Newbie Needs Guidance! Advice Greatly Appreciated

Aug 8, 2019

?

Am I being taken advantage of?

  1. Yes

    75.0%
  2. No

    0 vote(s)
    0.0%
  3. Probably, but wait to see

    25.0%
  4. Probably not

    0 vote(s)
    0.0%
  1. need_insight
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    need_insight New Member

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    Ok thank you for explaining further on those.
     
  2. Travis Price
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    Travis Price Guru

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    The 2019 rates are 482/241. Tom's right. I don't sell MAPD, so I did a Google search for the comm levels and Ritter was posting 2020

    For term, again, totally accurate, but a good base idea for overall commission is around 70-80%. I tried to clarify that with Medigap saying each state and company are different.

    For life insurance, each companies comm structure is different.

    As for pay, depends on the product and company. Getting appointed has taken a week some places, a few weeks others. Furthermore, from start, unless he's really pushing it.. a new agent.. sorry.. reasonable expectation is closer to 60 days than 2-3 weeks.

    That's including you've contracted and started. If you're doing mailers, it's 3-4 weeks before leads start trickling in. You'll probably be cold calling and door knocking until then. You could buy online leads, but the closing ratio for a brand new agent is about 4%, so you'll need about 25 to start.

    I'm not saying you couldn't get a winner out the gate, depending on who you pair with.. but 2-3 weeks is a bit optimistic.
     
    Last edited: Aug 8, 2019
  3. Travis Price
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    Travis Price Guru

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    Companies pay a flat comm on MA, up to the max dictated by CMS.

    Also, those retail locations usually cost $500 upfront and the company rebates $250 at the end of the season. Also, unless your guy pays for it, you have to pay for AHIP training, which is around 125 with a discount.

    Straight up, you did a good job coming here. A lot of FMO/IMO's talk great, until you sign with them.

    Ask him about:

    1) Assigned commissions
    2) Up-front releases

    If he's wanting you to assign commissions, that means the insurance company pays him; he pays you. He owns your clients.

    If he refuses to give an up-front release, he can hold you, hostage, to not write with a carrier for 6 months. Sometimes, in rare instances, that can last indefinitely.

    If he falls into either category, run.
     
    Last edited: Aug 8, 2019
  4. myinsurebiz
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    myinsurebiz Guru

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    Negative. Can get someone contracted with several Carriers within a week. Sell a policy that gets issued / paid and the Agent gets paid within days.

    So - contracted and paid in less than two weeks.
     
  5. Travis Price
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    Travis Price Guru

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    Tom,

    That's with the expectation that a completely green person without any sales or insurance experience will sell a policy in their first week. Can it happen? Sure. Is it reasonable for 90% of people? Not so much.

    You tend to try to sell the unlikely. It's how you recruit.
     
  6. myinsurebiz
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    myinsurebiz Guru

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    If a monkey ( no pun intended Massey ) gets a contract with my organization - they will sell a policy in days - not weeks . . .

    I don't just "recruit" - I get people in the groove and making money. And - it happens in days - not weeks - certainly not 60 days as stated.
     
  7. Newby
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    Newby Guru

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    If the place you are talking to has the initials BL&C then yes you want to trust your gut. They are not a good place to get your start.
     
    Newby, Aug 8, 2019
    #17
  8. Travis Price
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    Travis Price Guru

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    Cool. Who can I talk to that has worked with you (not the testimonials on One Life's website) and been successful and one who also wasn't successful?

    Maybe I've had you all wrong. I'd happily suggest you to new people if you checked out.

    You don't need me to shill for you or anything, but I do like giving people good agencies to work with if they're new and I can vouch for them.
     
    Last edited: Aug 9, 2019
  9. myinsurebiz
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    myinsurebiz Guru

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    Long gone are the days of proving myself to anyone in this circus. I've been recruiting since May and it's going well. Matter of fact - I came off payroll last week so I could start my own Broker Agency within OLA.

    I'm still a National Recruiter for their Career Agent Program.

    But seriously - if a new Agent will apply for AmAm, LBL, Prosperity, Sagicor or others on a Monday, they'll be writing business by the next Monday if not before.

    Grab some fresh, hot Facebook Leads and hit the streets and / or phones.

    $$ in the bank a few days after a policy is issued / paid with some Carriers.
     
  10. Travis Price
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    Travis Price Guru

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    I agree. You don't have to prove anything to me. However, I think you should be open about your successes and failures with people who may be into contracting with you.

    *Shrugs* You don't need me shilling for you.

    As for my experience with what Tom is saying, it's unrealistic the majority of time, and that tends to be his MO in my observation. However, if you work with him and you knock it out of the park in a week, awesome.
     
    Last edited: Aug 9, 2019
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