New Guy to FE and Mortgage Protection

[Oneucb4u]

Good evening everyone (caution - long winded post),

So here's my story. I applied last week and took my exam for my life license. I've kind of been forced out of my previous field of work due to a motorcycle accident in July. While I'd love to sit the rest of this year on my backside watching Simpsons re-runs, I have to make a living. I've worked in telecom construction management for the last 10 years but did mortgage origination prior to that.

On to the purpose of my post. I obviously have quite a bit at stake here being that this was an unplanned redirection in my life and have a family to support. While I understand this isn't a field of work everybody succeeds in I'm confident in this new opportunity. Mainly because I have to be. Also because I've done well in sales in the past. Yeah, I realize mortgage sales and FE sales are two different beasts, but I don't think the adaptation should be too much for me.

I'll be working for a company that provides leads as an option and until I see how they play out I won't know if I need to go sourcing my own. My focus will be on selling FE and mortgage protection products, probably trying to stick with 2 or 3 carriers at first until I get my head better wrapped around everything. I don't know that I'll get rich overnight, but for the time being I'm simply trying to learn, and most importantly keep my family fed.

I just wanted to introduce myself to everyone and if anybody has any words of encouragement, or super secret tips to overnight success, feel free to share!

Pat

 

[Newby]

Here is the thing you need to watch out for. With the company supplying leads for you they will take a huge chunk of your commission. And they will be of very low quality because they will be aged leads that other agents have already tried to sell.

Once this becomes apparent and you go to sign up at a regular agency where you get the normal commissions and buy your own leads you will find that the first agency will not release you. Even if you never sold a single policy all your companies you had under them are trapped. Agencies that have the free leads and low commissions NEVER release. No matter what they tell you up front.

To protect yourself, if you decide to go with them anyway, only sign up with ONE company. Americo would be a goid one that has both FE and MP. If that one gets tied up you will never miss them. Then 6-months after you quit writing them you can pick Americo back up and no harm done.

For more info from me about how all this works read the threads "Getting started selling FE" and "Commission levels" at — Your inside track to selling more, making more and working smarter

 

[Matthew King]

Welcome to the Forum!

Words of Encouragement:

The insurance industry does have a "high" washout rate, but if you already have leads being supplied, and possible a trainer where you are. You can definitely use it as a stepping stone to learn the game. There are definitely a few "red flags" to look out for as Newby Mentioned some already.

Keep learning, follow real advice, do the right thing, and truly solve the needs of your clients. You'll do just fine.

 

[mickeyma]

Good evening everyone (caution - long winded post),

have a family to support.
Pat

Since u have a family to support, I would recommend FE because it is daytime work. MP is all evenings and Saturday mornings (when the prospects are not working).

And MP has a limited # of hours - 6:30 to 8:30 pm - while FE has all day long.

Good Luck. I wish you lots of success.

 

[jdeasy]

Good evening everyone (caution - long winded post),

So here's my story. I applied last week and took my exam for my life license. I've kind of been forced out of my previous field of work due to a motorcycle accident in July. While I'd love to sit the rest of this year on my backside watching Simpsons re-runs, I have to make a living. I've worked in telecom construction management for the last 10 years but did mortgage origination prior to that.

On to the purpose of my post. I obviously have quite a bit at stake here being that this was an unplanned redirection in my life and have a family to support. While I understand this isn't a field of work everybody succeeds in I'm confident in this new opportunity. Mainly because I have to be. Also because I've done well in sales in the past. Yeah, I realize mortgage sales and FE sales are two different beasts, but I don't think the adaptation should be too much for me.

I'll be working for a company that provides leads as an option and until I see how they play out I won't know if I need to go sourcing my own. My focus will be on selling FE and mortgage protection products, probably trying to stick with 2 or 3 carriers at first until I get my head better wrapped around everything. I don't know that I'll get rich overnight, but for the time being I'm simply trying to learn, and most importantly keep my family fed.

I just wanted to introduce myself to everyone and if anybody has any words of encouragement, or super secret tips to overnight success, feel free to share!

Pat

Pick one or the other and then go all in. Get with an IMO that specializes in your choice. There is not an IMO out there that does both equally well. No matter what they tell you.

The "adaptation" is non existent. If you are not willing to unlearn everything you think you know about sales then selling life insurance is not for you.

If you pick MP then find an IMO that's got a proven record of training MP producers. Then do it exactly like they say. Not the way sales have worked for you before.

Same for the FE path. Find a proven FE IMO. Then follow instructions to the letter. Do it the way the successful producers are doing it. You can add your flavor over time after you have laid the foundation.

 

[munda4545]

Since u have a family to support, I would recommend FE because it is daytime work. MP is all evenings and Saturday mornings (when the prospects are not working).

And MP has a limited # of hours - 6:30 to 8:30 pm - while FE has all day long.

Good Luck. I wish you lots of success.

Hi,
I do have a disability & like to work from home office. Which product would be
easy to close the deal...FE or MP ?? or something else, Please do let me know...
Thank You,
Mike Munda

 

[ncaggie]

Where are you located in NC?

 

[souldeux]

Hi,
I do have a disability & like to work from home office. Which product would be
easy to close the deal...FE or MP ?? or something else, Please do let me know...
Thank You,
Mike Munda

I hate to start this argument on the forum again, but: selling FE over the phone is rough.

 

[Oneucb4u]

Where are you located in NC?

I'm located in the Charlotte area

----------

Here is the thing you need to watch out for. With the company supplying leads for you they will take a huge chunk of your commission. And they will be of very low quality because they will be aged leads that other agents have already tried to sell.

Once this becomes apparent and you go to sign up at a regular agency where you get the normal commissions and buy your own leads you will find that the first agency will not release you. Even if you never sold a single policy all your companies you had under them are trapped. Agencies that have the free leads and low commissions NEVER release. No matter what they tell you up front.

To protect yourself, if you decide to go with them anyway, only sign up with ONE company. Americo would be a goid one that has both FE and MP. If that one gets tied up you will never miss them. Then 6-months after you quit writing them you can pick Americo back up and no harm done.



Thanks for the tips. The company I'll be working for provides the leads starting at a 10% commission drop, so it's not major. My only concern is the quality of those leads. Time will tell, I suppose.

 

[1963]

Hi Pat, welcome to the Forum!
I wish you luck in your endeavor. Based on what you said, you are receiving leads from the company at a cost of 10% of commissions. Read your contract thoroughly and be certain you have no strings attached (ex. sliding commission scales, etc.).
Secondly, have plans for each workday (when to make calls, set appointments, cold calling, setting up your next day activity, any other work-related activity).
With respect to the products you are proposing to market, I have to agree with jdeasy. In addition to the reasons he stated, to try to do both would be somewhat counterproductive. While the core of your FE market will probably be made up of seniors, the MP products are usually desired by young professionals who are homeowners for the first time. Not very many seniors are looking for a home to purchase, and young folks are not too concerned with setting things in order for the next generation.
Learn as much as possible about the craft and products. You HAVE to be willing to adapt and grow. With time, you will acquire the ability to see the value of making every sales call productive! Good luck!!!