Kicking the Tires

[SayBob]

Hey everyone,

I first want to start off by saying that the information on this forum is awesome and thank you to all who have contributed. I am looking at getting into insurance, still kicking the tires as to which particular type but I am leaning towards Life and Health.

Here is my situation; I would greatly appreciate any advice or feedback.

I am currently in business sales and want to "hit the ground running" and I am doing my research while still having a paycheck. My company is going thru a merger. For now my postion is safe, I have been looking at finding an industry where I can help others and I believe this industry is in alignment with my goals. FYI, I was already looking to make a move prior to the merger.

One of my frustrations with where i am even if I was to stay is that we get zero compensation for renewals. This was not disclosed in the interview process. I do want to be compensated for the service I provide.

I have about 20 years of outside sales expeirence. The best thing that I have gained from my present company is prospecting and how to qualify a potential client. I know prospecting is key and I understand the process and thankfully the why. They really stress solution based selling, which from what I see being posted here, will serve me well.


I can get by for the first few months, I presently have about 5-6 months of expenses in the bank, and I plan to have 8-10 months before I make any type of move.

I would like to make at least 45-50K my first year. I realize this all depends on me, but I'm looking for advice as to what insurance would allow me the highest probability of doing so.

I will be interviewing with NYLife,I eventually want to go independent, but desire good training because I want to have a good foundation. I have talked with several friends that are agents, both captive and indy....all have said captive would be a good way to start. I have a few questions for about indy as well.

So I have a few questions.

1. Are there any good independent insurance agencies that would be willing to offer good training to a newbie? I am near Atlanta.

2. concerning captive other than NYL who else would be good?

3. How would one go about finding these companies?

4. Is Life and Health a good choice to try and make a good living through hard work on your first year?

5. Anyone know about the market in Atlanta metro for L&H?

6. How would I get licensed in other states?

7.Should I get licensed before I start interviewing and would that be to my advantage?

Thank you for reading my post and any information. I have alot to learn and I know I want to do my homework.

I know I love sales and I want to be part of an industry that truly serves it clients.

 

[xrac]

7.....I will be interviewing with NYLife,I eventually want to go independent, but desire good training because I want to have a good foundation. I have talked with several friends that are agents, both captive and indy....all have said captive would be a good way to start...........

If you KNOW you want to be INDY someday talk to Mass Mutual and to Guardian they will let you write other business and give you much more freedom.
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.....2. concerning captive other than NYL who else would be good?......

1. Northwestern Mutual
2. Metlife
3. Guardian
4. Mass Mutual
5. Prudential

 

[SayBob]

thanks for the input...lol I think I know who knows they may have some good koolaide

 

[xrac]

.....3. How would one go about finding these companies?......

Either contact a local agency or go on line and fill out their career interest information on their websites. Some of them administer personality tests on line with it. They are always looking for good people and they will contact you from there and set up interviews.
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.....6. How would I get licensed in other states?

7.Should I get licensed before I start interviewing and would that be to my advantage?.....

Once you are licensed in your home state their is usually reciprocity with other states. It becomes a matter of filling out forms and paying fees.

Why not go ahead and get licensed if you know your are going to do it. Getting licensed ahead of time is not a huge advantage but it would mean being able to get into production earlier. However, some of the companies might pay you for getting licensed or reimburse you later.

 

[BiggitySwat]

I will be interviewing with NYLife,I eventually want to go independent, but desire good training because I want to have a good foundation. I have talked with several friends that are agents, both captive and indy....all have said captive would be a good way to start. I have a few questions for about indy as well.
.

I have had some friends that told me it was good to start captive as well, and considered appointments at multiple firms and insurance companies.

I decided to go 100% independent with a solid FMO behind me for insurance/annuity and a boutique broker-dealer firm for securities.

I have NO regrets about this decision at all, but it may be because I enjoy keeping most or all of my compensation, not being forced to lease an expensive office and hire staff, and also not deal with uplines or other management types. The freedom and the pay are definite pluses for skipping the captive crowd.

I have friends in the industry who are captive. While I'm not sure if this is the general rule, I make more money and work less than them, but do have more stress. The stress is caused by the fact that I have NO ONE to hold my hand; I receive 100% of my education from my previous college education, financial seminars nationwide, conference calls, product wholesalers, sales desks, books, and the internet. Also since I lack the big captive agency office, staff, and "bigname," it's tougher to earn trust in the beginning with some prospects.

