Is Part-Time Term Selling Possible?

[AgentRevival]

I was once licensed to sell life insurance about 7 years ago. I ended up working 6 months for a company that left an awful taste in my mouth about the insurance industry. So I went to college, racked up a ton of student loans, and took a different career path into Procurement. I love my job now, but it won’t get me out of debt or support my financial goals; it will only keep me afloat. I still firmly believe in the value of Term—but only Term, regarding life insurance. I understand term and my clients understood it. Helping others to help myself is the ideal situation for me. So, I am considering selling term insurance again as an independent agent, but I have a few constraints and would appreciate your input.

I can only sell weekday afternoons after 3pm Eastern Time (e.g. 3:30 – 7:30pm) and anytime Saturdays, and I’d prefer to sell over the phone. I figure I can get licensed in other states as a non-resident, if that’s what they still call it.

I believe it can be done, but I need someone with current experience to bounce the pro’s and con’s off of; the possible and impossible. With these constraints, would I be able to reasonably produce an extra $2,000 – 4,000/month NET? If not, what is a more attainable income goal for a determined out-of-practice insurance agent? And what should I expect as hurdles? Im soliciting any and all helpful advice. Thank you.

 

[Bob_The_Insurance_Guy]

Please, I beg of you, find something else to sell part time, that's easy to understand.

http://www.sendoutcards.com
http://www.prepaidlegal.com
http://ignite.com

Please.

 

[WinoBlues]

Can it be done? Yes you are looking at about two sales a week. Depending on the size. You are starting from scratch so unlikely.

Working after 3pm and weekends you can easily commit 40 hours a week. Will you? If the answer is yes, then yeah you could do it.

Couple important questions:

1) How are you going to prospect?

2) How are you going to prospect?

Writing two cases a week is cake. Finding the warm bodies week in week out is the rub. And at what cost.

Primerica will tell you it can be done. But most of those guys are starving.

$2,000 of AP is only $42. of monthly premium per week. One or two small term deals a week. "NET" is a big variable

 

[BNTRS]

You only believe in term which means you have a lot to learn.


Keep in mind that in addition to the license, you also need to find time to do CE and such.

As Wino stated, it is certainly possible. But are you willing?

 

[DHK]

Go ahead and sell term! (If I come across one of your policyholders I'll convert the policy to a permanent one... so don't worry about it!)

Selling over the phone? I'm sure it can be done... but it'll probably be best with people calling YOU. As was said before: How will you prospect?

Be aware of Do Not Call restrictions. One violation/complaint can cost you $11,000 penalty.

Only 4 hours per day M-F? 8 hours Saturday? You might be dreaming... unless you have got a nearly zero-cost marketing plan that you'll execute consistently.

You do have a day job - so you have other income. This means that you can afford breakfast &/or lunch meetings with good prospects without breaking the bank. (Yes, that's 'in person', not over the phone.)

 

[abcsales]

absolutely possible!!

 

[Stephen]

Given your constraints I think that Final Expense may be a better option. With term you will not only have to make time for appointments , but also make time to make sure the para-med is done, have amendments signed ect...bottom line FE is the easiest product to sell , which is the key for part timing. Also many FE carriers will finance your leads since you are treading water right now.

 

[carroll]

Given your constraints I think that Final Expense may be a better option. With term you will not only have to make time for appointments , but also make time to make sure the para-med is done, have amendments signed ect...bottom line FE is the easiest product to sell , which is the key for part timing. Also many FE carriers will finance your leads since you are treading water right now.

This is the direction I'm going as a part time salesman. I'm also going to push med supps for the renewals, but my main focus is now going to be FE/Life insurance. I may be making a mistake but FE does appear to be less complicated for a part timer.

 

[allen70]

DHK - Not to turn this into a term vs perm debate, but how would converting a term policy to whole life benefit a middle income family?

I'm new to this board and to the industry as a whole so I am not bashing anything. I'm just wondering how that would benefit the family?

 

[thenextlevel]

I think you could start out part time as a way to slowly ease into the business, but don't expect to make a full time income..