Is the life insurance market going to drastically drop due to the possible recession?
- Thread starter murph
- Start date
-
- Tags
- life insurance
- 9,744
Re: Is the life insurance market going to drastically drop due to the possible recess
No doubt due to the may successes you can point to...
This guy (Bush) will go down in history as one of the worst (if not "the" worst) presidents ever.
And I'm no "left wing, liberal progressive". I've voted for many more Republicans than Democrats.
No doubt due to the may successes you can point to...
This guy (Bush) will go down in history as one of the worst (if not "the" worst) presidents ever.
And I'm no "left wing, liberal progressive". I've voted for many more Republicans than Democrats.
- 114
Re: Is the life insurance market going to drastically drop due to the possible recess
Murph, I am currently in car sales and studying for my life and health license. What state are you in and what line of cars did you sell? Did you go captive and if so what company did you sign on with?
Murph, I am currently in car sales and studying for my life and health license. What state are you in and what line of cars did you sell? Did you go captive and if so what company did you sign on with?
Re: Is the life insurance market going to drastically drop due to the possible recess
Regarding recession and interst in all kinds of insurance: I think many many more people will forclose on their homes and walk away from their homes. There is a great white paper by Ivy Zelman called, "Market liquidity du jour". Look at it, it's long and was written 2 years ago but it is right on. There are trillions of dollars left to wash out. The pick a payment mortgages which are the worst of the worst in the subprime area have yet to reset. People are going to walk away from their homes in larger and larger numbers. I hate to be a pessimist but the writing is all over the wall. The dollar is beaten. The trade defecit is totally unmanageable. We export our valuable raw commodities to China and they send it back to us as finished product and we borrow money from them to buy it back. What happens when they stop demanding US dollars? I am patiently waiting to see how history judges our leadership 20 years down the road. They are responsible as is Bill Clinton. So....
Maybe foreclosures could be good news beause people will have very little debt and more money to buy insurance which will make them feel more secure and more wealthy. Am I right? They can still buy insurance if they foreclose? And...
Doesn't the strongest sale happen when you call someone and set the appointment to speak with them at their home. You make a friend, spend 3 hours and close. Build the trrust. Ask for the referral. Depression, recession makes less of a difference here. Right?
Regarding recession and interst in all kinds of insurance: I think many many more people will forclose on their homes and walk away from their homes. There is a great white paper by Ivy Zelman called, "Market liquidity du jour". Look at it, it's long and was written 2 years ago but it is right on. There are trillions of dollars left to wash out. The pick a payment mortgages which are the worst of the worst in the subprime area have yet to reset. People are going to walk away from their homes in larger and larger numbers. I hate to be a pessimist but the writing is all over the wall. The dollar is beaten. The trade defecit is totally unmanageable. We export our valuable raw commodities to China and they send it back to us as finished product and we borrow money from them to buy it back. What happens when they stop demanding US dollars? I am patiently waiting to see how history judges our leadership 20 years down the road. They are responsible as is Bill Clinton. So....
Maybe foreclosures could be good news beause people will have very little debt and more money to buy insurance which will make them feel more secure and more wealthy. Am I right? They can still buy insurance if they foreclose? And...
Doesn't the strongest sale happen when you call someone and set the appointment to speak with them at their home. You make a friend, spend 3 hours and close. Build the trrust. Ask for the referral. Depression, recession makes less of a difference here. Right?
- 1,926
Re: Is the life insurance market going to drastically drop due to the possible recess
Don't get into insurance sales, everything is bad, no one buying, most agents on the verge of BR, run Forrest, run.
Don't get into insurance sales, everything is bad, no one buying, most agents on the verge of BR, run Forrest, run.
- 1,641
Re: Is the life insurance market going to drastically drop due to the possible recess
The only good money was in annuities and the SEC is taking those an UL away. Better off getting your series 7. Insurance is a dying business. Want to sell a commodity? Go sell corn.
The only good money was in annuities and the SEC is taking those an UL away. Better off getting your series 7. Insurance is a dying business. Want to sell a commodity? Go sell corn.
Re: Is the life insurance market going to drastically drop due to the possible recess
A bit of a pessimist, are we?
The neg-am loans you refer to have been getting reset, or worse, they have been recast, which is what got us into this mess. Many of these have already been foreclosed on.
The 1% loans have all been reset.
The only thing left is the loans that had a 3 year fixed rate, that will still adjust, but right now, the increase won't be as bad as it was a year ago. Heck, in the last year, the second on my house went from about 8% to 4.75%, making a bit of a difference in my monthly outgo.
The hard part right now is getting the mortgage industry back into a normal functioning mode. It doesn't have to get back to like it was a few years ago, just back to like it was when it worked correctly (not sure when that was, maybe early 90's).
Dan
A bit of a pessimist, are we?
The neg-am loans you refer to have been getting reset, or worse, they have been recast, which is what got us into this mess. Many of these have already been foreclosed on.
The 1% loans have all been reset.
The only thing left is the loans that had a 3 year fixed rate, that will still adjust, but right now, the increase won't be as bad as it was a year ago. Heck, in the last year, the second on my house went from about 8% to 4.75%, making a bit of a difference in my monthly outgo.
The hard part right now is getting the mortgage industry back into a normal functioning mode. It doesn't have to get back to like it was a few years ago, just back to like it was when it worked correctly (not sure when that was, maybe early 90's).
