Hi Folks! Newbie on board with a few ??

[Corporate Death]

Hello all,

I'm currently unemployed and looking at returning to Insurance and Financial Services as my next career, hopefully to last until retirement. I'm 42 years old, laid off from a Corporate Job in May (yeah, I know thats a long time ago) and drove a truck for a flatbed company for about a month (wanted to kill my trainer). In the meantime, the house pretty much fell apart.

I sold Insurance for about two and a half years starting in 1991. I worked for AGLA first, then switched to AIL. I was doing ok with both then, making more with AIL at the time. I was young, dumb, and full of &$#@** at the time and was more worried about having enough money to get to the bars on the weekend and impress my then girlfriend.

I'm in the process of interviewing with Prudential and AIG/AGLA now. I ran away from the "Ameriprise Opportunity" once I visited a site devoted to exposing their little scheme. I also walked out of a Cornerstone Marketing and AFLAC "cattle call", realizing that they were a game, nothing more. They didnt even want to talk about the product, which is required for me to make a career decision (if I dont believe in it, I cannot sell it).

Prudential has me scheduled for another interview (with my Project 200 list) next week. AGLA has also given me a Project 200 and has only contacted me back to ask about the term on my auto insurance.

While I like the comfort and support from AIG/AGLA, I also like the opportunity to be a Financial Advisor with a huge list of product that Prudential has. My applications to MetLife, Smith Barney and others have not been answered. I'm not entirely comfortable with the "Project 200" but I'm attempting to complete it anyway. The big problem is that I've figured out that I really dont know a lot of people anymore. I'm planning on joining Toastmasters International and any other organizations in an attempt to fix that little issue. Hopefully that will help.

Recently, I've gotten an email (they found me on Careerbuilder) from Mutual of Omaha. And while I've read a few threads about them and found that they resemble the AIG/AGLA program a lot (small base salary, agency support, etc), I'm wondering if anyone has any more in depth info about them. What is their "training salary"? Do they provide any agency leads? What is their average first year income?

I know I will have a hard time breaking $60k my first year back, but if I choose to go the Insurance/Financial Services route, I'm planning on working my kiester off to do so. I know the renewals will help the second year so sticking to it for the first year is essential.

Any current or former Mutual of Omaha reps here? How about Pru? AGLA?

 

[HomeService]

I worked for AGLA as a debit agent in 1991 as well, and Mutual of Omaha. Check this thread:

Had an interveiw, is this a good deal? - Insurance Agent Forum

 

[MIBizInsurance]

One thing I'd suggest is to take a couple hours and go through threads here in and in the new agent section. There is a ton of info. spread out amongst alot of threads.

Next use search to focus in on one company. You'll find alot about Met, NYL and the other big name companies.

My general thought is the best way to break into (in your case back into) the insurance field is through health insurance. I sell comercial insurance and often get in to a biz by health then branch into commercial.

Now that is just my 2 cents. However alot of agent here feel the same way. In the end you have to find what you enjoy and excell at.

If your looking into financial end I'd look at Smith Barny, Ray Jay, AGE, UBS and the other companies that offer a salary to start. They will pay you to study for the 7 and such. Offer top flight training and will fire you the minute you don't hit your numbers.../smile. It is what it is.

I'd stay away from AXA, Edward Jones, Ameriprise and any company that does not offer you a salary. Well EJ does (small) but you'll be living out of your car and meeting clients in Panera for your first year instead of a corporate board room as with the others. Good training thoe to start.

The whole warm market thing is common but good managers won't focus on that aspect as much as your potential to make it. They want to know that you will work like crazy and not stop till your on your way.

I interviewed at Metlife and they went through my list and spent 20 mins tallking about it. When I went to Raymond James the manager asked about warm market but did not ask for a list. He talked about "How much money do you want to make and what are you willing to do to make it"

They offered a salary of $44k plus full health and expenses. Metlife was considerably less and wanted me to let a manager sell to my warm market before I was even hired.../smirk. They wanted to help build my book while I trained...Boy, now that was good. Thats why they hire non stop. They burn through reps warm markets and move on. At least at the Met office near me. Very bad rep. Sure there are great managers thoe.

