New Member Introducing my self

[Shakray]

Hello all,

i am new on here, and to the business. So a little bit about myself:

I have a real estate background, so i do understand sales & how insurance works but i am new to the business. I have had an IUL policy since i was 25, i am 32 now. I was born and raised in California. My plans are to grow in this field learn everything and everything i can, and run my own agency in the next 3-5 years. I love the insurance field/dealing with people, since i love making financial plans on how i can help better their future, and plus i am good with people. I also am not a rookie in generating leads, i am pretty good at FB leads so i plan on focusing on term insurance, and whole life at first. I want to get into medicare supp as i grow my business, and maybe getting my securities license. I also plan on implementing other avenues for generating leads.

I have interviews with numerous of companies:
World financial group
Family First Life
New York Life
Mass Mutual

I decided to go with mass mutual since the office i will be at has good training, i am not totally captive, and they have a good structure. I believe once i get better in this business, i will go as an independent agent.

Thanks for reading!

 

[DHK]

Welcome!

1. Good luck in getting MassMutual to approve your online lead generation activities. Even without securities licenses, MassMutual is very protective of their brand. You will need to double-check these things with their compliance standards.

2. Why go with a whole life insurance company when you own an IUL policy yourself? They won't let you sell IUL - even through MMLIAI. (Looks like they go through Crump now, instead of Ash Brokerage.)

3. Your product focus shows a lack of focus on a specific market or ideal client profile. Looking to add Medicare Supplements is for the senior market. Securities may be for families and retirement market (senior market and retirement market are two different things).

Allow me to help you gain more clarity and focus with this video I created. The idea is to help you get the focus you need in which market to pursue, and types of companies that will help you with that vision.

 

[Shakray]

DHK:

I tend to want to be in the orange market. I want to sell term, and then get them into permanent. I know mass offers a good whole life product.

 

[DHK]

Okay. That's a good start. Now, you need two plans:

Plan #1: Qualify for new agent financing: Last I checked (It's been 10 years), you need to sell 5 "lives" and $2,500 FYC (first year commission). Assuming a 50% commission rate, that's only 5 policies each with $1,000 annual premiums.

If you are well-trained in prospecting, fact-finding, and presenting, it won't be a problem at all. This is also why many companies tout the "Project 200" method of trying to find sales because it can generate quicker sales and ideally, a string of referrals.

Oh, "controlled business" won't qualify you. Need to find others and work with them for coverage.

Plan #2: A plan to continue regular, consistent business. This one is an obvious one, but I wanted to detail that you have an initial hurdle to clear.

Of course, you'll notice that we're talking about the minimums required for contracting, hitting leader's club, etc. This isn't including anything for your actual lifestyle and living needs.

Note: MassMutual's term is higher-priced than other companies. That's because you're really paying extra for the conversion feature. So, if you're going to sell term for MassMutual, you need to be able to show why they really should want MM WL, but start with term so you can "lock in insurability" today and convert down the line.

 

[Shakray]

OK here is mass new structure

Financing Cash ( Agent Financing)

First year: $37,000
Second: $21,000
Third: $13,000

So you get 50% commission, plus 60% bonus of financing cash on top of the commission value. They want you to get to $25k in FYC and then you qualify for 15% bonus as well.

Yes, i plan to sell term, and convert later into permanent. I also plan to do some Final expense on the side, i will be generating my own leads via my website and other avenues.