If You Could Start All Over Again?

[darner123]

Hello, and thanks for reading this and possibly helping me make a decision. I am in my 50's with a successful period in sales behind me (IT systems and services, and real estate). I am interested in getting into the L&H sector of this industry. It seems everyone I am talking to will give me a shot. New York Life, Northwestern Mutual, American General, and just about every other office I talk to. Yes, I am doing my homework. One thing I have gotten from this board which I believe to be true is that the office manager has more to do with the agent's success than anything else. And guess what? I have NO PROBLEM contacting everyone I know and talking to them about what is best for them! Once I figure that out of course.
If you had to start all over again, knowing what you know now, what company would you go with and why?
I appreciate your time.
Thanks,
Newbie Dennis in SE PA

PS This place is GREAT!!!!

 

[souldeux]

You've named some great captives - but why shy away from being an independent agent? The earnings potential is greater, there's more freedom, and with a plethora of different companies you'll almost never run across a client you can't help in some way.

 

[Crabcake Johnny]

Well you should have a problem with contacting everyone you know because the next call to your "college buddy" about selling him life insurance is the last time he takes a call from you.

 

[darner123]

"why shy away from being an independent agent?"
For the same reason I started with an experienced computer consulting firm 14 years ago - I am a newbie who knows he knows little.
I believe that "half of being smart is knowing what you are dumb at."
Where would I get the training and mentoring I need as an indie?
Thanks for your response.
- - - - - - - - - - - - - - - - - -
"the next call to your "college buddy" about selling him life insurance"......

My father taught me long ago that it is not what you say, but how you say it. Alot of my real estate business has been derived by people I know calling me once they knew they had someone they could trust to help them solve a problem. What you have done in the past will be a benefit or hinderance to you, I believe. Sort of like KARMA.
Thanks for your reply.

 

[Crabcake Johnny]

You cannot relate this to real estate. You friend might not want to discuss his wifes medical problems and if you push the issue it's an embarrassing conversation.

 

[souldeux]

I agree with John - when you do take the plunge, no matter where it is, tell your friends and family what you're doing and leave it at that. When they need help, they'll know where to turn. Don't hard-sell everyone whose number you've got stored in your cell phone - you'll be that guy from Groundhog Day that everyone dreads hearing from!

It sounds like you've got a good sales background already. I would imagine that working in IT service sales that you're at least moderately comfortable selling intangible products, and that with real estate you've got a good foothold on selling emotional products - put those two together, and you've got life insurance: an intangible product sold on emotion and justified with logic.

It follows, then, that what you're truly in need of is industry training - the nuts and bolts of how insurance works, product training, compliance stuff, all that jazz. I hate to blow my own horn this hard, but the ILIAA will be able to help you.

I think just about every agent on this board who started off captive and went independent down the road will tell you that you just can't beat independence. The training in captivity is great, but if you can get that elsewhere, why not skip that step?

 

[Crabcake Johnny]

Total agreement - let you friends and family know what you do and drop it. They will contact you...and they will if they're interested. If they're not interested they won't but they'll remain your friends.

 

[darner123]

"tell your friends and family what you're doing and leave it at that. When they need help, they'll know where to turn. "

That is pretty much my style. I treat others like I want to be treated. But I do contact everyone to let them know!

Thanks for your reply.

 

[agentexhorter]

Hello, and thanks for reading this and possibly helping me make a decision. I am in my 50's with a successful period in sales behind me (IT systems and services, and real estate). I am interested in getting into the L&H sector of this industry. It seems everyone I am talking to will give me a shot. New York Life, Northwestern Mutual, American General, and just about every other office I talk to. Yes, I am doing my homework. One thing I have gotten from this board which I believe to be true is that the office manager has more to do with the agent's success than anything else. And guess what? I have NO PROBLEM contacting everyone I know and talking to them about what is best for them! Once I figure that out of course.
If you had to start all over again, knowing what you know now, what company would you go with and why?
I appreciate your time.
Thanks,
Newbie Dennis in SE PA

PS This place is GREAT!!!!

If i was in the 50's and starting over, I would go independent with

West Coast Life...for underwritten term cases
Assurity... for non-med term, disability, critical illness, simplified whole life...all with electronic aps
Colorado Bankers Life...simplified whole life
Medicare Supplement carriers, the top 3 or so in your state
Annuity carriers, 3 or 4 of them... for 401k's and CD replacements

i can help you with those if you're interested,

but most important is going to be your marketing plan... i'd target the age group where you are, 55 to 75.

some ideas to consider within that group

Business owners/self-employed... term, disability, critical illnes

Medicare Supplement... spend most of your time here and cross-sell simplifed issued whole life and annuities

work it right and in a few years, the renewals you make will make what ever social security you might get, not as important to you.

if you have the ability and desire to recruit, train and motivate others to do what you are doing, then you'll have more choices in your mid 60's

 

[Full Throttle]

Or simply ask your friends and family for help getting introductions to others, most will help if you make it very low key. Show them your process, but don't force the issue of their personal business unless they bring it up. A simple monthly email drip newsletter is a simple way to let F&F know what you're doing, but puts them in control. If I was doing it over, I would have started captive to learn as quickly as possible, then transitioned out after about two years.

I started independent, but I'm sure I would have figured it out quicker the other way. Local management is key, but if possible, selecting a captive that allows you to broker business if you seperate ways is a good strategy. In my opinion, Mass Mutual and Guardian are two good options to look at for that reason. Starting independent is possible, but I have yet to meet a big life producer that didn't start either captive or in a family run business. I'm sure they're out there, just haven't met one yet.