Mid-life Career Change?

Discussion in 'Getting Started Selling Insurance' started by Mantrain, Jun 19, 2017.

  1. Mantrain

    Mantrain Member

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    I hope I am posting in the right forum. About two decades ago after college I landed a job selling E&O insurance. The line of business I was in was very reputable and highly gratifying. However I was working within a brokerage that had special contacts with specific lines of business. That company was called LRO and was purchased by a not so reputable entrepreneurial person who was a GA for offshore auto line. CA changed the laws, everything went bust and I decided to go to chiropractic college.

    Looking back, that job selling E&O was my favorite job ever and I lost my P&C license as it had long ago lapsed. But I am coming to a point in my career as a chiropractor where I do not want to rely on it. I will cap out with income versus my body, what it can withstand as I get older, and moreover, I am curious how feasible it would be for me to transition slowly into a new business. I know I would need to get my P&C license again, and what else? Do I need a brokerage to sponsor me? How much money can I make realistically? Seems like sky is the limit with business in general but there is reality too iff I am starting out from scratch. How can I find a good local brokerage that will help steer me in the right direction, or should I do everything independent? I picture myself selling commercial policies to small and hopefully at some goes on to larger businesses.

    It seems to me that making a living selling P&C would be so much easier than life insurance. Is this a correct presumption? I have this presumption bc all businesses need liability insurance etc and it seems that life insurance, life/health, well I have this image of these dime a dozen Primerica agents and that part of it turns me off, versus developing a commercial lines business.

    Am I dreaming, or should I just stay put and be what I am now, a chiropractor taking home about $110k/ year, but worried that as I get towards 50 years of age my body will deplete and insurance coverage are getting worse -- not everyone understands or even likes chiropractors (but I guess I have made a living nonetheless). I think I should be able to do so much better than $110k/ year and P&C really interests me. It actually has been calling out to me since I left it to go back to school.

    Would totally appreciate any insight...
  2. Rick Deckard

    Rick Deckard Well-Known Member

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    The Good News: You have a fantastic story and I will tell you exactly who you should target.

    -Doctor's offices and Lawyer's(Liability is huge) because you should be comfortable speaking to these folks. I would not start going after manufacturing first.

    -Tell everyone who owns a business your story and how you also were a business owner and are they also finding "Blank Blank and Blank issues"...you should know first hand what these owners or medical professionals experience.

    Being a P&C agent is NOT easy. Even if you have leads pouring in, doesn't always equate to big dollars. The sad reality is one guy can write 50 policies for $2k a piece and another agent goes out and lands 1 good restaurant on the water with boat slips and liquor license for $100k in premium and they end up making about the same money but one of them had to do an awful lot more paperwork and processing. Can you guess which one?

    Good Luck to you, I would transition over slowly.

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