Dan
Marker77
Expert
Re: Is the life insurance market going to drastically drop due to the possible recess
The best time to get into insurance sales is NOW! I would encourage you to look at the "glass is half full" mentality and not be concerned about outside circumstances you don't have any control over. You and you alone determine your destination not the market, interest rates, housing issues or people. Life Insurance is a necessity for a family and business owner. You will do fine if you see enough people on a weekly basis- "Fresh Activity will Insure your Success"
Now if you are selling over the phone to 6-10 states with exclusive leads, you will write business daily. Last 2 weeks, I have written 17 Life applications without leaving my home. And quite honestly, I haven't worked that hard. What recession?
I too am in Southern Cal but the days of spending hours on the freeway system going form appointment to appointment are a thing of the past. I'm sure many on this forum can attest to that fact what a great life that is.
New York Life is a good company to start with as they have excellent training especially with advanced insurance concepts like Estate planning, split dollar, deferred comp etc.
but you may consider going independent later so you can represent several top companies and get paid considerably more. I started with Lincoln National and remember the early mandatory meetings, the suits that were required for their dress code (My dress code now is shorts, T shirt and flip flops). My office was 18 miles away which, in CA took me 45 minutes to an hour- I now have the 10 second walk to my home office in the morning and in the winter i have my sweats and ugg slippers on.
Feel free to contact me should you need any help or guidance. The Life business is a great business and very lucrative. Good Luck!
</IMG>
The best time to get into insurance sales is NOW! I would encourage you to look at the "glass is half full" mentality and not be concerned about outside circumstances you don't have any control over. You and you alone determine your destination not the market, interest rates, housing issues or people. Life Insurance is a necessity for a family and business owner. You will do fine if you see enough people on a weekly basis- "Fresh Activity will Insure your Success"
Now if you are selling over the phone to 6-10 states with exclusive leads, you will write business daily. Last 2 weeks, I have written 17 Life applications without leaving my home. And quite honestly, I haven't worked that hard. What recession?
I too am in Southern Cal but the days of spending hours on the freeway system going form appointment to appointment are a thing of the past. I'm sure many on this forum can attest to that fact what a great life that is.
New York Life is a good company to start with as they have excellent training especially with advanced insurance concepts like Estate planning, split dollar, deferred comp etc.
but you may consider going independent later so you can represent several top companies and get paid considerably more. I started with Lincoln National and remember the early mandatory meetings, the suits that were required for their dress code (My dress code now is shorts, T shirt and flip flops). My office was 18 miles away which, in CA took me 45 minutes to an hour- I now have the 10 second walk to my home office in the morning and in the winter i have my sweats and ugg slippers on.
Feel free to contact me should you need any help or guidance. The Life business is a great business and very lucrative. Good Luck!
</IMG>
- 263
Re: Is the life insurance market going to drastically drop due to the possible recess
Recession: ONE FULL QUARTER (THREE MONTHS) OF NEGATIVE OR ZERO ECONOMIC GROWTH. That is the official definition from those who actually coined the phrase "recession". That being said, you dont know your in a recession when you are in one. You have to be at the END of that three month period to be able to look back and see what happened. The last quarter was NOT a recession, there are no concrete signs that this quarter is one either. Slowdown, yes. Recession, we'll find out at the end of this quarter. I don't give a rats @$$ what Warren Buffet says. Just more doom and gloom.
That all being said, having just "escaped" from Southern California recently and moved to Charlotte, what I've seen with he people I'm meeting here is that everyone is worried about being laid off. Would you agree? Out of those folks who are laid off, how many of them will be choosing to go with COBRA? We all know how expensive COBRA is, right? If I can get them out of COBRA and onto a less expensive health plan, think they'd appreciate that? To ME, thats a new growing market.
Recession: ONE FULL QUARTER (THREE MONTHS) OF NEGATIVE OR ZERO ECONOMIC GROWTH. That is the official definition from those who actually coined the phrase "recession". That being said, you dont know your in a recession when you are in one. You have to be at the END of that three month period to be able to look back and see what happened. The last quarter was NOT a recession, there are no concrete signs that this quarter is one either. Slowdown, yes. Recession, we'll find out at the end of this quarter. I don't give a rats @$$ what Warren Buffet says. Just more doom and gloom.
That all being said, having just "escaped" from Southern California recently and moved to Charlotte, what I've seen with he people I'm meeting here is that everyone is worried about being laid off. Would you agree? Out of those folks who are laid off, how many of them will be choosing to go with COBRA? We all know how expensive COBRA is, right? If I can get them out of COBRA and onto a less expensive health plan, think they'd appreciate that? To ME, thats a new growing market.
Last edited:
- 9,744
Re: Is the life insurance market going to drastically drop due to the possible recess
I would give large odds that Warren Buffett probably doesn't care what you say either...
Of course, I'm sure your opinion is much more sage than his.
As for the COBRA/less expensive health plan thing for laid-off folk...here's what you're going to find: half can't qualify medically, and the other half can't afford either. Good luck with your "growth" market.
Charlotte, huh? Better brush up on your NASCAR...
I would give large odds that Warren Buffett probably doesn't care what you say either...
Of course, I'm sure your opinion is much more sage than his.
As for the COBRA/less expensive health plan thing for laid-off folk...here's what you're going to find: half can't qualify medically, and the other half can't afford either. Good luck with your "growth" market.
Charlotte, huh? Better brush up on your NASCAR...
Similar threads
