Liberty National Life Insurance

[Dave020]

Why not just start as an independent until you can clear up the credit issue and re-investigate NYL (you should also consider MassMutual and NML).

You can start selling today on your license (you don't need a sponsoring carrier) and get your own contracts (which likely LNL won't let you broker anyway).

This forum is a wealth of information on life insurance (and health) and you can always ask questions. You can get with a good life GA for Term/UL like Brokers Alliance, if you want a good whole life contract (and great term rates) you can talk to Ohio National which contracts all agents as PGAs, and consider at some point the value of joining an agent's association for training/support.

It seems you are looking for a "home" because the one you really want won't take you right now.

 

[David C]

I can second Dave's recommendation of Ohio National.

 

[jody108]

Well, he is already hired on by Liberty National and it's not a dead end. Some agents do quite well there.

Go for it dabatman and show them what you've got.

In time, if you feel you want to pursue the independent route, then get back on this forum and explore your options. You'll have experience to bring along with you and you will better your chances at success.

 

[Dave020]

Well, he is already hired on by Liberty National and it's not a dead end. Some agents do quite well there.

Go for it dabatman and show them what you've got.

In time, if you feel you want to pursue the independent route, then get back on this forum and explore your options. You'll have experience to bring along with you and you will better your chances at success.

Possibly. My experience with Torchmark was, well, best left alone all of these years later.

Captive life insurance, first question I would ask, how many MDRT qualifiers did the agency have last year? Last 5 years? How many top of the table producers?

The Top of the Table is pretty much made up of a few independents and agents from four carriers (NYL, NML, Mass and Pru). There is a reason for that.

 

[dabatman]

All very good points. This site have been very insightful. My ultimate goal is to be independent at some juncture in my life. For now, being newly licensed and not knowing anything about life insurance other than that fact that it's bought and not sold, I want to learn as much as I can about the industry. I've been out of work as an IT professional for 6 months now and I need to pull some paychecks. I wouldn't say that I'm looking for a home as much as a good starting point right now. I just don't want to make a decision that I'l be paying for years down the road.

Thanks again Jody... I really appreciate your feed back.

 

[LGilmore]

"IT professional for 6 months now and I need to pull some paychecks."

Did anyone ever tell you how "LONG" it takes to get paid in this business?

You're coming into this business in the hole. You're about to dig the hole deeper for around three months at a minimum, maybe longer.
The reason NYL didn't take you and wants you to resolve your debt issues is they know the odds of you making it aren't even slim to none. It's none.

I would really rethink this move on your part. There is very little about this business that is "easy" or fast that is legit.

What made you think this business is easy to make money in when the failure rate is over 90% for people coming in without debt?

On average from meeting a client to delivering a policy on average runs 4-6 months, then a month after that, I get paid. The business I am doing now in December, I expect to get paid for in March. and that's with 20 years in.

Not trying to be a jerk or that mean about things, but this business is hard coming into with money in reserve, I honestly doubt the difficulty won't be double for you coming in with debt.

 

[dabatman]

"IT professional for 6 months now and I need to pull some paychecks."

Did anyone ever tell you how "LONG" it takes to get paid in this business?

No! I didn't know that there was a uniform pay schedule for agents. I thought it all depended on how hard you worked and how fast you made a sale.

You're coming into this business in the hole. You're about to dig the hole deeper for around three months at a minimum, maybe longer.

I'm kind of lost here. Why would I be starting out in the whole? Could you provide a little more detail on this for me?

The reason NYL didn't take you and wants you to resolve your debt issues is they know the odds of you making it aren't even slim to none. It's none.

Sorry but I think you're wrong here. NYL is doing what they have to do because I'll be working in the financial field dealing with people's money. It'd be a good thing for me to have a decent financial record being that I'd be handling people's money. I don't think they would've asked me to come work for them if they didn't think I could be successful. I really don't think they're banking on my failure. I understand why they do what they do but it will take money for me to start paying off those debts... (less than 8K so no biggie). For that to happen I need to start earning again so that's why I'm in the current situation of considering LibNat.

I would really rethink this move on your part. There is very little about this business that is "easy" or fast that is legit.

This wasn't decision that I made on a whim. I've put in the study time to pass the test... learned what would make me successful as a new agent... and started prospecting when I came out of the womb. I think that qualifies my decision for wanting to make a difference in the lives of others and living the type of life that I've dreamed of for so many years now. I'm not a crook... I do not plan to do anything unethical to earn money. Hell, I wouldn't have needed life insurance to do that.

What made you think this business is easy to make money in when the failure rate is over 90% for people coming in without debt?

I don't think you saw a post where I stated this was going to be an easy business. I'm smart enough to know that successful people are the ones that are willing to do what unsuccessful people aren't. Rather than concentrate on the 90%... I'd rather concentrate on being in the 10%

On average from meeting a client to delivering a policy on average runs 4-6 months, then a month after that, I get paid. The business I am doing now in December, I expect to get paid for in March. and that's with 20 years in.