There are pros and cons to every decision in life. I wanted to let you know that I am purely independent and recently had a situation where I was trying to take an account from a 62 year old broker from Merill Lynch. The account was mostly into mutual funds and variable annuities....which was very unsuitable for the client.

I ended up showing the client that as an independent, I don't have a boss telling me what to sell, I have little to no conflicts of interest, and that I would offer something different. I ended up taking the account and rolling much of the money into a combination of fixed indexed annuities, private REITs, and certain investment-grade bonds (not bond FUNDS). The client is very happy and I have earned a client for life in this example.

Another example is where I went head to head against an Unum-Provident captive insurance agent. I had a client with a Whole Life (paid to 100) policy with Unum.....I reviewed the policy with the client and knew that he could do better. With his permission, I went ahead and shopped the market, finding a perm policy that not only cost less, but provided superior value (Face amount and flexibility). The Unum policy was replaced the next appointment with an Aviva Indexed UL, set up to be a 25-pay!
Lesson learned: I would have never been able to help this client, and many others, if I was with Unum or another company that forced me to sell their product line only.

Because some of the above products cannot be sold at all captive agencies, it served as another reminder of the benefits of going indie from the beginning.

Again, it's up to you. If you have some capital to start up and are comfortable about getting educated without hand-holding, I'd recommend skipping the captive crowd. You can add more value to your clients' lives by having the power to shop around for them and really look after their interests....if a client needs a VUL for example, you can have access to 2-3 products from Mass Mutual OR as an indie have access to over 50-60 products from 20+ companies at your command.

However, if you have bills and/or a family to support and need the guarantees that come with being a salary+commish captive agent, I'd definitely recommend MassMutual or Guardian. Mutual of Omaha is another good bet if they still hire captive agents.

 

[somarco]

1. Are there any good independent insurance agencies that would be willing to offer good training to a newbie? I am near Atlanta.

2. concerning captive other than NYL who else would be good?

3. How would one go about finding these companies?

4. Is Life and Health a good choice to try and make a good living through hard work on your first year?

5. Anyone know about the market in Atlanta metro for L&H?

6. How would I get licensed in other states?

7.Should I get licensed before I start interviewing and would that be to my advantage?

1. There are a few. "Near Atlanta" can mean almost anything. Mark (in Griffin) is on the south side and is a good resource for small life policies. Sepulveda in Cumming is another option. There are others but these are the first 2 that pop in my mind.

2. Guardian, Mass, NWML are other examples. Guardian & NWML are looking for folks with a business background and ties to the community. Might be a fit for you if life insurance is your "game".

3. Yellow pages.

4. Depends on many factors but mostly where your passion lies. Health insurance is my passion, don't care much for life sales, but that is just me. Whatever you do that revs your engine will eventually provide a good living. Pursue your passion and the dollars will follow. Try the other way and you will fail.

5. Surely there is someone here who knows the market. Give me a moment. A name will eventually pop up.

6. After you have sold everyone in GA, then you can start thinking about other states.

7. I don't see any advantage one way or the other.

 

[bluemarlin08]

The Guardian shop in Atlanta is totally dedicated to the LEAP system, might be for you, might not, just be forwarned.
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Had a client put out a hit contract on my partner and I once. He had some money he wanted to put in an annuity, 250,000. He came to our office with 2 Igloo coolers full of cash. We explained that we would have to make a report to the IRS, he said don't worry about it. OK, we made him sign additional disclaimers. Later this info was used in a federal investigation and he blamed us. He went on a long vacation to the big house.

 

[somarco]

The Guardian shop in Atlanta is totally dedicated to the LEAP system, might be for you, might not, just be forwarned.

There are 3 shops here.

The Roswell Rd shop is part of Bob Mathis' Peachtree Planning. Not sure about the other two.

Are you referring to a particular shop here?

 

[Crabcake Johnny]

I'm hosting a workshop for health insurance at the Atlanta Marriott - 10am to 4pm on the 22nd focusing on individual health insurance sales. It's free but if you want to attend you need to RSVP - [email protected]