I Have an "in" at a Huge Retirement Condo but I Am New to This...

[slushpuppyking]

Hi everyone!

1st off let me say this forum is great and I have spent weeks reading all kinds of great threads with tons of insight. I currently work as a loan officer for a mortgage company but I'm really looking to get into insurance sales and just completed my 40 hour required course here in Florida. Next step is the test, then it's on to sales right??

So the reason I have been visiting this site to much is because I am trying to get ready. I have a dear friend who is the property manager for a very large condo complex in Ft. Lauderdale. She is very close with most of the people that live there. Now this isn't a retirement home or anything, these are just people over the age of 55 that can afford these above average priced condos.

So anyway she does this very attractive newsletter each month with all the activities and news and such. It's like 20 pages long and the people there eat it up. The day it comes out all 500 printed copies are gone within a few days.

Well I told her about my wanting to move into selling insurance and that so far I think the best way to start is by focusing on Final Expense insurance. She thinks I will be great at it and said she could really help me get some business. In the newsletter she is willing to create me a very nice looking ad and then maybe in the following month have like an interview with me and about FE and what it all entails.

This sounds like a gold mine opportunity but at the same time I am a bit nervous. I've never sold insurance before and there is a real possibility this hookup she is offering me could put me in front of quite a few clients very quickly.

So in terms of the best path I've got to pass my test, get my license, and I was thinking about signing on with Health Choice One. I have seen many of you mention Foresters as a great FE provider so they are on the list there at Health Choice One.

I've read as many posts as I can about sales scripts and such and I hope HCO provides some training and info materials I can provide to clients.

At this point guys I'm just a tad nervous because I have never sold insurance before (I have tons of sales experience though) and if all goes well with that condo I get a good amount of calls
quickly. I just want to be ready as fast as I can be.

So any tips are greatly appreciated, and again glad to be a part of this awesome forum.

-Jason W

 

[Cornelius]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

The first tip is pass the test first and then go from there. You don't want to overwhelm yourself..Most Insurance test are not hard but you do have to concentrate on the wording of the questions.. You will be tested on the test material given but if you fill your mind with products and concepts you may become overwhelmed and over think some things..

 

[padthaiforlunch]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

If they can afford above average condo's, it means they have some money. To me, FE is for low-income. But blue-collar retirees with some money might buy it, so why not.

Use the newsletter to introduce youself like planned, but perhaps put it on hold until you have some experience under your belt. Or get up to speed fast and offer them MA & MS. Sounds like a great opportunity for the right agent to sell some annuities.

 

[Josh]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

I think it sounds like an opportunity, but it might not be as much of an opportunity as you think. I've approached and worked with several (probably dozens) of senior retirement housing facilities, ranging from subsidized housing to what would be considered "luxury retirement living" and it very consistently yields a response, but a bit of a low one. If you were planning on getting your license anyway and work that hard enough you probably will make enough to recover your costs and make a pretty decent chunk of change, but I wouldn't quite call it a "gold mine". Again, I think it would definitely be worth your time, and maybe you will end up making a small fortune there, but I think it's much more likely you'll write a few policies than much more than that.

That all being said, I'd love to see you be the exception!

 

[arnguy]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

I believe padthaifor lunch nailed it. I don't think that a high end condo would provide a market for FE---just my two cents.

 

[tins]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

It is very common for new agents to team up with a more experienced agent they trust to work a bigger deal in the early stages of one's career. You gain a ton of knowledge and should help you learn the right way to do it on your own in the future. Not always pleasant to share a big commission, but it's typically something we all did at some point.

 

[jdeasy]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

I believe padthaifor lunch nailed it. I don't think that a high end condo would provide a market for FE---just my two cents.

That is not the general FE market for sure. When I pull up at a half million dollar home from a lead reply card my heart sinks as I know they sent it in by mistake.

That's not always the sace, but getting business out of those high enders is an aboration.

 

[ActingBoss]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

I believe padthaifor lunch nailed it. I don't think that a high end condo would provide a market for FE---just my two cents.

Agreed.

Wrong demographic for FE, but should open other doors.

 

[theinsuranceman]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

That is not the general FE market for sure. When I pull up at a half million dollar home from a lead reply card my heart sinks as I know they sent it in by mistake.

That's not always the sace, but getting business out of those high enders is an aboration.

Whenever I came across these people, when I used to do face 2 face, I never hesitated to ask them for the 1st year's prem.

 

[DecisionMan]

Re: I Have an "in" at a Huge Retirement Condo but I Am New to Thi

Sounds like a great "in" for about a year from now.

Clearly you want to get started fast (once you get licensed), but perhaps you might inadvertantly squander this opportunity on the altar of inexperience?

How about get licensed, get appointed by several carriers, get some training and a mentor, work the phones and doors and learn what it takes to make the sale.

What are the objections you'll hear? One week door-knocking and you'll hear them all so you can prepare for them.

How do you write up the app?
Can you do a quick quote fast? An A-B-C choice?
Are you familiar with the phone interview?
Do you know what all the health conditions on the app mean?

Have you been beat up or screwed by underwriters or had unfortunate underwriting experiences?

Get some stories from actual experiences with clients -

. . . and then . . .

go after the boomers in the condos. Then you'll be able to maximize your opportunity there.

As for FE, I agree with the others that it might be too low level for them. However, ULs and survivorship ULs are great to put in place with them along with FIAs so they don't outlive their income.

If they're upper income seniors, they're initially going to know as much as you. So learn your stuff first so you have a leg up on them, and best wishes for a successful career in insurance!