No Experience In Ins. My Journal

S

SomeDude99

Expert
58
CT
Hi,

Thanks for clicking on this page. Im a brand new agent. Just received my license 2 months ago. I have a part time job that provides good steady income. However, I have alot of free time (20hrs+) and I want to sell insurance.

Im particularly interested in FE. I want to sell FE part time without having a manager breath down my neck every day or having to meet a quota. I want to do it on a casual basis and If im having success I have no problem quitting my part-time job.

What FE companies should I look into? I live in CT and I am an independent agent and want to sell FE without being captive. I want to contract with a couple of FE companies to provide the client with the best rate.

I dont have any experience selling insurance but I have an intense drive to succeed. Im a recent college grad (4.0 gpa) and I have no fear of rejection. I have no problem door knocking and hitting up a hundred doors in a day.

Any advice appreciated. Please keep the advice in lay mans terms if possible.

I cant send an messages b/c i am too new.

No spammers....

I DONT want to be taken advantage of.
 
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In regards to being taken advantage of. My number one piece of advice is to never assign your commissions. Ask yourself this question why does you seemingly nice upline want you to assign your commissions and have the hassle of tracking and paying your commissions instead of having a carrier pay you direct.

In regards to FE I am sure some FE experts will chime in.
 
Unfortunately, Im not sure If I understand anything you said really.

I have never sold an insurance policy. Im looking to get into the business. As I understand it, you dont want an insurance company to "front or draw" you money. Ex we will give u $200 and when u sell policies u will pay back the $200. But if I quit the insurance company keeps my comissions/residuals. This is how I understand it. Im might be Lost on this though...

Someone who works in insurance told me that as a new agent with no experience the max commission I will get on FE is 55%. Is this a fair rate? I really dont know. Ive read on here agents not taking anthing less than 100% commission. And I have read some agents make up to 105% commission or more....
 
SomeDude99 said:
Unfortunately, Im not sure If I understand anything you said really.

I have never sold an insurance policy. Im looking to get into the business. As I understand it, you dont want an insurance company to "front or draw" you money. Ex we will give u $200 and when u sell policies u will pay back the $200. But if I quit the insurance company keeps my comissions/residuals. This is how I understand it. Im might be Lost on this though...

Someone who works in insurance told me that as a new agent with no experience the max commission I will get on FE is 55%. Is this a fair rate? I really dont know. Ive read on here agents not taking anthing less than 100% commission. And I have read some agents make up to 105% commission or more....
Click to expand...

An experienced agent in FE is going to have 120% and up contracts available to them.

A new agent is going to start at 70-80% with most reputable IMO's. There are some scumbags that will want you to start at 55% or lower.

Where you fall between the 70% and 120% is going to be based on what you bring to the table.

Do not get on a lead program where you commit to set number of leads per week if you are going to be part time.

As someone else said, do not assign commissions to anyone under any circumstance.

You obviously need training and support. Get with someone that will provide that. You are going to pay for that training and support with your commissions. Just don't start with anyone for less than 70%. The larger IMO's are getting 140% and up. No way their training is worth half of what you write.

Being part time is going to limit your options but that doesn't mean it can't be done.
 
Thanks guys for the advice. Very appreciated. This is a great site for everyone to help each other. I went back and looked up some terms and things that were discussed that I was confused about. The way I understand its: IMO/FMO then MGA then GA then Agent (me)

Basically, IMO is a large agency and MGA is a successful agent who manages Agents and GA's. I guess "upline" is just someone above u. For me, my upline could be a GA or MGA or IMO.

I do need training as I am very green but at the same time I can only afford to do this part-time atm and still be able to pay my bills. I cant really afford leads and dont really see the need for them when I can door knock, cold call, hand out flyers, set up a booth, etc. Those are all free leads. I dont want any place that will make me buy leads and I could get into lead debt. But maybe Im off on this and I welcome all advice....
- - - - - - - - - - - - - - -

I now have to find agencies I want to sell with. I want to be able to sell with several FE companies to offer the best rate.
Anyone know FE companies that will let u sell part-time...on more of a casual basis? Each company differs in what they cover and what they dont, etc.

Im looking at United Home Life, Assurity, Oxford, Americo, Baltimore Life, etc......Im hoping they all wont want a full time commitment. The search begins....
 
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These people have helped me more than they know and I hardley ever post. You need 1. RNA 2. Froesters (carvedilol / coreg) 3. Monumental (copd, carvedilol, no diabetic neuropathy questions) 4. Americo (smokers) 5. 5 Star 6. Vantis
 
SouthernComfort said:
These people have helped me more than they know and I hardley ever post. You need 1. RNA 2. Froesters (carvedilol / coreg) 3. Monumental (copd, carvedilol, no diabetic neuropathy questions) 4. Americo (smokers) 5. 5 Star 6. Vantis
Click to expand...


I dont think u can get any better mix of FE products then that ^^
 
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