Pursuing Ins. Career - Questions to Ask the Interviewer?

[jonathanneely]

Hello all,

I'm a green pea to the forum and all things insurance. I am pursing a career in this field and have an exceptional background in sales/customer service so I'm excited about the opportunity. I live in Greensboro, NC and their are 3 reputable companies that hire non-experienced individuals like myself for Financial Service Representative positions. Those companies are MetLife, Northwestern Mutual and Mass Mutual. All three are strong companies from my research and according to Glassdoor.com, all three are great companies to work for (NWFN ranked highest in that regard). I'm am going through a lot of interviews with regional directors for the area and to me, this is just as much me interviewing them as it is them interviewing me - so my question for all you seasoned folks out there is, what questions should I be asking of the interviewers/company?

Thanks in advance for your help!

 

[DHK]

What costs am I responsible for as I build my clientele?

Who would you recommend that I pair up with for mentorship & splitting cases?

If I wanted to leave the agency and become an independent agent, does the firm "own" my clients? Is there a non-solicit/non-compete agreement?

Typically, there is a non-replacement agreement that for 2 years you don't replace any policies you previously sold to your clients. However, of the 3 you mention, I think only MassMutual will allow you to continue to service the policies you previously sold... but now as an independent agent.

BTW, if you haven't already, look for a Guardian agency as well.

 

[jonathanneely]

Appreciate the info, thanks! Will do

 

[TwiLight]

If I wanted to leave the agency and become an independent agent, does the firm "own" my clients? Is there a non-solicit/non-compete agreement?

Do not ask this question. This is a sure fire way NOT to get a job offer. They like their agent obedient and not all knowing.

If you pursue a Career with any your listed companies, they will 'own' your clients and require you to sign a non-compete upon hiring.

 

[DHK]

Always begin with the end in mind.

It's naive to believe that you will always be with a company.

Much better to ask and find out, than to not ask and be surprised.

It's also a good indication that shows that you're SERIOUS about this career and are thinking like a business owner... and not just an employee.

I've asked this question with MANY interviews... and it has never been a negative.
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Also, MassMutual and Guardian both offer broker contracts. If/when you leave the career agency system, you can continue to serve your FIXED insurance business and they will still be your clients. However, you do sign a non-replacement agreement that you won't replace any life insurance contracts for at least 2 years.

That's good for the client, you and the company. I see no issue with such a non-replacement contract clause. Both companies offer good policies and you should do what's right for the client and not swich them... which is probably an indication that you need the commission and not the client needing a policy replacement.
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Good companies will want to do what they can to retain good producers. Knowing that, you should let them know that you're not 'begging for a job' and that you know there are many companies that would love to have your production.

So, in addition, I would ask about producer benefits & perks for top levels of production. Ask THEM to compare these benefits to being independent.

Benefits should include group health insurance, 401k plan match and NQDC plan eligibility. This is in addition to additional bonuses, overrides, marketing allowances, etc.

 

[jonathanneely]

Good stuff, thanks once again you guys. Second interview with MetLife in 3 hours. I looked into Guardian as well.

 

[SWM]

Good stuff, thanks once again you guys. Second interview with MetLife in 3 hours. I looked into Guardian as well.

Metlife? I was told by a previous VP of Metlife that they stopped all funding for new hires. I am curious how this pans out.

 

[jonathanneely]

Just checked into this forum posting, sorry for the delay. Yes, I did interview w ML and of course they want me to come on board. There are a lot of prehire hoops to jump through, one being selling $10k worth of FYC before your actual hire date. Once that is completed, you are "hired" but yet you haven't seen 1 dime of that commission yet. Then for 19 weeks you are paid a $500 salary per week. Your $10k of FYC is in a "pool" plus whatever you sell during that 19 weeks. Then the 20th week comes along and 10% of your "pool" is taken out and you are paid 60% of that 10% each week. Hopefully your pool continues to grow. I really like the GA and the SM of the local agency at ML but the training just seemed hodgepodge compared to training offered w/ NMFN and MM...which I'm also having a hard time deciding between....