Help a Rookie from Pennsylvania

Mar 23, 2016

  1. collura
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    collura New Member

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    i am interested in becoming a life insurance agent. i have spent years in sales and i truly believe in the product. i manage two funeral homes in philadelphia and relate to the value of insurance and i love the idea of marrying the two industries to create a revenue stream.

    i have been a part of a fraternal society selling final expense insurance, but im interested in taking the life exam in PA. some questions...

    is there just an exam for "Life" in pa? or is the exam combined with anything else (Health/Accidental?). all i am interested in is selling Life and only Life policies.

    are the following steps accurate...study online through one of the many online study sites, complete the pre license requirements, sign up for the state exam, get at least a 70 to pass then contact a company that is hiring?

    once i have my life insurance license, i can write for one or several companies correct? are you usually contractually obligated to write for one and only one company?

    if you do sign with a company, do they supply leads and leave the selling to you?

    im not a greedy individual. i have simple needs. im not predatory. but i understand the revenue stream from insurance sales can be impressive. as a rule of thumb, insurance agents commissions are usually a percentage of the first years premium? and then a percentage of the following years?

    thank you
     
    collura, Mar 23, 2016
    #1
  2. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    You can either go captive and write for one company or go independent and write for multiple companies.

    Yes, you can just take a life exam, but having health will allow you to cross sell Med supps.

    Yes usually you will make 110%ish on first year premium and 4-6% every year thereafter.

    You will need leads. There's a lot of good options here on the forum.
     
    Last edited: Mar 23, 2016
  3. pcbinsurance
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    pcbinsurance Guru

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    He can get his leads from the two funeral homes he manages.
     
  4. bluezebra48
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    bluezebra48 Expert

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    Agreed, no need to pay for leads. Just get direct contracts with two carriers. Gerber, for guarantee issue, and a solid company such as Foresters that will give first day coverage for insulin users. Use the funeral home you work in as your free lead source.
     
  5. fjohnston
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    fjohnston New Member

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    110%ish would be if you are selling 30 yr term with certain carriers and term insurance typically does not offer renewals anymore. I would say you would be getting 75% and up depending on your production and renewals on permanent products.
     
  6. FEX Quotes
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    FEX Quotes Guru

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    This would be incorrect.

    Street level comp for most FE products is at least 110% with many at 120%. No minimum level production requirement necessary for street level.

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    In PA you can get licensed for life & annuity only, but I would recommend getting health & accident too as it's not much more to remember.

    Companies don't hire independent agents, they license, contract or appoint. Typically you will not go direct to the company, but rather get contracted through an IMO or marketing company.

    As an independent agent, you can write for multiple companies.

    Do not and I repeat DO NOT get involved with any organization that supplies "free" leads. It is tempting, but just don't do it as nothing is free. This has been discussed ad nauseum in these forums.

    You should be able to easily find many IMO's that have lead programs that you can participate in by purchasing leads, but working for a funeral home should keep you busy enough with a natural flow of prospects.
     
  7. fjohnston
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    fjohnston New Member

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  8. goillini52
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    goillini52 KeepAmericaGreat...Eat Bacon & BUILD THAT WALL!!!

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  9. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    All of them for the most part. Aetna and kskj are the only level products lower off the top of my head. You might not have a good upline.
     
  10. Ksutton
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    Ksutton Guru

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    I'm in Pittsburgh - I'm with a solid IMO who has been helping me out - I'd be happy to point you towards him .
     
    Ksutton, Apr 8, 2016
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