Hello from S.E. North Carolina

Nov 10, 2007

  1. gradyinsurance
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    gradyinsurance Super Genius

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    Hello, I'm a new agent in NC, and am really glad to be joining the forum. I grew up in the insurance business (dad was a 30 year veteran), and have "inherited" the agency. He died a few years back, and my mom basically just kept it floating (not making any new production, just maintaining old business as best she could) until I got old enough to get a license, at which time she decided to pursue a new career path, and "Gave" me the agency. I have a small office in a small (500 pop.) town, and we are L&H only, mainly life. I also got about 2000 case files, maybe 50 of which are still active, and the newest of them are 8 years old (when my dad died). Most date back even farther, so they haven't been much help. I've been in business for 4 months, and so far, I've sold a couple of small life policies, (contracted with Genworth, Life Investors, & United American, working on more), made a little money, although gas on one of my cases ate up ALL of the commission:err:. But it was a case, and it was something to show for my work, so I guess it was a success. We bring in a little less than 1,000.00 per month in renewals/residuals, plus whatever new commissions I can bring in. I own the office, the utilities are cheap, I do not have E&O at this time (just can't afford it, but it does limit my choice of companies), I do at least have a car (2 actually), but they are oldies that my dad had (a 94 Lincoln and an 86 Mercedes), and although I don't have enough money to do better (and they are practically worthless), they are costing me an arm and a leg to keep running and to put gas in, so when I go on a call and it falls through, it really puts a drain on my finances. I'd like to get into the P&C Business, but everyone I've ever talked to about it made it seem impossible, unless you have worked for an agency for a while, something that I cannot do, because of my circumstance with trying to keep my dad's old agency going. I was planning on going to work for my uncle who has a full service agency, to learn all of the "finer points" ;) of the business, but my aunt had a stroke about the same time I was getting my license, and he wasn't financially prepared, so that is out.
    But, anyway, I am really glad to have found a place where I can talk insurance and learn more about the business.

    Thanks, Dave.
     
  2. gradyinsurance
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    gradyinsurance Super Genius

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    Oh, I forgot to mention, when I got the agency it came with a small trailer park on the other side of town, the income from that is what is keeping me afloat right now.

    Thanks, Dave
     
  3. Cenla Agent
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    Cenla Agent Guru

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    I haven't dealt with life much, but my understanding is that E&O is pretty much a must with life. Depending on who you get contracted with (the carriers offer discounts based on that), you can get it for maybe $60 per month if you pay it monthly. You can search the archives for several threads on E&O. I think you can get it pretty cheap since you are contracted with Genworth, but what I am thinking of may only be for captive Genworth agents who are focused on LTCi.
     
  4. gradyinsurance
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    gradyinsurance Super Genius

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    I've actually been able to find quite a few companies that don't require E&O for their life products. ING Reliastar, Columbian Mutual, Fidelity Life, Old Mutual (F&G), Pioneer American, Citizen Security, and a couple of others I can't remember. So, as far as companies, I feel like that I have what I need. I'll check on E&O via Genworth, but they didn't ask about it on the contracting paperwork, so I didn't ask about it. I know that the "Big Name" carriers, AIG American General, Met Life, West Coast Life, etc. do require E&O. Genworth and Life Investors, my two primary carriers, don't, and have fairly competitive rates. As far as health, I'm not really in it, I can't seem to find anyone who can afford it. I'm only appointed with United American, and their product line is lackluster at best. I do not have a license for LTC/Medicare Supplement (long story), so I can only work with regular Health Insurance. Don't sell any DI either.

    Thanks, Dave.
     
  5. GreenSky
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    GreenSky Guru

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    You might consider adding Final Expense. Residents in and around trailer parks are great prospects.

    Rick
     
    GreenSky, Nov 11, 2007
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  6. Cenla Agent
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    Cenla Agent Guru

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    I know there are carriers that don't require it but was saying that most would say you need it for your own good. And it is not that expensive, maybe a few dollars a day if you do your homework.

    You can contact your GA or the companies themselves and ask for some guidance but what I meant was calling the E&O carriers like AON (I think they offer the discount for Genworth, but what I'm thinking of may only be for captive agents), Calsurance and Firemans' Fund. You tell them who you are contracted with and they will quote you based on that.

    Licenses must be different in NC than LA and many other places. Here if you have a regular L&H license you can sell any health products. Medicare Supplements are easy once you understand Medicare. I remember having to know it for my test, but as you say your license doesn't include it.

    As for UA, well all they have that I know of is their limited pay plan, so I'm sure some of the individual health gurus here will be glad to know you don't sell it. :)

     
  7. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    Maybe a good place to start is call two of those old clients each day. Take note of their renewal dates for auto and home policies. Ask if they have CDs. Do a quick fact find to see what products you have that might help their situation...maybe not now, but perhaps months down the road.

    Add some vending machines to the Trailer Park. OK. I know nothing about Trailer Parks. But it seems like a good idea.
     
  8. gradyinsurance
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    gradyinsurance Super Genius

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    Thanks. :). I'm going to try that first route. It can't take up too much of my time, being that I feel lucky to have 3 appointments a week :embarrassed:. I'll calling on old cases today. My phone presentation is very poor, I don't have a script to go by, so I guess I'll search through the forums to look at different scripts.

    Thanks, Dave.
     
  9. theman700
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    theman700 New Member

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    Location doesn't have to slow you down. Over time you can become proficent at selling life/health via phone,internet & mail making your rural location not an issue.
     
  10. BKrocko
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    BKrocko Guru

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    Search the E&O threads - Get your E&O now. It is a small overhead business expense (tax deductible). It may not help if you ever really needed to use it, but it's standard operating procedure to have it. Don't let something that small stand in the way of your success.

    Strange - it sounds like you were given a blessing and heartache at the same time. Most of us would give our left (nevermind) to start out with an office and base income while being independant. You have a unique opportunity - but only you can decide if you really want it.
     
    BKrocko, Nov 12, 2007
    #10