I'm 53 and Wanting to Start in the Insurance Biz

[Tennesseehorn]

Ok, after reading these forums in earnest for the last week I want to present my situation and ask for some advice. I posted on the Introduction thread last week and received some good feedback but wanted to get more traffic concerning my situation and this part of the forum seemed ideal. Next Wednesday I will be talking with an independent insurance agent who lives in my area outside of Nashville Tennessee to get his perspective of being independent versus captive. I realize that he will promote independent status but I also want to hear the negative as well as the positive. However I would also like to hear from those on this forum who have gone through this decision-making process and what was the outcome.

As I eluded to in the thread title I am almost 54 but don’t really look it. I had been in medical sales for over 21 years and I am truly tired of being downsized even though my track record was excellent due to factors beyond my control. I am pretty good at building trust and relationships with people so I am committed to learning the products and the way to sell insurance that IS SUCCESSFUL.

Now selling and prospecting skills can transfer across industries so I believe I have a good foundation to grow from. I kept my H/L licenses current in Tennessee so I only need to take some refresher courses to get up to speed. I am not afraid of hard work but I also want work efficiently and effectively.

Here is my dilemma; Captive versus Independent and I am not sure what products I should sell. I know you can’t be all things to all people so focusing on certain product lines seems obvious. However, there are so many products out there (LTC, Health, Annuities, WL, Term, FE, MA and others) I am finding it difficult to narrow down what to do. I obviously want to earn decent money but I also what to enjoy what I do since life is wayyyy to short.

My wife thinks that being a captive agent (working for the "name-brands" like State Farm, AllState, Farmers, NYL etc.) has more security, training and a salary but I have read some of the horror stories about those companies that I am leery of them. Since I am not 20 or 30 I want to jump-start into this career as fast as possible. My wife is a nurse and she earns a good paycheck. We only have a home mortgage, all of our cars are paid for and we don’t carry any credit card debt so with me not bringing in money right now it will be hard but we are not in danger of being thrown out into the street…we have pared down our lifestyle but will have to burn through a small amount of savings every month to pay all of the bills.

I do have to start earning money as soon as possible and not the "draw" against future earnings income. Do you generate commissions faster working for a captive versus independent agent? I realize it probably depends on the person and products but I assume a successful independent agent who wants to help me will at least give me guidance on how to sell the products. Is it easy to work with an independent agent even though I am a newbie? I am a self-starter but we all need some training when entering a new career/job/profession.

I told my wife that I would generate a pro/con list for both a captive and independent insurance agent. I have done some research but having some feedback from people on this forum would be beneficial.

These are my thoughts and any feedback or suggestions would be appreciated.

Thanks and I hope everyone has a safe and happy Memorial Day and please don't forget those who have given their lives to keep the United States the greatest Country in the World.

 

[houcoogster]

At your age do you want to be treated like a circus animal? I would lean toward Indy , but this has a lot to do with your tenacity and motivation. Just think of all the bs you had to put up with on your last job and think if you want to do that again because they will be managing you. It's a tough call but one thing is for sure you will need leads and training to learn the business. Good luck in your decision.

 

[Newby]

In your area you have American Continental of Brentwood. I would talk to them to see if they have training for local insurance agents. You also have several brokerages that are long standing. Bob Scott is one that I know of. You could talk to the Dave Ramsey people about selling term over the phone at their Zander brokerage. You have the Generation Life people in Columbia TN. You have Harpeth Hills Funeral Homes and Cemeteries that are always looking for good agents. I know of one agent in particular that rocked it there and made huge money for a captive. You also have Jacob of Tennessee (from this forum) somewhere near your area.

Lots of options. I would never consider State Farm or anything like that. Your wife is way wrong with that one.

 

[Tennesseehorn]

At your age do you want to be treated like a circus animal? I would lean toward Indy , but this has a lot to do with your tenacity and motivation. Just think of all the bs you had to put up with on your last job and think if you want to do that again because they will be managing you. It's a tough call but one thing is for sure you will need leads and training to learn the business. Good luck in your decision.

I told her I would research everything......

In your area you have American Continental of Brentwood. I would talk to them to see if they have training for local insurance agents. You also have several brokerages that are long standing. Bob Scott is one that I know of. You could talk to the Dave Ramsey people about selling term over the phone at their Zander brokerage. You have the Generation Life people in Columbia TN. You have Harpeth Hills Funeral Homes and Cemeteries that are always looking for good agents. I know of one agent in particular that rocked it there and made huge money for a captive. You also have Jacob of Tennessee (from this forum) somewhere near your area.

Thanks for the feedback!

Lots of options. I would never consider State Farm or anything like that. Your wife is way wrong with that one.

That's why she is a nurse!

 

[xrac]

......Lots of options. I would never consider State Farm or anything like that. Your wife is way wrong with that one.

I agree with Newby! If you listen to Your wife and go with SF, Allstate, or Farmers you will live to regret it.

 

[rousemark]

Based on your thread title, you seem to be hung up on age.. It doesn't matter how old you are..It is said that Ben Feldman, one of the greatest ever insurance agents sold more insurance after he was 65 than he did prior to his 65th birthday.

 

[senior-advisor-indiana]

Based on your thread title, you seem to be hung up on age.. It doesn't matter how old you are..It is said that Ben Feldman, one of the greatest ever insurance agents sold more insurance after he was 65 than he did prior to his 65th birthday.

I think Rick is close to 80 and he is still getting started....

 

[smokin goose]

Good original post. I read almost half of it.

 

[rousemark]

Good original post. I read almost half of it.

That is amazing for a man of your attention span..

 

[WCMason]

If you're good, owning a business almost always trumps working for someone else regardless of industry. I started captive as other indies here have and am glad for that year. Also glad it was only a year. I started at 50 four years ago. Three years indy, renewals just starting to kick in. Going the indy route has a brutal boot camp, but if you survive it, it's really good. If you do go captive, read contracts carefully. You'll lose renewals, the price you pay for the training. Hated that part, but that pain fades, I've found, as time passes and indy success begins.

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