Looking into becoming insurance agent

Jan 8, 2008

  1. Red
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    Red New Member

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    Hi everyone. I hope I am in the right forum, please tell me if I am not. Due to health issues, I have to change fields and would like to find out about the insuance agent field. Just a few general questions, if anyone would be able to answer , I would appreciate it.
    1.) What is the education level required?
    2.) What is usually required in start-up capital, just an estimate or range?
    3.) Is there certain areas, i.e, auto,home,life,etc., that are better to start with?
    4.) Are there any insurance companies that provide you with general information about what they require before you can become an agent? I have written several but have not received any info from any of them.
    5.) Are all companies similar in agent compensation, is there a general rule of thumb on a range of percentages or flat rates?
    6.) Are you allowed to work out of a home office or are you required to provide a seperate office?

    I know these are quite a few questions and I will appreciate any information given. If anyone is willing to provide me with a general overview of the field, that would also be appreciated.

    Thank you!!
    Red
     
    Red, Jan 8, 2008
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  2. Crabcake Johnny
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    Crabcake Johnny Guru

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    1) GED
    2) 3 to 6 months living expenses in the bank
    3) Health
    4) Once you have a license they'll appoint you
    5) No -but for health plan on 15% to 20%
    6) Either
     
  3. David C
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    David C Guru

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    1. Most companies have no educational requirements. But, like Mrs. Roberts told us in high school, generally the more you learn, the more you earn.
    2. As with any business some start up capital is needed. You will pay to receive or go to a study course in preparation for your state exam. You will pay to take the state exam. Many companies will require Errors and Omissions insurance, that may be 50.00-75.00 per month. You will have to meet continuing education requirements every year via correspondence, company training or classroom. You may want to purchase materials to help you market your business.
    3. Life and health would probably be your best place to start. Home and auto are completely different animals with much different requirements and barriers to entry.
    4. Don't write the companies, call them. It may be possible to not say that you're not yet licensed, don't lie, but they may not ask.
    5. Compensation will vary quite a bit with life insurance, not so much variance with individual health insurance. The more you can produce the more you'll get paid, and the more goodies you can get from the company.
    6. In most cases a home office is permitted.

    This can be a hard business to learn for a newcomer. The problem is that you don't know what you don't know. You will do better if you have a mentor or if you start off working for someone else.
     
    David C, Jan 8, 2008
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  4. Crabcake Johnny
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    Crabcake Johnny Guru

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    I heard Mark Meurer's coaching services are the way to go.
     
  5. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    hehe
     
  6. Red
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    Red New Member

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    Thank you! This gives me a point to start from.
     
    Red, Jan 9, 2008
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  7. Joey
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    Joey New Member

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    Hey Red, what state are you located?
    Joey
     
    Joey, Jan 9, 2008
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  8. Red
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    Red New Member

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    Pennsylvania
     
    Red, Jan 10, 2008
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