New agent

[LaffAgent]

Interesting Res (mind if I call you Res?). I've spent a good part of a lifetime being a life insurance agent and have considered going to law school and making the transition the other way. So, I have two considerations for you:

1) VERY few people make it in this business part time. Hell, very few make it full time. There is a critical mass of work that has to go into it before it works, it's tough to do that part time.

2) Think big. The law shingle hanging next to the insurance shingle (in my opinion) screams out Estate Planning and Elder Care Law. I might be leery of a lawyer selling life insurance, but I sure would like to get (and would pay for) good legal and estate planning work from an attorney who specializes in estate work. Yes?

 

[LaffAgent]

DO you see insurance as teh last reort for the desperate?

uhhhhhh, yes . Let's have a show of hands. Who here as a kid said "Gee, I'd sure like to be an insurance salesman when I grow up?"

It's sort of like a blind date. You're desperate so you'll date anyone. Before you know it you fall in love and your blind date turns out to be your soul mate. It's a wonderful story, but it doesn't lessen the fact that it started in desperation.

 

[Res_Ipsa_Loquitor]

i make alot of typos. I went to law school when I was 22. I was trial attorney for a while and liked the freedom of having my own practice, but did not like the money (my best year i made about 55k- worst about 35k). Then I jumped to transactional work for the energy services co. im with now, and i like the money (i make about 95k now), and not the work... What i've discovered is that i like growing businesses, but dont really have a lot of love for the work itself (of any kind really). I like the journey. Im easily bored and like to have my finger in a lot of pies.
I was searching on a job board for a second/third job (i also have job as part time faculty at a local university). Basically, Im greedy, but I dont mind working for it.

 

[midwestbroker]

...
It's sort of like a blind date. You're desperate so you'll date anyone. Before you know it you fall in love and your blind date turns out to be your soul mate. It's a wonderful story, but it doesn't lessen the fact that it started in desperation.

My story of getting into the biz is just like that...

Welcome to the insurance field! All you have to do now is sell cars and you have completed the circle of people you do not want to deal with!

Just kidding. I think Laff has a great point. Elder care law would be a great stepping stone. I would think that the Medicare market would be good for you as you can do wills, final expense life insurance to secure their burial, Supplement to make sure they have the best rate or see if a MA (Medicare Advantage plan) is a better fit.

I would focus on one area. Weather it is Medicare, Individual health, life, annutiy, etc. Kind of like law, you want to make sure you are a subject matter expert. I assume that you are not running from divorce court, to traffic court, then to a murder trial.

Great success to you!

 

[johnrocks]

i don't want to start a new thread for this silly ques. I am about to ask but how do I do that mini-quote

 

[Res_Ipsa_Loquitor]

Interesting Res (mind if I call you Res?). I've spent a good part of a lifetime being a life insurance agent and have considered going to law school and making the transition the other way. So, I have two considerations for you:

1) VERY few people make it in this business part time. Hell, very few make it full time. There is a critical mass of work that has to go into it before it works, it's tough to do that part time.

2) Think big. The law shingle hanging next to the insurance shingle (in my opinion) screams out Estate Planning and Elder Care Law. I might be leery of a lawyer selling life insurance, but I sure would like to get (and would pay for) good legal and estate planning work from an attorney who specializes in estate work. Yes?

1) Hopefully, I will be one of the few, I want to transition to f/t (assuming I like it and and can make a living at it). But thanks for the pick me up.

2) No doubt, but there are lots and lots of ethical implications at stake, i would probably get disbarred if i tried to do that. But don't think I havent thought about it. I was thinking more along the lines of insurance and then i could offer my estate planning services (i think i could get away with thta). But if i advertised or hung a shingle as a lawyer, and then treid to sell insurance, I would be in trouble.

If you are thinking of law school, I will be happy to provide any assistance I can. Its a good investment for most, but there are lots of failing law offices out there. I went to school with plenty of people who were there simply because they couldnt find a job (read: dumb people). Definately not a magic pill. Having said that, if you have an ounce of sense about you, it should be a solid investment of time and money (also go somewhere cheap).

 

[Res_Ipsa_Loquitor]

Welcome to the insurance field! All you have to do now is sell cars and you have completed the circle of people you do not want to deal with!
ha. unsettlingly true.

Just kidding. I think Laff has a great point. Elder care law would be a great stepping stone. I would think that the Medicare market would be good for you as you can do wills, final expense life insurance to secure their burial, Supplement to make sure they have the best rate or see if a MA (Medicare Advantage plan) is a better fit.

I will look into that, i think that is a great idea, but not my post above, I would have to be very careful about how that is done.


I would focus on one area. Weather it is Medicare, Individual health, life, annutiy, etc. Kind of like law, you want to make sure you are a subject matter expert. I assume that you are not running from divorce court, to traffic court, then to a murder trial.

not anymore, i was about a year ago. you forgot bankruptcy court though...

 

[Frank Stastny]

LaffAgent, notice I didn't raise my hand either. I started doing this because I got tired of "being owned by corporate America". I wanted to put ME back in charge of my life.

You may have a misconception of what most of us call an "insurance lead". Many times it turns out to be just a name, address, phone number and birth date. Kind of like what most of your direct mail leads are.

If you have a full-time job it is going to be next to difficult to make a go of insurance or anything else. That is probably why your private practice isn't doing better.

It doesn't mater how much you are making in your "day job", it's going to take several years before you can equal that salary even working full time selling insurance.

If you go into the Senior market you can count on making about $25.00 per month for each Med Supp policy you sell. Selling Medicare Advantage plans will give you around $300 per app for the first year and a pittance for the following years.

Long Term Care and Life policies bring in a nice commission the first year but there is a drastic reduction in following years.

Because the Senior market is constantly changing, I feel personally it may be a real mistake to go captive. The company you select, regardless of which one, can have a huge increase and then you have nothing to sell. Maintaining flexibility in the Senior market today is imperative to building the kind of client list you will need to make "real" money.

Selling is only one portion of insurance. There is also service work that needs to be done. (This is going to have to be done during normal business hours. As in the time you are spending at your "day job".)

Just ask Senior on this board how many hours it took of him hammering the phone to get his client's insurance back. Are you going to have time to do that?

If you want out of your job, go balls to the wall and open a private practice. You will make more in one hour than the average agent makes in a day. I have read that the average L&H agent in the US makes under $40,000 per year.

However, if you want to jump in, we will help you all we can.

 

[senior-advisor-indiana]

Hey Res, I actually did want to be an onsurance agent when i was 16. I was dating a girl whos dad owned his own agency. They were RICH! Money is my motivation and i too get bored easily. I don't think you will get bored with insurance, atleast i haven't yet.

Insurance is the best job in the world when you are doing good and the worst job in the world when you aren't. The objective is to get your renewals built up so thaqt your down months are survivable(is that a word?).

I live in Indiana also, south of ft wayne. I am in the senior market. I have worked for United American, Senior Solutions ( penn life), and senior benefits( great american ) and in that order. I am now transitioning to be independent. The reason I have jumped around so much is because of price increases and after a couple months the captive agencies want you to start producing your own leads. So basically they entice you with leads and then take them away. Thats the only reason i went captive, well the training too but you can get training anywhere that offers contracts.

Let me know if you have any questions about the senior market because thats where I have been for 4.5 years. I sell medicare supps, Medicare advantage, life, annuities and starting to dabble in ltc.

 

[J.R.]

For the latest facts....http://www.bls.gov/oco/ocos118.htm