Newbie Needs Advice Please

[smokin goose]

I am a w2 employee at a worksite supplemental benefits company. My first day in the field was Oct. 1st, 2012. I had no previous experience in the insurance industry. In fact, I come from a blue collar background. One day I'm working at a rock quarry and the next thing I know, I'm wearing a tie and selling insurance.

Anyhow, I figured I needed to sell at least 100k in AP my first year to sustain my family's quality of life. I'm at 24k as of right now so I'm not on track to make it. I would like to begin selling to individuals on the side to help make up for what I'm behind and to get me to survive my first year. I'm not lazy, I've busted my ass putting that 24k on the books. It's just tough out there. I love the company I am with. They are great people and a great company. Its just not really set up to sell to individuals in my division.

So I'm asking what would be a good company to sell for the individual market? Also, what class of neighborhoods to knock on. Middle class, upper-middle class??

I talked to a guy that wanted me to get set up through him. He wanted me to quit the company I was with and sign a no-compete contract with him. This is not what I want to do. I'm happy with my company. I just want more options. Keep in mind I'm new to this industry and I don't know how things really work yet. Just want honest opinions please.

 

[Guest]

I am a w2 employee at a worksite supplemental benefits company. My first day in the field was Oct. 1st, 2012. I had no previous experience in the insurance industry. In fact, I come from a blue collar background. One day I'm working at a rock quarry and the next thing I know, I'm wearing a tie and selling insurance.

Anyhow, I figured I needed to sell at least 100k in AP my first year to sustain my family's quality of life. I'm at 24k as of right now so I'm not on track to make it. I would like to begin selling to individuals on the side to help make up for what I'm behind and to get me to survive my first year. I'm not lazy, I've busted my ass putting that 24k on the books. It's just tough out there. I love the company I am with. They are great people and a great company. Its just not really set up to sell to individuals in my division.

So I'm asking what would be a good company to sell for the individual market? Also, what class of neighborhoods to knock on. Middle class, upper-middle class??

I talked to a guy that wanted me to get set up through him. He wanted me to quit the company I was with and sign a no-compete contract with him. This is not what I want to do. I'm happy with my company. I just want more options. Keep in mind I'm new to this industry and I don't know how things really work yet. Just want honest opinions please.

First off.... Does your current employer allow you to contract with other companies even if its for a LOB that they don't solicit? Most do not.

If you can then your best bet is to start selling med supps independently or term and whole life. You can contract with carriers through an IMO (many people on the forum are IMOs and offer contracts). FE is another great option.

The biggest hurdle is learning the LOB that you want to start soliciting.

 

[smokin goose]

I apologize, but I don't know what all the acronyms mean? I do know that I'm not captive.

 

[Guest]

I apologize, but I don't know what all the acronyms mean? I do know that I'm not captive.

Sorry...

LOB - line of business
IMO - Independent Marketer. That is someone who offers contracts with insurance companies to agents. They act as a go between for the agent and insurance company. Good ones offer training and support to help you be successful.
FE - final expense insurance.

Your best bet is to offer FE products and prospect on weekends and nights.

Another good option would be to sell term life insurance. Its a simple product to learn and offers good commissions. Plus, you most likely know many people that you would be able to sell it to, because all people with families need it.

Even though you aren't captive it doesn't mean that they don't allow you to contract with companies they aren't affiliated with. You'll need to ask your boss if they'd let you do that. Just stress to him that it won't interfere with your current work and you aren't offering products that compete in anyway with what you're selling now. If you are a good producer, then most likely they will allow it because they don't want to lose you.

You can make a lot more money selling other products. The worksite benefits market is one of the hardest to make a good living at. So if you try something else on the side, there is a very good chance you'll realize you can make a lot more money selling other products.

 

[smokin goose]

Ok, looked up those abbreviations. Sorry about that.
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Thanks for the explanation!

I did ask my boss. She okayed it as long as I'm spending 90 percent of my time with our company.

We actually offer term and universal through worksite.
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How would I find an IMO in my area?

 

[xrac]

If you are interested in making a a switch I would talk to AGLA. They offer a salary for the first few months and have some decent life products with competitive rates and they OFFER an array of worksite products.

 

[smokin goose]

I'm not interested in switching. Just want to add to my opportunity. But thanks!