New Agent eager to learn.

[Willie2358]

Good afternoon everyone,

I am a brand new agent with Equis. I have already signed my agreement and while after learning and reading this may not be the best place to start could some one maybe offer a better IMO. I have not been contracted with any carriers just yet so I'm thinking I should hold off on that ? My question is and please point me in the right direction if there is already stickies, I've always heard about having 7 spokes of your business model to ensure your revenue stream. As a new agent I understand I will have to door knock and get out in my community. I was trying to think about the 7 spokes the other day and could only come up with a few. Cold knocking, buying offered leads and working them, social media marketing, direct mail? That is all that I can come up with. Please forgive my ignorance in these matters as I am willing and able to take all ideas.

 

[Mike007]

I don't know what Equis is focus on at this moment but if it is Mortgage Protection, you can forget it. Not enough home buyers to feed the hundreds of thousands of insurance agents doing the same thing.

You may be better off looking to start in the Final Expenses field. There are more seniors than there are home buyers.

Average contracts for Final Expenses starts at 110%-120% commission. My thing is find someone local and can train you hands on. Teach you the ropes. Final Expenses requires larger commission contracts because the profit margin are much thinner than say, selling an IUL policy.

There is no secret to Life Insurance. You have to reach the consumer. You either do it yourself or you hire someone else to do it for you.

Mailers
Telemarketing
Flyers
Door Hangers
Door to Door Knocking
Internet Marketing
Network with other Professionals

 

[Willie2358]

Thanks for your input I just got my lead access today and we focus on final expense and mortgage protection but being as I am relatively young was was going to shoot for people my age early thirties and those just getting established with homes or families or those who have been around long enough to know the value of having a policy. My fiance is a real estate agent as well so I get to pitch my life products at the door as clientele leave. So that one of my spokes of business in theory. I'm not sure how it all will work but I'm definitely excited about the opportunity. I have written 3 policies and have an appointment in Thursday these where all people that approached me when they learned I had my license so I know that's not typical it feels like an ok start tho for my first true week as a producer.

 

[Mike007]

That's a great start. Go out and find as many Realtors as you can and partner up with them to send you leads.

Also, connect with Auto & Home Insurance agents who do not do Life sales. See if they will let you work their book of business and come to some sort of deal. You can pay a referral fee or if they go and get their license, you can do all the work and split the sales. Usual split is around 50/50 or 60/40. But to make commission split, the other person must have a life license.

The more you network, the less you have to spend money on buying leads. Always ask for referrals from your clients. The best way to do that is keep in touch with them and build a long term relationship with your clients. So whenever they have friends or family members ready to buy, they will know how to send these people your way. The best way to keep in touch with your clients are to send greeting cards to them. You can buy bulk cards and send them out monthly to thank them for being wonderful clients.

 

[Willie2358]

I don't know what Equis is focus on at this moment but if it is Mortgage Protection, you can forget it. Not enough home buyers to feed the hundreds of thousands of insurance agents doing the same thing.

You may be better off looking to start in the Final Expenses field. There are more seniors than there are home buyers.

Average contracts for Final Expenses starts at 110%-120% commission. My thing is find someone local and can train you hands on. Teach you the ropes. Final Expenses requires larger commission contracts because the profit margin are much thinner than say, selling an IUL policy.

There is no secret to Life Insurance. You have to reach the consumer. You either do it yourself or you hire someone else to do it for you.

Mailers
Telemarketing
Flyers
Door Hangers
Door to Door Knocking
Internet Marketing
Network with other Professionals

I love these thanks man. When searching for networking partners where would one suggest banks, real estate agents? Other agents. I figured out I would like to kind of appeal to middle class, self employed and early 30s geard more towards setting up for retirement college expenses. Is there a market out there for that type of thing in life and health? I would think so but I also see the benefit of FE.

 

[Mike007]

Build your network with Real Estate Agents, Auto & Home Insurance Agents, Home Lenders, CPA, Tax Preparers, or anyone that has a client base.

Small business owners are the ones you can connect with. Its too difficult to deal with corporations or large company. You are a small fish, they won't have the time for you.

Remember, you won't be the first person to approach them. If you are walking in just taking, they will through you out their doors in seconds. To work with someone, what can you offer them. It's all about them. How can you increase their pockets, their profits. What can you do for them that they will allow you to approach their clients. What can you bring to the table? What can you offer them? If you can not do that, you are no different than the hundreds of other people before you that they have already been rejected.

Sounds easy, but it's very difficult to put into action. Never walk in a business owner's door empty handed.

If you want to deal with retirement. You must know your products in and out. You must be able to know what works and what won't work. If you don't know what your products does for a client, you may end up hurting them.

People often love using IUL but I'm always iffy with new agents when they want to sell IUL. Especially if they want to use it as a retirement vehicle for their clients. I've seen too many IUL policies that will not go well in the long run.

 

[Willie2358]

Thanks for your input, I'm not gearing just towards retirement I'm looking to get everyone covered with term unless their situation dictates differently then stay in contact if their needs change. I've had ok time so far with my warm market but I know that won't go very far.