Potential first insurance job

[Insurance_guy2023]

I have been offered an insurance job with NC Farm Bureau. It is a 100% commission role selling all lines of insurance and I am required to sell a certain number of each policies. Pretty standard stuff. My question is this. The current book of business I would be responsible for servicing while prospecting for new clients is 800k. Is that a decent client base to start with?

 

[Markthebroker]

Yes it is a decent size. If you are properly cross selling and asking for referrals, again, I said properly, then you'll never need to go out and find clients. They'll provide them.

Servicing an $800k book will slow you down, though.

 

[SF_Anon]

Agent is using you to get free service work. Ask for a base.

 

[adjusterjack]

The current book of business I would be responsible for servicing while prospecting for new clients is 800k.

Are you getting a piece of the commissions on that book of business.

If not, you'd better have at least $30,000 in the bank to live on while you generate new policies.

 

[Insurance_guy2023]

Are you getting a piece of the commissions on that book of business.

If not, you'd better have at least $30,000 in the bank to live on while you generate new policies.

Yes I will get some commission from the book.

 

[marindependent]

some commission

What is some?

100% commission role selling all lines of insurance ... Pretty standard stuff.

Tihs may or may not be standard stuff. Ask them exactly what lines of insurance that you are expected to sell? And understand that.

 

[Insurance_guy2023]

Update after meeting with the agency manager....

Inherited business pays 5%. This would result in approximately 40k "base pay"
New home and auto policies pay 15% and then 5% every renewal.
Term life pays 8% and whole life 11% for the duration they are in force.

The first two years are "probationary". Meaning that I have to sell at least 4 "P&C" policies each month. Any combination of home, auto, business, or any other liability. I also have to sell at least 3 life policies each month and the yearly premium for each 3 has to total at least $1,400. They do not fire you the first time you don't make your numbers but you are only given a couple months to get back on track.

 

[walthamny]

If you buy your own leads and sell 3 term policies a month you will make near the 40k base. after that sell 2 more term life polices a month and you are making 60k.

 

[Insurance_guy2023]

If you buy your own leads and sell 3 term policies a month you will make near the 40k base. after that sell 2 more term life polices a month and you are making 60k.

How do you buy leads? How do you know what quality they are?

 

[DHK]

I won't comment on the contract and other details. Plenty of others here can help you with that.

But since you'll be in a P&C agency and the expectation to sell life insurance and other policies, this training that Van Mueller did over 5 years ago should be required viewing to help you do exactly that. Some of it will be outdated (such as tax brackets), but you'll find it very helpful.