PC and LH...Can I Do Both?

Sep 2, 2016

  1. Mike Siegal
    Offline

    Mike Siegal Super Genius

    Posts:
    169
    Likes Received:
    8
    Hi Fellow agents,

    Just found this forum and wanted to present an idea.

    Currently i'm am licensed in LH and studying for PC lic. I have some biz in the LH world (senior biz) but want to pursue that Part time. What i want to do is pursue PC full time with an Independent company for 1-2 yrs before "considering" going out on my own, while keeping my LH biz on a part time basis. I would bring in all my own leads for PC.

    QUESTION: Is it possible to get hired by an independent PC company and pursue my own biz in LH? (in other words, no split with company, i keep all LH biz)

    Would an independent agency object to the above scenario (if i am bringing in PC biz)??? AND if so...why?

    What are the real world realities of this idea?

    Thanks for any constructive input you can give!


    ~
     
  2. djs
    Offline

    djs Super Moderator Moderator

    Posts:
    6,679
    Likes Received:
    74
    State:
    California
    It depends.

    Most P&C agencies also do life and health and as such, would probably object. There are still a fair number of P&C agencies that don't do much life and health and may view this as an opportunity to grow their P&C book.

    You'll just have to ask and be up front about this. One of the local agencies will gladly accept it, some will turn it down cold.

    Just ask and be up front about it. You'll find a spot.

    Dan
     
    djs, Sep 2, 2016
    #2
  3. PhilL
    Offline

    PhilL Guru

    Posts:
    321
    Likes Received:
    17
    State:
    Florida
    It is hard to add to what Dan has stated. In what State are you intending to write P&C business? I can give you some example of what has been the experience of some of my clients if you think it might be helpful to you.
    You can reach me through my website.
     
    PhilL, Sep 2, 2016
    #3
  4. HCCIA
    Offline

    HCCIA Expert

    Posts:
    95
    Likes Received:
    1
    I would venture to guess that there are some P&C agents out there that don't do any LH and would welcome you in. Offer to give them a percentage of any LH biz you write for their clients.
     
    HCCIA, Sep 4, 2016
    #4
  5. SueNami
    Offline

    SueNami Expert

    Posts:
    50
    Likes Received:
    1
    State:
    Pennsylvania
    Do your research and find an indep that has no interest in doing the L/H... then present a proposal. MY guess is that they would either have a minimum P&C production requirement or require a small %age of the L/H since they are giving you office space. Also- think about who will help you service the L/H... if you expect them to hire a service person eventually it would only make sense it's a split.
     
    SueNami, Sep 13, 2016
    #5
  6. marksinsurance
    Offline

    marksinsurance Expert

    Posts:
    23
    Likes Received:
    0
    As long as you are licensed and compliant you can sell either/both. You should disclose your intention to your Agency and perhaps they will write that into your sales contract/addendum. It really depends on how string the LH agency appointments and book is and whether they think you can keep the costs separate especially if they are providing you any support.
     
  7. InsuranceBrah
    Offline

    InsuranceBrah Expert

    Posts:
    40
    Likes Received:
    2
    You have to find the right people. Obviously if you are splitting your attention you may not hit the goals they would be expecting.

    I'm in the same boat as you. I've found an agency that allows me to write P&C through them. I have my own L&H business that I do out of their office. They don't mind because If anything I'm writing L&H then pivoting to P&C. Now we are under the understanding that I'll still write life business through this agency if it makes sense for bundling.

    As a bonus I get a closed door office that I don't have to pay for. And they have dedicated CSR's to support me if I have any questions. So it' doesn't take away from my other business.

    What you will find is that most P&C shops do life... but they don't do life.. if that makes any sense. They will write for bundling and maybe a quick cross sell. But they aren't selling annuities, Whole life policies, or even bigger term cases.

    So in the long run the arrangement could work out in your favour referral wise.

    Just keep in mind they are drastically different. There is a big learning curve. Passing the test is easy. Knowing what each companies Offer, discounts, Bundling, Underwriting, ect. is where the work comes in. So make sure you have the support you are looking for.
     
  8. Gulfman
    Offline

    Gulfman Guru

    Posts:
    424
    Likes Received:
    1
    State:
    Florida
    Man, i would say this is a rarity.
    Not too many people can do both (from what i've seen) AND finding a shop that will give you desk space.

    My guess is that you are specializing in Auto,home with PC???
    What kinda PC production do they expect from you?

    Good work.
     
    Gulfman, Sep 15, 2016
    #8
  9. marksinsurance
    Offline

    marksinsurance Expert

    Posts:
    23
    Likes Received:
    0
    Gulfman, I agree. Two completely different types of animals - P&C clients and L/H clients. Even the commission structures are so very different.

    P/C clients you can make residual income from (renewals etc), L/H policies - commissions are first years premium only.

    It is legally possible, physically possible, but I agree hard to pull off successfully.
     
  10. Derrick
    Offline

    Derrick Super Genius

    Posts:
    176
    Likes Received:
    2
    State:
    Michigan
    I started in captive L&H and somehow ended up in indy P&C. It's completely possible to some degree. I've had success in basically being like, "You've trusted me with your home and auto for the last year, can you and your wife come in and talk about life insurance planning for 15 minutes the next time you come in to pay premiums?"

    If the conversation goes well, plan a 45 minute block and do a fact finder. Use that fact finder to make a good estimate of how much life insurance they need/how much it costs. If prospect disagrees then have a breakdown ready and start crossing off things that are least important to them. It ends abruptly when you start crossing off little johnny's college fund or paying off the mortgage.
     
    Derrick, Sep 16, 2016
    #10
Loading...