Understood. I plan to contact the people that I know up front. Of the many so called friends that I have (family as well) I'm sure that I'll find 1 or 2 that will be willing to buy from me simply because I'm me and they know me. It' the logical thing to do. In that scenario, How long do you think it would take me to get paid? I'll cross the new prospect line when I get there. I'm not concerned though as I've never had a problem walking up to complete strangers and striking up a conversation with them. I do have over 10 years of sales experience and understand that the key to sales is building a relationship. Not a problem for me.

Not trying to be a jerk or that mean about things, but this business is hard coming into with money in reserve, I honestly doubt the difficulty won't be double for you coming in with debt.

Please explain what kinds of expenses I'd be looking at other than what I already incur... (Gas & Cell Phone). I'm not sure what else would cause me to go more into debt.

 

[LGilmore]

"No! I didn't know that there was a uniform pay schedule for agents. I thought it all depended on how hard you worked and how fast you made a sale."

I don't think you understand, you get paid last, after everything's been done and policy issued. An average life application takes 4-8 weeks "after" you've turned in the app. Then around another 30 days for a commission check to be issued. You don't make a "sale" until everything's in place and good. Alot of people assume when you turn in an application, you get paid, nope.

"I'm kind of lost here. Why would I be starting out in the whole? Could you provide a little more detail on this for me?"

You are starting out in debt with zero cash flow. It takes money to start up in this business because income doesn't really start flowing until (see above)... So do you have enough cash on hand to cover your living expenses for 90 days?

"Sorry but I think you're wrong here. NYL is doing what they have to do because I'll be working in the financial field dealing with people's money."

I spent a decade with NYL, I know exactly what they're doing. You're only partially correct.

"This wasn't decision that I made on a whim."

Did you ever ask an agent how long it takes to get your commission?


"I do have over 10 years of sales experience"

Selling things or services or selling a concept? Insurance is a concept, it's a different bird.

"Please explain what kinds of expenses I'd be looking at other than what I already incur... (Gas & Cell Phone). I'm not sure what else would cause me to go more into debt. "

Let's see and I am sure I will leave something out..
Advertising
Letterhead
Business cards
Postage
Copies
Rent
Leads
malpractice insurance
and so on..

If they tell you they pay for these, that's not so, you pay for these either through reduced commissions or ownership of the client.
Anyway good luck, I hope I am really wrong about this.

 

[dabatman]

I don't think you understand, you get paid last, after everything's been done and policy issued. An average life application takes 4-8 weeks "after" you've turned in the app. Then around another 30 days for a commission check to be issued. You don't make a "sale" until everything's in place and good. Alot of people assume when you turn in an application, you get paid, nope.

I see. This does explain it a little better for me. One positive that I did read on this forum was that LibNat was good at paying their agents in a timely fashion. I'll ask more about this during my first day tomorrow.

You are starting out in debt with zero cash flow. It takes money to start up in this business because income doesn't really start flowing until (see above)... So do you have enough cash on hand to cover your living expenses for 90 days?

Yes, My GF has been footing the bills for the past 6 months... another month or so won't break the bank.

I spent a decade with NYL, I know exactly what they're doing. You're only partially correct.

OK. Point taken. It's ok in any event since it's something important and needed to be taken care of anyway. I just don't have the extra income to take care of it right now.

Did you ever ask an agent how long it takes to get your commission?

No but I plan to ask my manager tomorrow. He made reference to really trying to get the agent to earn money within the first week or two. If this is not the case it's pretty much just like starting out with a regular W2'd position in which you usually work for two pay period before you get the first check. Seems like something I'd face whether I start selling insurance or go out and get a salaried 9-5.

Selling things or services or selling a concept? Insurance is a concept, it's a different bird.

I've sold everything from products to services to concepts. Sales of any nature do not scare me.

Let's see and I am sure I will leave something out..
Advertising
Letterhead
Business cards
Postage
Copies
Rent
Leads
malpractice insurance
and so on..

If they tell you they pay for these, that's not so, you pay for these either through reduced commissions or ownership of the client.
Anyway good luck, I hope I am really wrong about this.

I was informed that most tasks are done on the computer with this company. So I'm not too concerned about office supplies. Branch manger also said that LibNat pays my errors and omission insurance. I'm not sure if they'll make me rent office space in the building that they have but I'll ask just to be sure. Business cards are a must and I can get 500 or so for $10 to start out with so no biggie there. I guess I'll have to ask some of these questions tomorrow so I really do appreciate you guys opening my eyes to some of the questions/concerns I should have going in.

 

[Dave020]

When I worked for a Torchmark company many years ago (UIL), I seem to remember that they advanced commissions annually on the submission of the business. It may be that way with LNL, I am not sure. W&R also advanced on submission when they were Torchmark.

If they do, be sure to try and get "acceptable" business as much as you can to avoid chargebacks.