Neutrina
Expert
I am new to this board, the insurance agent world (real green) and have a lot of questions. But first I would like to quickly introduce myself. I am 45 years old woman, former teacher, who is outgoing, assertive/confident, enjoy working with/helping people from all walks of life, and a lifelong learner (always seeking things to learn and improve upon myself). I am very dedicated in whatever I do and make tremendous effort to give 100% in any job or career I engage in. To that end I can be found easily putting in 50+ hrs a week at work.
I have recently received the license for the General Lines Life, Acc & Health in the process of researching companies, reading info on insurance forums and looking into joining associations.
Now that intro is out of the way, I have a few statements & questions:
1st—I know that you’ve all probably heard this a thousand times so here’s #1001 (feel free to roll eyes-lol)—I would love to/may be forced to go independent (many companies don't like to hire over 45year olds) but with no training, support, guidance or leads—well lets just say it feels and sounds like an uphill battle. Any thoughts?
2nd—What's an IMO/FMO? Is that like a marketing middleman? Are there any advantages for FMOs? Will they offer training on policies?
3rd-—If I go “captive” route I wouldn’t want it to be for more than a year or so. Are most contracts for a year or under?
3.1- I would like to focus on selling Life Insurance, LTC and Medicare Supplements, but is Health an easier entry/hire/learning? Also, I'd prefer to sell individual as opposed to B2B (at least at first while i learn the business)
4th--As a captive, an agent is on straight commission, no salary, just like indy only lower commission correct? It's confusing because some on this board talk about salary+commission and others explain that there's no salary involved even as a captive.
5th —I read about this lovely thing y’all have in the insurance industry called “chargebacks”
I prefer to refer to them as “OUCH!” and truly they scare the bejesus out of me.
Especially since I recently read a court case - American General Life Insurance vs Michael Kirsh. Mr. Kirsh (Agent) ended up paying upwards of $650,000 (100% of his commission) back to AGLI after two of his clients converted the policy from whole life to term on the policy’s third year.
Which brings me to my question of ouchbacks (charge backs)— Would I basically have to keep most of my commissions collecting dust in the bank-untouched- for the first 3 years of any and all policies I write?
I ask because it’s kind of hard to live off Ramen Noodles for 3-4 years not to mention fattening and buying wine would be out of the questions since nowadays they want at least $2.50 for a bottle. <<warning: dry humor
4th- Are there any companies that have a more “liberal” or rather “lax” charge-back policy?
5th – I have about 6-7 months of personal $ since i hear agents make zero in the first several months of being in the business. However, do you think it would be possible for a new agent to make at conservative $800 a month at first if i really bust my b*tt making contact and face to face time with people? Or is this amount ($800/mo) too high for a first year agent?
Caveat: Being a born and bred New Yorker (though now living in Texas) I run when I hear words such as “I guarantee you will make $100K, $200K… we can definitely put you on board the space shuttle in the coming year…”
Basically, if I was interested in getting rich quick I would follow the Call Girl career path providing a niche service to Politicians rather than become an Insurance Agent
Anyway, glad to be here. All advice greatly appreciated.
I have recently received the license for the General Lines Life, Acc & Health in the process of researching companies, reading info on insurance forums and looking into joining associations.
Now that intro is out of the way, I have a few statements & questions:
1st—I know that you’ve all probably heard this a thousand times so here’s #1001 (feel free to roll eyes-lol)—I would love to/may be forced to go independent (many companies don't like to hire over 45year olds) but with no training, support, guidance or leads—well lets just say it feels and sounds like an uphill battle. Any thoughts?
2nd—What's an IMO/FMO? Is that like a marketing middleman? Are there any advantages for FMOs? Will they offer training on policies?
3rd-—If I go “captive” route I wouldn’t want it to be for more than a year or so. Are most contracts for a year or under?
3.1- I would like to focus on selling Life Insurance, LTC and Medicare Supplements, but is Health an easier entry/hire/learning? Also, I'd prefer to sell individual as opposed to B2B (at least at first while i learn the business)
4th--As a captive, an agent is on straight commission, no salary, just like indy only lower commission correct? It's confusing because some on this board talk about salary+commission and others explain that there's no salary involved even as a captive.
5th —I read about this lovely thing y’all have in the insurance industry called “chargebacks”
I prefer to refer to them as “OUCH!” and truly they scare the bejesus out of me.
Especially since I recently read a court case - American General Life Insurance vs Michael Kirsh. Mr. Kirsh (Agent) ended up paying upwards of $650,000 (100% of his commission) back to AGLI after two of his clients converted the policy from whole life to term on the policy’s third year.
Which brings me to my question of ouchbacks (charge backs)— Would I basically have to keep most of my commissions collecting dust in the bank-untouched- for the first 3 years of any and all policies I write?
I ask because it’s kind of hard to live off Ramen Noodles for 3-4 years not to mention fattening and buying wine would be out of the questions since nowadays they want at least $2.50 for a bottle. <<warning: dry humor
4th- Are there any companies that have a more “liberal” or rather “lax” charge-back policy?
5th – I have about 6-7 months of personal $ since i hear agents make zero in the first several months of being in the business. However, do you think it would be possible for a new agent to make at conservative $800 a month at first if i really bust my b*tt making contact and face to face time with people? Or is this amount ($800/mo) too high for a first year agent?
Caveat: Being a born and bred New Yorker (though now living in Texas) I run when I hear words such as “I guarantee you will make $100K, $200K… we can definitely put you on board the space shuttle in the coming year…”
Basically, if I was interested in getting rich quick I would follow the Call Girl career path providing a niche service to Politicians rather than become an Insurance Agent
Anyway, glad to be here. All advice greatly appreciated.
