Math teacher thinking of venturing into insurance

Jun 13, 2008

  1. figdog
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    figdog New Member

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    since this post is slightly long, i just want to outline what it will containg

    1 - who i am/cirumstances
    2 - goals, insurance
    3 - questions
    4 - demographics of where i live

    1 - i am a high school math teacher. this means i have lots of spare time. no essays to read, i grade only tests, work 8am-2pm, summers and holidays off. not married, no kids, no real expenses. very quick learner, graduated from a top university, and have been told my many people i am a natural salesman. this quality has been put to use at work as a teacher, but obviously for no compensation. i am bilingual in spanish and english. i am at 28. i was a track and cross country coach, star athlete in the area, so as a result i know many people my age, and lots of the athletes that i coached and their families.

    2 - i have passed both life and health and p&c license tests fairly easily. i want to be compensated for my (supposed selling ability). a friend works for a local independent insurance agency and said they would most likely appoint me. i want to make income to supplement my teachers salary, and possibly after a few years leave teaching (5 or so years down the road). i have decent connections in the real estate market here. i dont mind putting in serious time to build this, but im in no rush. if it takes me 10 years to get where someone full time gets in 5, i dont mind. part of my decision to do this is so i can maybe leave teaching and have a job that gives me a lot of flexibility and free time. i dont want to put in 80+ hours a week .... if i wanted that i would be an investment banker.

    3 - is it feasible to be a teacher and sell insurance afternoons, evenings, and weekends and be moderately successful? at first i would have a home office. is this a liability? would many people see this as "unprofessional?" am i correct in thinking that my access to students and families would help me out initially? i know selling is about working smart more so than hard. which insurance would be easiest to sell in terms of least time spent to close a deal and write app? which is the most time consuming? which has the greatest income potential, and which is more stable?

    4 - if you need demographic information to answer this, here goes. i live in modesto california. there is a LARGE mexican/spanish speaking population here. this is a car town ... EVERYONE owns at least one car or truck ... many own more. only 12% of of people here have a college degree, so there are many vocational/special skill workers, laborers, and small business owners. this is also strip mall heaven. many farmers and support staff. there are a small group of poeple who are abnormally wealthy in wine and agriculture, rental/commercial property, and then law and medicine.

    what are my advantages? what challenges will i face? if you were me, what lines would you focus on selling? hell, if you were me, what would you do? (leaving teaching right now isnt an option, i need the health benefits).


    all comments/ answers appreciated. feel free to contact me with info at [email protected]
     
    figdog, Jun 13, 2008
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  2. xrac
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    xrac Guru

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    You can do it. You have all the tools you need to succeed. You just need to find someone who can mentor you and teach you the trade. If I were in your position this might be my game plan: one year working it evening, weekends, and school breaks with the idea of learning the trade. When summer break throw yourself into it. If you are as successful as I think you could be you could then leave teaching and never look back if that was what you wanted to do. If you want to stay in teaching you can still gradually build up your business and renewals. I know already that you are too ambition to be content to remain as a teacher otherwise you wouldn't be on this board.

    Lyle Blessman ("The Blessman Approach" published 1978) is one of Northwestern Mutual's all time great producers. He was a teacher and basketball coach before he got into insurance. Buy and read this book I think it will be inspiration for you because you are in a similar situation:

    Amazon.com: Used and New: The Blessman approach
     
    xrac, Jun 13, 2008
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  3. taterpeeler
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    taterpeeler Guru

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    math = poker... become a poker pro
     
  4. Amber Scherloz
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    Amber Scherloz Super Genius

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    Well, if you have the time and the knowledge on selling insurance then go do it. At least you could make use of your free time and also earn additional income from it.
     
  5. Guest
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    Let me ask this. How do you feel about part-time math teachers? You know, those substitutes who cover your classes when you are sick or not able to work that day? I'll bet you don't think too highly of their abilities or their knowledge. That is pretty much what people think of part-time insurance agents from my experience. When it comes to their money, people want advice from full-time professionals, not someone looking to pick up a few extra bucks on the side.

    Everyone believes that they can do this business (L/H) part-time. I think if you sell simple, term life it CAN be done, but anything more complex takes time to learn and to sell. (I don't see P&C as an option as you will have difficulty getting appointments being a lone-ranger. Getting a PT job with a local agency is another story but they are going to take big cut of your production unless you can work a good deal with them.)

    I know a lot of smart people who have full-time jobs and who try to sell insurance or real estate on the side, but I don't know of anyone who does very well with it.

    Personally, if you want to sell something on the side, I would go with a tangible... Amway or Pampered Chef etc. It's an easier and less-time-consuming sale cycle.

    Personally, if I were a math teacher I'd set up a lucrative after-school tutoring/training program for wealthy parents who have kids who are not doing so well in math or who want to score higher on college entrance exams. I'd have college math majors do the tutoring.

    Another area that might be a natural fit for a teacher is doing college finance advising... 529s or whatever.

    I'm in Sacramento a few miles north of you so I know something of your demographics and it is not a place I'd want to work part-time in this biz... but you might be the exception that proves the rule and do well.

    You won't know for sure if it will work for you from what anyone here says. You will have to go out and just try it and see how it goes.

    Al
    InsuranceSolutions123 Agency
     
    Guest, Sep 30, 2009
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