New to the Insurance World (and Forum)

[tnks2hp]

Hi,

I'm hoping that I will gain some insight into the world of insurance sales. i'm changing careers and am currently studying for my license A&H and Life.

I've been planning on working for Bankers, but I saw on a thread that working for them is a "joke". The poster didn't clarify but it worried me. Although the post was from 2 years ago.

I would like to get a base salary, but they're not offering that. Can some kind soul here stir me in the right direction? I'm not looking to go out on my own. I want training from a company and if I could get a base salary, it would definately be a life changer.

Thanks in advance for any replies.

 

[Mark]

Welcome to the forum!

 

[Josh]

There aren't many companies that are going to offer training and a base salary. Most agents fail out of the business long before they would be profitable and as such a company paying a starting salary and training could easily end up broke on that venture.

On the other hand, you may very well be able to find a property and casualty shop that'll work like that, but you're generally looking at a relatively low hourly wage and limited upside potential. Allstate and State Farm agencies often need support staff like that.

 

[tins]

Welcome to the forum.
You could learn the products if you start with Bankers.
I wouldn't get your hopes up about a base salary. This is a commission industry, it's not good for you long-term to rely on a salary as a fall back.

 

[tnks2hp]

What type of license would I need for Property and Casualty?

Also have you heard anything about Bankers?

 

[hammerken]

I would avoid Bankers. Shady shop to say the least. You may want to take a look at Transamerica Agency Network. They will at least subsidize the first 1/4 of your being there with I believe around $3k per month. Probably not much in the way of training but they may throw an orphan book at you. Also some of the larger whole life/variable shops can offer some good training like NY Life and Mass Mutual. Or if you are really courageous you could go the wirehouse route (Merrill, Morgan, UBS). Just remember that for most people in this business its a marathon and the more you listen now, the greater your income will be later.

 

[Guest]

What type of license would I need for Property and Casualty?

Also have you heard anything about Bankers?

What type(s) of products are you wanting to sell? Health insurance, Medicare related products, life insurance?

I recently saw an ad for AGLA (American General Life) where they were hiring agents and offering a weekly base + commission. I've heard good things about AGLA in the past as far as their trainnig. But I think its one of those outfits that tells you to make a list of your 100 closest friends and family members and then sits you at a phone and tells you to start dialing.

 

[SWM]

A good place to look for early help and training IMO would be AGLA, Transamerica Agency, Western Southern, and under a good GA, maybe Ohio National Career. I am sure there are more out there, but I am familiar with these and comfortable recommending them to someone "new".

 

[tnks2hp]

The main reason I decided to go with Bankers was because they offer training. I'll start selling medicare supplements there even though they want me to also have Life insurance license.

But I'll look into these other companies mentioned also (thanks for the info)

The reason I was looking for a base salary was because I'm new and wanted a cushion temporairly until I start making money. I'm wasn't sure how long it would take me to make some money.

You all have been very helpful.

 

[Ann H]

Welcome to the forum.