Money to get started

[DHK]

If you're going to work for an agent, then there will be a base salary or hourly wage + some kind of commissions. For your situation (need a check, new to insurance, low to no skills), I'd start there.

The biggest help I could give you for P&C sales (because I consider it a 'commodity'), is to incorporate the word 'compete' in your approach. As in "I'm calling to see how well we can compete for your business."

For these agencies, they'll also be offering life & health insurance. This is a 4-hour training video for State Farm agents conducted by multi-million dollar earner Van Mueller. It may give you a competitive edge as you continue to study the field of insurance:

 

[Alston]

My current job is being outsourced in the next month but i totally get what you're saying. Thank you.

If that's the case:

• Find a good mentor. (That's the tough part.)
• Do everything he or see tells you to do
  • twice
• Invest 30 minutes a day reading a book about sales and/or enroll in Automobile University (listen to books and podcasts in your car).

 

[Markthebroker]

Unless you're joining SF or Allstate as a team member working FOR an agent... you should consider insurance as a business decision, not a job. That's one of the biggest problems and one reason why the failure rate is so high. You actually need to interview them MORE than they interview you.

He hit the nail on the head.

 

[Ron Van D]

Lh says i can start part time but seems as if it could put me in debt. State farm and allstate offered me positions but cant decide what to do. Almost seems like you must buy your way into the business from what sone people say.

This is not true.

It ABSOLUTELY WILL put you in debt.

 

[Newby]

I take my test in 2 weeks and am considering backing out. I keep hearing that you need 2k-5k in the bank to get started. Im choosing between lincoln heritage, state farm, and allstate. Thought about pma or amerilife and decided against them. Reading on here about insurance not being good if youre currently living paycheck to paycheck has me concerned because I wanted to get into insurance to get away from that. Horribly confused!

You are sort of all over the place.

Do you want a job where you work for someone directly or do you want to be in your own business?

Do you want to sell mainly Property and Casualty (State Farm and Allstate) or Final Expense (Lincoln Heritage) which is an entirely different product, market and customer base.

Recruiting? You haven't even got yourself going in the biz yet and some hack agency is talking to you about recruiting? Your gut should tell you that is a recipe for bankruptcy.

Our website has a thread that can help you understand the final expense market. This would be from the point of view of the competitors of Lincoln Heritage. Always good to check out the competition. Lincoln claims to be the #1 volume seller of FE. That could be true. Because most FE is not sold by captive type companies so they could be the big fish in a small pond. If they are the #1 brand that means they sell between 8 to 10% of the FE policies or less. And their competitors sell around 90%.

Most FE agents are independent and sell multiple companies so they can be more favorable to the customer. This allows you to sell policies that give your customer lower rates and often more favorable health underwriting. With Lincoln Heritage they have to sell a graded benefit policy to many people that qualify for prefered or standard 1st day coverage from an independent agent.

Here's some info on working as an independent FE agent: Getting Started with FE Sales

 

[undeadbob]

Anyone who mentioned recruiting I immediately dismiss. I think I'm going with allstate or SF to learn and after I learn some and build a small nest egg I'll try FE.
The reason i want to do FE is seeing my mother with Alzheimer's signed up for all kinds of policies that wiped her out. I just dont seem to be financially ready to get into it yet. I really didnt know about the financial output and need to get ready for it.

 

[shonceman]

Anyone who mentioned recruiting I immediately dismiss. I think I'm going with allstate or SF to learn and after I learn some and build a small nest egg I'll try FE.
The reason i want to do FE is seeing my mother with Alzheimer's signed up for all kinds of policies that wiped her out. I just dont seem to be financially ready to get into it yet. I really didnt know about the financial output and need to get ready for it.

This may seem out of left field, but another possibility is Home Service life insurance. It's closely related to FE, and the system that many veteran FE agents started under (including me.) The one captive Home Service company I know of in Virginia is United Insurance (which is a Kemper company). They will start you with a small base pay with benefits and a book of business to build from. Long term it's probably not as lucrative as some other options, but it's a way into the business for someone with little to no money. Some agents actually do very well with it, though. If you're in the Hampton Roads area, I can probably refer you to a good manager who won't blow too much smoke at you! (I used to live there, and worked a book for United before moving to Texas.) Here's their website:
Kemper Home Service Companies

 

[undeadbob]

Thank you

 

[StarterAgentKG]

Lh says i can start part time but seems as if it could put me in debt. State farm and allstate offered me positions but cant decide what to do. Almost seems like you must buy your way into the business from what sone people say.

I have spoken to LH agents before, LH gets a bad name because they sell a slightly more expensive product (but also have more services). Plus they advance you leads on a weekly basis then subtract the cost from your commissions. So if you don't sell or get chargebacks and can't pay the company back, you get vectored which hits your credit report.

 

[HoosierLife]

$1000. Final Expense. Easy peasy.