Hello from the Volunteer State (Tennessee)

[Tennesseehorn]

Hello All,

First of all HAPPY NEW YEAR! Secondly this first post may be a bit long and I want to apologize up front for that. I have been observing (lurking) on this board for the past three weeks. I must say that after many years in medical sales my BS meter is pretty accurate. Although I am not a licensed agent I have found that the posters on this forum seem to be genuine in their comments and advice. THAT really impresses me. As I am sure you all know that there are a lot of "questionable" sales people out there that tend to give everyone in sales a bad name. That being said the reason for this post is to gather opinions and advice from posters on this forum as to where I need to be directing my energy for the future.

Let me give you some background on me so that you know where I am coming from. I am 49, live in Nashville Tennessee and have both an Engineering degree and a MBA (probably not relevant but I want you to understand my background). I was an engineer in the oil & gas industry for 10 years. When oil went to $15/barrel that was my clue to think about another career path. I moved to Nashville, TN with my wife and daughter in 1992 and have been in medical sales since. Well as some of you know when there are changes in upper management there are usually changes in the trenches. I received an exit package back last April (2008) so I have been on the market ever since. I am at the point where there are not a lot of positions at my level and unfortunately I don't look it but I think age is creeping into the equation when it comes to offers.

I am still looking and most likely will land something in the near future. My wife is an RN so monetarily it's not very uncomfortable right now but it will become uncomfortable in the future. Again, I am at a crossroads in my professional career and I am look very seriously at doing something where I have much more control over my destiny. I am contemplating taking the various Insurance license exams but I do have a few questions for those on this board that have the "notches in your belt". I have been approached by Farmer's (they pulled my resume off of Careerbuilder.com) offering me an opportunity to possibly work for them. They basically want to build new agencies around the area of Nashville where I live. I am learning about captive verses independent agents but I still have a tremendous amount of knowledge to soak up and this forum is fantastic!

Here are some of my questions:

1. Based on my sales background is it easier to sell insurance verses someone who, let's say comes from a mortgage background? I realize some will say selling is selling but that is not always the case. I would like to know what backgrounds some of you have had before getting into Insurance. I realize some of you may be generational in Insurance but I am willing to bet the majority came from different backgrounds prior to becoming an agent/broker.
2. Since I am 49 and I realize that it's never too late for anything, how hard will it be to start from scratch? I most likely will get a job in medical sales in the near future due to having to eat but I really want to make the transition from working for a corporation where there really is no job security and age (perceived or not) can and does become a factor.
3. Right now I am willing to work "full time" at getting my various insurance licenses as fast as possible, and realize that I should've started 6 months ago but that's water under the bridge. However, if something comes up medical sales wise I will need to take that opportunity but still work part-time to get any licenses that I haven't tested for yet. Since I would like to generate a "living" income as soon as possible with insurance it seems that working as a captive agent for Farmer's, State Farm etc, is the way to go but how would that hinder or postpone going out as an independent and is that even the best route since I am on the back-side of my working career? I also realize that depending on the line of insurance you want to sell various companies would be great while others would be lacking.
4. Concerning testing, I live in Tennessee so obviously the insurance tests will focus on state law, but what is the fastest way (test-prep materials) or method to study for the license testing?
5. I realize some may have a calling to various areas of insurance (Life, Health, LTC, P&C and Commercial, I am sure I missed a few) but I want something that can generate good income but yet be challenging and fun (if that is possible) at the same time? I am willing to take a little less commission if I really enjoy a specific type of insurance. How hard is it to start out in each of those areas? For example is P&C hard to start in without a BoB? Also is commercial insurance viable for an independent agent and what are the commissions like? I realize that targeted marketing and referrals are the real way to build a business but getting started is usually the barrier that stops a lot of people from entering that market.

I know that there are many questions I haven't even thought of yet but this is just a start for me. I also will use the "search" feature more in the future but since this is a intro forum I wanted to lay everything out on the table. Finally in closing thank you for bearing with me since you have read this far in my post. I hope that I will, someday be able to give my sage advice to newbies that are thinking about insurance as a career.

Happy New Year and good luck in 2009!

Tennesseehorn

 

[insuranceexec]

First let me say hello and welcome to the forum.


You do have a great many question, and your idea of searching on here to find some answers is spot on!

I will give you a brief run down on captive vs. indy:


If you are truly new new to selling insurance I would probrably suggest starting captive. Captive agents for the most part; there is always an exception, provide a great deal of support to new agents. the downside to being captive is your lack of product offerings and comp. You mentioned Famers, so I assume you are looking to sell car insurance. If P&C is in your future and you still want to go indy I would suggest looking at Superior Access or www.siaa.com. You own your block of business from day one.

