Producer Licensing and Bankruptcy

Aug 4, 2015

  1. lisa04
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    lisa04 New Member

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    Hello,
    If you were discharged from bankruptcy over a year ago, would that prevent you from becoming licensed? I live in the State of Maryland.
     
    lisa04, Aug 4, 2015
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  2. TwiLight
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    TwiLight Guru

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    Nope. May prevent you from getting appointments with some insurance companies..... depends on the lines and companies.
     
  3. lisa04
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    lisa04 New Member

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    Thanks for the information. I wasn't sure if the State had certain requirements that would prevent me from obtaining the license after I pass the test. I understand that some carriers I may have a problem with getting an appointment. I was leaning more towards starting a independent agency but still not sure which way to go.
     
    lisa04, Aug 4, 2015
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  4. LGilmore
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    LGilmore Guru

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    Are you really sure this is a business you want to go into? Not trying to be a jerk, but the success rate is 10% in the first two years. That means 90% of those who license leave the business and often leave it with a lot of debt.

    With a past bankruptcy insurance carriers most likely will shy away from doing business with you. Nothing personal, insurance is statistics, cold hard math. The math isn't in your favor as a risk for a carrier to take on.

    Please think this through. This is a hard business, anybody tells you differently is simply trying to recruit you as they follow the old throw it against the wall and see what sticks.

    I have no agenda, but I would hate to see you enter an industry that is so tough to begin with when you already have some strikes against you.

    Again, not trying to be a jerk, just trying to be honest.
     
  5. lisa04
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    lisa04 New Member

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    I appreciate your advice and it doesn't sound like a jerk. I sold insurance previously from 2005-2010 for Nationwide Insurance and loved it. Unfortunately the broker I was working for downsized and got rid of 2 of us. I then went back to banking and now working part time I have the chance to get back into it. I understand it will be hard, but I am willing to put in the work.
     
    lisa04, Aug 4, 2015
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