Again all this is from my own experience so judge on your own.


Good luck and welcome to the board.

 

[Corporate Death]

Thanks HomeService! Yeah, I read your thread also. have you hopped on board with Mutual of Omaha? If so, how is it going?

 

[Corporate Death]

Thanks MIB,

Yeah, I've actually spent the past couple weeks going through threads and looking for any info on the AGLA and Prudential. Also found out a lot about Ameriprise. Wont touch them with a stick. Doesnt seem to be a lot of Pru agents here.

Pru does offer a small salary to start, as does AGLA. That, I hate to say, is one of the reasons they are still on my consideration list. I always wanted to be a Pru Financial Advisor back in the day, I just cant manage to find any other Pru agents to give me the "real deal".

I guess if thats the way MetLife rolls, I wont be bothering with them either. Raymond James starts with a $44k salary????? WOW!!! Thats a lot! I've never heard of Raymond James, but I guess I'll look in that direction also.

But in the meantime, no Mut of Omaha agents on board here?

 

[Corporate Death]

BTW MIB,

I saw a posting of yours from a while back where you suggested to someone else to start with health. Do you mean the big Health companies like Aetna, BC? Or do you mean the supplements? What companies will hire a newbie in an agency environment (cause I need the structure to start back) to sell Major Medical?

 

[MIBizInsurance]

"Raymond James starts with a $44k salary????? WOW!!! Thats a lot! I've never heard of Raymond James, but I guess I'll look in that direction also. "

They offer 2-5k less then what your currently at. Keeps you hungry with out starving. Now this was a few years ago but at that time I really liked RJ's product line and they did not force you to push one product/share.

I ended up not taking the offer and took a job as a commercial P&C rep.

CD-
"I guess if thats the way MetLife rolls, I wont be bothering with them either"

Again that was the a office near me SE, MI. It all comes down to the acting manager. By all means check out your local office.

I was speaking of selling individual health. You can start indy or captive.

Indy- just go and get appointed to sell any and all companies.
Can be tuff with out training.

Captive- sell one company
Get training but will not own biz for long time if ever.

Also can hook up with a health agency/P&C agent and sell under their name. This way you can sell multiple companies and offer choice's. They will own biz but the hope is you will get training, surport and perhaps a small salary to start.

 

[Corporate Death]

Thanks MIB.

Have you heard of a company called "Design Benefit Plans"? I remember flirting with them in the Harrisburg PA area before I got out of Insurance altogether a long time ago. They sold Major Medical plans to primarily business owners and families. I went out a day with one of their agents. He was doing pretty good. Not sure why I didnt bite.

 

[MIBizInsurance]

Thanks MIB.

Have you heard of a company called "Design Benefit Plans"? I remember flirting with them in the Harrisburg PA area before I got out of Insurance altogether a long time ago. They sold Major Medical plans to primarily business owners and families. I went out a day with one of their agents. He was doing pretty good. Not sure why I didnt bite.

No, have not.

Just to add a bit- Health insurance is something people will talk to you about. Bring up health isnurance to a buddy. Trust me you will get response.

Bring up Life insurance. The response will be "oh I have that through work" or "I'll be dead what do I care"

Now thats not to say that you won't/can't and shouldn't sell it.

Point- people talk to you about health much more then say Disability and Life.

 

[Corporate Death]

No, have not.

Just to add a bit- Health insurance is something people will talk to you about. Bring up health isnurance to a buddy. Trust me you will get response.

Bring up Life insurance. The response will be "oh I have that through work" or "I'll be dead what do I care"

Now thats not to say that you won't/can't and shouldn't sell it.

Point- people talk to you about health much more then say Disability and Life.

Yep!! No doubt about that! That was exactly the reaction I got from friends when I started with AGLA years ago! haha!!

Yeah, everyone wants health insurance because they fully intend to use it (unless they are like me, not going to the Dr until my arm is hanging by a sheet of skin). You would think it was an "easy sale", but I'm pretty sure we all know the true story.