Is it true 93% of new insurance agents fail within 1st 3 years?!

[BADTROUT]

I always heard it was 113%. You're not exaggerating are you?

I'm just that "extra" when I'm passionate about the topic.

 

[pfg1]

I didn't read all this, but I would bet that the statistic is pretty close.
This industry isn't for the undercapitalized, untrained, people that are scared of the phone, introverts, etc. However, you can still make it if you don't give up. It took me a long time...many of those attributes I had to deal with on my journey, as well as lots of bad information from people inside this industry. Many have an agenda and when you are young in the business you have no clue about any of that. I almost washed out many many times those first few years, but I didn't have anywhere else to go so I just refused to give up.

My suggestion to anyone coming into this business green, get with someone that can train you and help you until you get your feet under you. IMO it will be much better and you have a much higher chance of success. I would also avoid the mlm type companies that churn and burn and have one product or an agenta...far better off to join a NYL or similar that can train you how to do this business as a whole. My .02 fwiw

 

[MedicareMillionair]

From the research I've done thus far, the answers are all over the place! I find it hard to believe the failure rate is that high but I do believe all the job listings (showing 1st year in to make $100k) are inflated.

I'm 41 and have spent my whole life in sales, majority of it as a hearing aid specialist. Between the industry changing rapidly (negatively) and being burned out, I'm trying to find a new career. I'm confident in my sales ability but all this conflicting information pertaining to insurance sales is keeping me from jumping in.

I contemplated trying it part time, but not sure I'd get much traction beings I work a 9 - 5. Anyone feel like sharing their experience with me?

Couple questions...

1. How many times during your first year did you want to quit?
2. How much did you make your first year?
3. How much money did you have to put towards this new insurance gig before starting up?

Understand there are entirely different businesses within this broad industry known as the insurance business. I'm going to give you info on senior product sales. Medicare, Final Expense, Annuities.

If you are a good salesman you can definitely come into this business and immediately start making money and never look back. I know many that have done this.

In reference to your question of cost. I suggest through hard work, with low cost leads, you can be successful with no more than $1,000 out of pocket per month. This would include offshore telemarketing and T65 door knockers. Perhaps mixing in aged leads as well.

There is no reason in the world this would not work. I've done it and trained many that have done it. The only reason you won't be successful is if you can't sell. If you are a decent salesperson or a good salesperson, you will make it.

I repeat one other point. You must work hard! 40 hours in the field each week.

I would say $75,000 low end first year of you follow the plan.

 

[pfg1]

Understand there are entirely different businesses within this broad industry known as the insurance business. I'm going to give you info on senior product sales. Medicare, Final Expense, Annuities.

If you are a good salesman you can definitely come into this business and immediately start making money and never look back. I know many that have done this.

In reference to your question of cost. I suggest through hard work, with low cost leads, you can be successful with no more than $1,000 out of pocket per month. This would include offshore telemarketing and T65 door knockers. Perhaps mixing in aged leads as well.

There is no reason in the world this would not work. I've done it and trained many that have done it. The only reason you won't be successful is if you can't sell. If you are a decent salesperson or a good salesperson, you will make it.

I repeat one other point. You must work hard! 40 hours in the field each week.

I would say $75,000 low end first year of you follow the plan.

The key is good training and a plan to follow for success...followed by work ethic. The issue with most folks coming in green...they are missing one or several of those components.

 

[TampaHound]

I just thought I would add my 2 cents in. I will be celebrating my 5 year as an agent this year, however I gave up selling last year. I was just burned out after 20 + years of call center service and sales (I worked in banking before insurance).

Up until that time however I was a phone jockey for a brokerage. I did final expense and medicare from mostly internet leads. I did very well for myself.

When I did try to do traditional sales however - banging on doors, buying leads - I failed pretty miserably at it. I found out that I need structure to succeed.

Now I have a job I enjoy where I'm not on the phone much and get to learn something new every day. The point is, find your niche and stick with it. Things will happen, but you can't give up.

Bang it out ever single day.