Life or P & C?

[LovinLife]

I'm new to insurance (7 months) and have been working with a marketing firm in this industry... Have done ok, love retirement set up (IUL) and annuities; term is good too. But, some tough sales.
Recently, I've been approached by a P & C company and so far, it's sounding attractive. (I'm P&C licensed too)
I'm not sure if I should switch gears. Both industries are attractive in their own ways.
I'm not sure if I should switch or stick. Any advice is deeply appreciated.

 

[johnsharp]

You can always write both.

If you are going to have a P&C agency you'll have to have some kind of location i.e. office space.

If you just wrote Life Ins you can work from home making calls etc..

I've always had a P&C office and still wrote Life Ins.

Really it comes down to what are you more comfortable with, and talking about naturally.

 

[b61mack]

Use the search button. and research the P&C company, or just tell us the deal.... you will find out, the good ,the bad, the ugly.

 

[djs]

In short, the P&C business is a transactional based business. Life is a relationship based sale.

Basically, P&C, people ask about it today and buy today. With life, people ask about it today and buy a month (or more) from now. Yes, not every deal, but you get the idea. You have to nurture a life sale, usually.

Its a different mentality. You can do both, but you have to be good at switching hats and the way you approach the client for that part of the conversation.

In general, if you love things like retirement setup, you'll be bored with P&C. There just isn't as many moving parts to play with.

On the other hand, P&C tends to have a better longterm income, but it takes a long time to get there.

Dan

 

[Guest]

You can always write both.

If you are going to have a P&C agency you'll have to have some kind of location i.e. office space.

If you just wrote Life Ins you can work from home making calls etc..

I've always had a P&C office and still wrote Life Ins.

Really it comes down to what are you more comfortable with, and talking about naturally.

hey Hillbilly, WRONG AGAIN, I work from home, I don't need an office, Dude John, I LAUGH everytime I see your picture, just an FYI

 

[LovinLife]

Well, I've worked Life for 8 months now, it's been a challenge for sure. But, I do love people, annuities and IULs! I've been approached by an agency owner who writes P & C w/ 10 or so companies. He's offering me a 1099'd position (I know all about this) with a fair split, an office, E & O, 15 hot leads a month, customer service, 97% retention, training and what I bring is my book of business. I'm told that with "his" model, working 40ish hrs. a week, I can work up to $100,000 residual in 5 years. Sound too good to be true?

 

[CaptiveGuy]

Well, I've worked Life for 8 months now, it's been a challenge for sure. But, I do love people, annuities and IULs! I've been approached by an agency owner who writes P & C w/ 10 or so companies. He's offering me a 1099'd position (I know all about this) with a fair split, an office, E & O, 15 hot leads a month, customer service, 97% retention, training and what I bring is my book of business. I'm told that with "his" model, working 40ish hrs. a week, I can work up to $100,000 residual in 5 years. Sound too good to be true?

Assuming you get a 50/50 split on new and renewal and your commission is 8% (after the agency takes their cut) this is possible if you can build a $1.25M+ p&c book in 5 years.

Averaging 250k in new annual premium may be hard for you just starting out.

 

[LovinLife]

Thank you so much Captive Guy!
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Actually, thank you all for your posts, it has all been helpful. Sometimes I get chest pains thinking of writing life, probably bc I'm so new.... I really do love helping people. P&C is mandatory, life not so much unless we can instill in folks how important it is - especially for retirement..