New to the Insurance Business and Need Some Advice!!

houndis1

New Member
2
Hello, everyone!! I'm new to the insurance business and need some advice. I've been scouring the internet for opportunities and have realized there are a lot of companies out there that seem to be good until you do some research. Can someone please give me some advice as to what to look for and what to watch out for when looking for an opportunity? If you have any recommendations that would help too. It seems most companies require you to purchase leads but at this point I really don't have any extra $$ for leads. I've heard there are good companies that provide leads at no cost but I'm having a hard time finding them.

Some of the companies I've looked at are: Acsia Partners (LTCFP), Modern Woodmen of America, Retireco, West Penn Life, Senior Life, Keator Group, Mortgage, Life, & Retirement Protection Group, Penn Mutual, Health Benefits Exchange. And, I have an interview with AXA Advisers tomorrow. Opinions on any of these are welcome...please!!!!!

I really need some direction and I thought this would be a good place to start. Thank you to anyone who helps!!!

Have a wonderful day!! :)
 
Though I just a newbie myself, I will throw out what I've see the pro's here suggest:

1. What type of insurance do you want to sell?

2. Captive or independent?

3. Do you have a mentor or other ins pro who you can pick their brain?

And most importantly, use the search function and read everything on this forum. Look at the forum about "Just getting started". Also read my one and only post (look in my post count for that). I received a wealth of great advice for an upcoming interview I have. Hope it helps and good luck!
 
Wow. You are ALL over the place.

Pick the best company to fit the kind of client profile you feel you would do well with.

You see, if you have 1 company that pays you 100%... and another pays you 50%... with just that information, you would pick the first company.

However, if you can see 5 people that will buy with company B (@ 50%) and you could only see 1 person for company a's products (@ 100%)... assuming everything else was equal... which is better? Company B... because you can see more people that fit your market and have better products for that market.

Determine your market... THEN find a company to represent.

If you do it the other way... you may struggle even more than what you anticipated.

How to determine a market

There are three basic markets:
- Families
- Retirees
- Business Owners

Now, the trick here, is not to pick the market you want... but to pick the biggest market you have ACCESS to. The bigger the market you can access... the greater your opportunities for success.

If you don't feel that you have a market... you'll have to buy leads... and you know that can be an expensive proposition. The other way to do it... phone & shoe leather.

After you determined your market... now you determine the company to partner with you to deliver insurance (and investment services via AXA) to that market.

Do you just want to sell term life insurance? Or do you want to do a full financial planning approach?

These thoughts should help you decide where to go and the kind of work you want to do with your target profile.
 
Based on my experience starting out as in indy 5yrs ago, and doing just about everything wrong that I could the first several years in this business... if I was starting out today as a newbie, I would first decide what you want to do (life, health, p/c), then I'd find a reputable company to work with as a captive so I could get lots of training and truly learn this business. Once you have some time and success under your belt, if you choose to go it alone - at least you'll have a solid foundation to work from. My .02
 
Most of your insurance sales (in number) will be term insurance. Prudential is nice because it has a 10, 20, and 30 year term product and the term is convertible to any of their permanent products.
 
Though I just a newbie myself, I will throw out what I've see the pro's here suggest:

1. What type of insurance do you want to sell?

2. Captive or independent?

3. Do you have a mentor or other ins pro who you can pick their brain?

And most importantly, use the search function and read everything on this forum. Look at the forum about "Just getting started". Also read my one and only post (look in my post count for that). I received a wealth of great advice for an upcoming interview I have. Hope it helps and good luck!

Good questions! You need to answer these before proceeding. The biggest questions are what part of the market do I want to be in and do I have a mentor.

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Most of your insurance sales (in number) will be term insurance. Prudential is nice because it has a 10, 20, and 30 year term product and the term is convertible to any of their permanent products.

How is Prudential for training?
 
Prudential is probably one of the better places to get trained. Northwestern Mutual is also considered excellent. But I defer to what DHK advised you.

When you speak to people at whichever companies/agencies you look at, keep in mind that not only is the system important, but the personalities involved in your training. A good relationship between you and your sales manager can make a huge impact on your success or lack of it.
 
Thank you so much for your advice! I will definitely check out your post. And, good luck to you as well!!! :)
 
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