Newby needs help....

Nov 1, 2007

  1. TonyC
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    TonyC Guru

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    Hi,

    I just got my health/life license and had a few questions:

    1) What is the best route to go for someone who needs to earn a salary and sell insurance?

    2) If you choose to work for a non-captive agency....(generally speaking) how much money do you need to invest on getting business?

    3) If you don't go captive, how long will it take (on average) to get paychecks coming in?


    thanks very much...
     
    Last edited: Nov 1, 2007
    TonyC, Nov 1, 2007
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  2. HomeService
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    If you need to earn a salary and you are in a state that has debit life , go that route if you wish. In my state we have Reliable life and American National.

    Or, go to New England Financial, American General Life and Accident, or Mutual of Omaha, something like that.

    But, the only way to make money in this business, no matter which company { or non captive multi companies} you choose, you have to produce. Bottom line, you produce, and you make commission. This is not really a great job for people who need salaries. But, it's a great career if you produce. Be careful of companies who "front" you some money, then you owe it back if you leave or if the client drops the policy. Advances are a bear sometimes.
     
  3. djs
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    djs Super Moderator Moderator

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    All depends, but in general, don't think it will be easy. You've got some work in front of you.

    The answers to your questions are more of 'what can you do' than there being any secret formula. Salary in insurance? Depends on how much you need and how fast you need it. How motivated are you? Do you have any other means of support for the first few months?

    The amount you invest depends on what you want to do. All you really need is a phone line, a computer, an internet connection, and a dialing finger. If you want to speed up the process, add in $$$ to buy leads, figure on average $10 a lead. You won't close every lead.

    You'll never get paychecks, you'll get commission checks. There will be quite a difference since the amount will vary significantly and at the end of the year, you'll be cursing at the IRS for making tax forms so difficult. I would plan at least 6 weeks for your first check, but this is extremely variable. Also, plan 6 weeks from the first sale, not from when you say I need a check yesterday.

    Once you get into the groove, it's a pretty easy business to do well in, but it isn't as easy as a lot of people make it sound. What you'll find is people tell you to go into business so you can make as much as your worth. Some people find out they were overpaid on their last job :D, others do very well.

    Dan
     
    djs, Nov 1, 2007
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  4. TonyC
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    Thanks guys....don't mean to sound like a "whining fool" but...its helpful to know what you're looking at so you can plan accordingly.


    Cheers!
     
    Last edited: Nov 1, 2007
    TonyC, Nov 1, 2007
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  5. TonyC
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    BTW....what is debit life?

    Is that AKA....industrial life?





    ~T




     
    TonyC, Nov 1, 2007
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  6. HomeService
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    Yes, debit life is industrial life. Still around in most states. You will not get too wealthy doing it but it's a steady paycheck.
     
  7. TonyC
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    Thanks Home....yes i read about this type of insurance in the study book.

    I want to get to a position where i can afford to spend $1500 + mth on marketing and advertizing...but in the begining...i think i need to be realistic.



     
    TonyC, Nov 3, 2007
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  8. insuremojo
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    insuremojo Super Genius

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    Well, there are places you can get a "salary" and commissions. These are usually the "captive" agencies like State Farm, Farmers, Allstate, & Nationwide to name a few. If you're gonna go independent there's no salary just what you produce. I would recommend learning the business in a "captive" situation while earning a salary until you're comfortable enough to make it on your own.
     
  9. samuel_haskins
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    samuel_haskins New Member

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    If one doesn't start out at least in the industry (mutual of omaha, state farm, etc.), then isn't it going to be extremely difficult to plow out alone without some experience?
     
  10. HomeService
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    I would say if you go with one of the big boys at first, get your training, get paid while you learn, let THEM spend the big bucks on the advertising.

    $1500 per month on advertising? Sheeesh. You may never get that back.

    HOWEVER, I am pretty sure Mutual of Omaha or Physicians Mutual or somebody like that may spend at least $1500 per month on you, then hand over the leads to you, while you are training. Let them spend the money. { or co-op with a company that splits it with you, but don't just come on into the business with that as a goal, you may not get a good ROI.}
     
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