We have a similar educational background. A double BS in Structural engineering and finance. A masters in Macro Economics, and am currently in law school. I am a glutin for punishment, and a very modern day NERD.........LOL

But then again I am in this businss and use none of my degrees........Go Figure! More money in insurance.

 

[Ranger]

Hello,

I am new to the board as well and am a TN resident. I am also an older person who got my license when I was pushing 50. The key when you take your licensing classes is to not get sidetracked. The whole purpose of the course is to help you pass the licensing exam. I took both L&H and P&C courses and passed the first time through.

There were students in both classes that I took who wanted to sidetrack into "how to sell insurance" topics. Both instructors
tried to stop as much of those conversations as possible because their job is to "help students pass the test" not teach them to sell insurance.

Purchase the practice exam cd and go through it until you're sick of it and take the test as soon as possible after you finish the class.

I've looked at several threads on this site and there's a lot of good information.

I haven't contracted with any companies yet as I am trying to work out how I'm going to operate.

I would specifically like to know how many of the folks who post here work out of their home versus renting office space.

The instructor for my L&H class said more than once that he didn't see the point in getting an agency license as you could earn just as much with a producer's license.

Does anybody have any comments on the merits of having an
agency versus being a solo producer working from home?

Thanks!

 

[Tennesseehorn]

Ranger,

I also read through hundreds of threads on this forum and there probably is no question that hasn't been asked and answered (sarcastically or not). I decided to buy the Kaplan practice test CD for both L/H and P/C. I also did my prerequisite H/L 20 hr course online with Examfx. I got to the point of getting at least 80% on all the tests. When I took the Tennessee L/H test I got half-way through it and thought there were trick questions because they seemed so easy. I guess taking the tests over and over really does make you "learn" the material.

I passed the L/H test and received my producer license last week. I am however, still in medical sales and plan on keeping my license current so that when I build up enough "reserves" so that my wife and I can live close to our current situation with what income I will initially produce from insurance I will "retire" from medical sales and move over into insurance. I know an independent agent in my town and he said that he will give me the independent agent side of insurance while a good friend of his will talk to me about being a captive agent. I feel that I can sell insurance until I keel over without having to worry about anyone else's business but my own.

You mentioned that you are 50. I will turn 50 this year but don't look it (thankfully). However in medical sales just as in other sales fields there is subtle age bias so that at a certain point you will not be hirable which given the experience one brings to the table is sad but true.

Good luck with your goals.

TennesseeHorn

 

[insuranceexec]

Hello,

I am new to the board as well and am a TN resident. I am also an older person who got my license when I was pushing 50. The key when you take your licensing classes is to not get sidetracked. The whole purpose of the course is to help you pass the licensing exam. I took both L&H and P&C courses and passed the first time through.

There were students in both classes that I took who wanted to sidetrack into "how to sell insurance" topics. Both instructors
tried to stop as much of those conversations as possible because their job is to "help students pass the test" not teach them to sell insurance.

Purchase the practice exam cd and go through it until you're sick of it and take the test as soon as possible after you finish the class.

I've looked at several threads on this site and there's a lot of good information.

I haven't contracted with any companies yet as I am trying to work out how I'm going to operate.

I would specifically like to know how many of the folks who post here work out of their home versus renting office space.

The instructor for my L&H class said more than once that he didn't see the point in getting an agency license as you could earn just as much with a producer's license.

Does anybody have any comments on the merits of having an
agency versus being a solo producer working from home?

Thanks!

I do not work out of my home, even though I have a home study. I have a retail office whereby my clients can come in and see me if they choose.

There are a good many agents here on the board that work from home, and for the most part seem pretty successful.

As far as working solo I have done it and do not care for it. There are a good many "seasoned" agents that will help mentor you; which in my opinion is needed in today's environment.

Find a good mentor in your area; or at the very least someone you can talk to on the phone. Depending on your market I may be able to help; just let me know.

 

[magooandme]

Hello welcome to the forum and good luck on your goals. I am an independent and work from my home office after being captive for almost 10 years. Captive taught me how to sell life insurance, and health plans.

 

[bluemarlin08]

Tennesseehorn,
I live in the Nashville area, been in the business 30 years, contact me and we can chat.

 

[bluebunnyins]

welcome

 

[maxjlone]

Hello, Welcome to the forum.