variety of companies - mostly term, but did some VUL and mutual funds too. I want to come back, but I want to come back full time. Times have changed, but here's where my head is at:

1) I was thinking about State Farm, but it seems to be too much financial burden for the agent. I think I can do better independent.

2) I was thinking about marketing term insurance on the internet and processing via web or on the phone. I have no idea which are the best "e-friendly" companies where apps can be taken via the web, etc...

3) I am interested in term and UL with decent renewals.

4) I really only want 2 or 3 primary companies. Back in the day I was writing for First Colony (Genworth) and The Midland (Reassure America).

5) I think I want to maximize internet marketing by purchasing leads and advertising my own site. I will put a site in place that offers instant quotes from the sites that I represent.

I am still in the exploratory phase of re-entering the biz. I don't want to make the same mistakes of the past. Ideally, I will keep my F/T job initially. I make over 6 digits in my FT job, so replacing that will be a challenge. I figure I can keep my expenses low by not getting an office and working from home.

Any thoughts/comments/ideas?

Thanks

 

[Mark]

Welcome to the forum. We are glad to have you on here. I think you will find what you are looking for on the forum.

 

[insuranceexec]

Do you still have your licenses?

 

[wfs]

Do you still have your licenses?

Nope. It's been 9 years and I've moved to a different state. I'm going to get my L&H most likely by the end of the year.

I used to also have Series 6/63/26, but I have no interest in securities at this time.

 

[insuranceexec]

Nope. It's been 9 years and I've moved to a different state. I'm going to get my L&H most likely by the end of the year.

I used to also have Series 6/63/26, but I have no interest in securities at this time.

I have seen a great deal of change in the business in the last 9 years or so. I think you will find that more prospects are looking for somebody to provide them the cheapest insurance possible, with all the new access to rates, via the internet. I say this only because you had previously stated that you were intrested in finding a couple of core companies to run with.

I think you may be better suited to just take it case by case in the beginning. From there you should be able to determine which companies are going to be the best suited for the clients that you are dealing with.

Today I wrote a case on a 79 year old, and of course every agent has the companies they prefer to deal with, but the difference in premium for the exact same guaranteed coverage was astounding.

Genworth had a $17K a year premium, while hancock was $19K. One company that I use alot is Lincoln Financial, which used to be Jefferson pilot, and is generally close in premium came in at almost $23K per year.

The last thing you want to have to explain to your client is why you sold then the Lincoln Policy, when you know you had access to the Genworth. Just trying to save you some headaches down the road. Good Question and keep up the info gathering.........

 

[wfs]

I have seen a great deal of change in the business in the last 9 years or so. I think you will find that more prospects are looking for somebody to provide them the cheapest insurance possible, with all the new access to rates, via the internet. I say this only because you had previously stated that you were intrested in finding a couple of core companies to run with.

I think you may be better suited to just take it case by case in the beginning. From there you should be able to determine which companies are going to be the best suited for the clients that you are dealing with.

Today I wrote a case on a 79 year old, and of course every agent has the companies they prefer to deal with, but the difference in premium for the exact same guaranteed coverage was astounding.

Genworth had a $17K a year premium, while hancock was $19K. One company that I use alot is Lincoln Financial, which used to be Jefferson pilot, and is generally close in premium came in at almost $23K per year.

The last thing you want to have to explain to your client is why you sold then the Lincoln Policy, when you know you had access to the Genworth. Just trying to save you some headaches down the road. Good Question and keep up the info gathering.........

Thanks. I suppose it doesn't matter how many companies I have a contract with. I will find my "core companies". Back in the day, I had about 7 or 8 companies.

Term insurance was not as popular back then - at least not in the public's eye. I started selling term insurance in 1991 and many clients never even heard of it then. My how things have changed.

Competing online with term quotes should be interesting as it is a new direction for me. I am used to the 2 hour appointment at the customer's house.

I've never been P&C licensed, but I may consider it if my business becomes more "local based" instead of tele-term.

I do know what I am looking for this time:
1) Good renewals. Most of my old contracts paid a measly 1% on term.
2) Fast underwriting
3) No production commitments. I don't need those as I start up. Been there - done that.
4) Easy application - teleapp, etc...

I would also like to add a few decent indexed ULs to my product portfolio. I've got lots of homework to do... So many choices...

It seems that this is a good board with lots of professionals willing to help. I'm glad I found this forum.

 

[somarco]

I am used to the 2 hour appointment at the customer's house.

You will learn to get over it.

Very few folks want to entertain an insurance agent in their home, much less for 2 hours.

I haven't been in front of a client (except for coffee) in years. Spending 2 hours doing a financial needs analysis, running quotes on a laptop, trial closes, etc. is for the birds.

If you are looking for renewals you are going to have to push perm insurance. It is easier to find a whore in church than a term with renewals.

 

[The Rabbi]

You will learn to get over it.

It is easier to find a whore in church than a term with renewals.

I thought the churches were full of them!!! After all, they are hospitals for sinners.

Needle in a haystack. That's a good analogy of renewals on term. Internet term is a telemarketing fast paced deal just like health. Connect with an MO that has a quoting system for many companies. There are plenty of them. Let me know if you need one. I can refer you to them. Try to connect with business owners for perm life.

 

[SportsNut]

If you are looking for renewals you are going to have to push perm insurance. It is easier to find a whore in church than a term with renewals.

A friend has recently mentioned about all the cool things going on at their church... I just thought it was a lame attempt at luring me into their web... maybe there is another reason to check it out... hmmmm

 

[wfs]

Thanks for all of your posts. I am starting to get excited about insurance again! Just like back in the "old days".