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FBN

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I am new in the biz. I have always been interested in insurance and am semi-retired so at age 64 I went and got my life insurance license and have I have been looking for a way to get trained properly in a job that will provide lead sources so I don't have to spend money I don't have on marketing. I found a local company that is run by two CFPs that do insurance and financial planning. The owner who uses to head the largest agency for a major carrier offered me a salaried job at $30,000 to start off selling Medicare supplement and Advantage over the phone. He is licensed in all 50 states. I would also get bonuses on production and as I gain experience I could sell life, long term care and annuities also. He has been in the industry 40+ years and obviously knows how to train agents properly. He would expect me to work full time working the phones and setting up appointments for other agents in the office initially as I learn the products. He would expect me to sell at minimum one Medicare policy per day after initial training. He also mentioned that if I want part time I could be a 1099 contractor but compensation would be all commission. Most of the agents in the office are recent college grads with a few years experience so I would be the old man there. Any thoughts if this is a good way to go and what other questions should I be asking him?
 
How many phone calls are you expected to make each and every day? Does he use an auto dialer? Are you okay with the fact that you will be cursed at, hung up on, lied to on every day you work the phones?
 
I am new in the biz. I have always been interested in insurance and am semi-retired so at age 64 I went and got my life insurance license and have I have been looking for a way to get trained properly in a job that will provide lead sources so I don't have to spend money I don't have on marketing. I found a local company that is run by two CFPs that do insurance and financial planning. The owner who uses to head the largest agency for a major carrier offered me a salaried job at $30,000 to start off selling Medicare supplement and Advantage over the phone. He is licensed in all 50 states. I would also get bonuses on production and as I gain experience I could sell life, long term care and annuities also. He has been in the industry 40+ years and obviously knows how to train agents properly. He would expect me to work full time working the phones and setting up appointments for other agents in the office initially as I learn the products. He would expect me to sell at minimum one Medicare policy per day after initial training. He also mentioned that if I want part time I could be a 1099 contractor but compensation would be all commission. Most of the agents in the office are recent college grads with a few years experience so I would be the old man there. Any thoughts if this is a good way to go and what other questions should I be asking him?

At surface level , this offer is better than most that have been submitted for judgement here. If you are getting good vibes from the people that you will be working for I would go ahead and give it a shot. As you learn the business you will need to negotiate yourself into a better arrangement , but $30k is more than most would be willing to pay a greenhorn producer.
 
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seeing you are not in medicare season... not sure if you will be able to meet your quotas. My brother works self employed and was in top 5 for Humana. Made ton of loot. But he says there are so many restrictions after season. I just think it will be hard.
 
that does seem to be a fair deal. I would want to know who owns the book of business. If your commissions are assigned to the agency, what is your vesting schedule. Also, the owner isn't exactly a spring chicken; if the commissions are assigned to the agency, what are the continuation plans if he makes an untimely exit.
 
that does seem to be a fair deal. I would want to know who owns the book of business. If your commissions are assigned to the agency, what is your vesting schedule. Also, the owner isn't exactly a spring chicken; if the commissions are assigned to the agency, what are the continuation plans if he makes an untimely exit.

In my mind , those are questions to work out during the second negotiation. I wouldn't expect OP to receive anything other than his $30k salary to start.
 
He would expect me to sell at minimum one Medicare policy per day after initial training.

If this dude is creating a system wherein you are closing 1 deal a day, then he's certainly doing something right.

Google search reviews on this group before starting. Be sure to read reviews w huge grain of salt. Theres always some jerkstore flaming anout their own bad experience, which may not represent yours ofc. Most important, be sure this guy is generally considered to be honest
 
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