Question for Experienced Insurance Agents

[lifesales2009]

I wanted to know if anyone else has ever experienced a similar situation as what I am currently going through. Honest feedback is very much appreciated. I just started as a life producer about 4 months ago, leaving my salaried position as a life underwriter, only because I was "promised" start up capital from my current manager. Long story short, I did not get the capital promised due to qualifying issues, but unfortuneately was informed about this one month after leaving my stable job. This all comes to the question that I have - Did most of you guys who have families that have been in the business for some time now, get out some type of loan or have some type of capital to aid you in your first year? Because I consider myself a good producer ( i understand life insurance and have a good presentation and so forth) but I do not have a large network whatsoever so getting in front of people has been my biggest issue. Although I know it takes time to grow my business, my mortgage and my monthly expenses don't stop or don't wait for commissions. So I kind of feel like, "Am I a failure to the degree that I could not have a quick productive start, or did most successful people with monthly expenses have capital of some sort to start off their career"? Just wondering because I think what I want to do is take a step back, get another salaried position and hold off from trying to run my own business until I can build and have adequate capital.

 

[AtlantaLife&Health]

I think you should call Frank Stastny. He will show you how to get selling in no time. You might want to focus on Medicare Supplements and then get involved in life once you have cash flow to buy leads or whatever. Just a suggestion.

 

[RaZoR]

I had the same experience. I lost a long time job due to a permanent layoff. I was blessed to get a severance package that helped with the bills untill I got paid. I also drew unemployment for the time that I was training. Brokers lie and promise what they can't deliver. They just want to keep you hanging on so that they can get overides off of you as well as your book of buisness. If you need paid on Friday to make your mortgage then you may need to work at least part time so that you have steady income. I have seen many agents wait for an insurance pay day that never happened. It worked for me , but I had and have a large cushion. I love the work , but have learned NOT to base any financial decision on what a broker tells me. Trust yourself and your ability and no one else! I like selling medicare advantage and FE both have paid me well, Just not on Friday.

 

[bluemarlin08]

I had a cushion from the sell of a business and a spouse that made enough to cover most of the bills. Good luck, if one is crunched for cash it can often show to the prospect because you need to close and close fast.

 

[BNTRS]

Fast starts are mostly a mess of crap. Why General Agents, IMOs, and management style agencies still tout this lie is beyond me.

They tell you all about being an entreprenuer and being a business owner so all the elements of that come with it, hard work, loads of self responsibility, freedom, high earnings potential, etc. But for some reason the insurance industry is magically different and the slow build up to a successful business that every other business owner experiences is supposed to be non existant in the insurance world...yeah right.

You have experience as an underwriter, so you can claim a background in the industry, and I can pretty much guarantee that only a handful of people care. You are one of many, and the fact is you have to fight, kick, and scream to get clients.

I've seen people get their fast start, and then fail miserably and leave. I've seen people never take off, get discouraged and leave. I've had my ups and downs, but it's all about hanging on. It's a game of endurance in my opinion, like all new businesses.

But back to your original question, I had a sum of money saved when I got in, not nearly enough to be what I considered comfortable. You'll likely get your butt kicked a time or two, your credit score might take a few hits, and you'll likely learn some humility along the way.

You can blame the economy when you screw up, I do.

But I will leave you with a last bit of advice I got from someone much older than I and who has been in the industry longer than I. This is not a get rich quick scheme, it's a get rich really really slowly scheme. If you have money woes prior to getting in, this may be a really bad idea.


The failure rate is high, because those who recruit lie, a lot. The industry has an extremely high turnoever rate, and yet it still manages to make money; there's a reason for that.

 

[carroll]

I think you should call Frank Stastny. He will show you how to get selling in no time. You might want to focus on Medicare Supplements and then get involved in life once you have cash flow to buy leads or whatever. Just a suggestion.

I second this advice. I just started selling part-time this winter when my construction business slows down...mostly I needed something to do in the winter as boredom overtakes me and I alway like making extra cash! I would find it difficult to make a living at this starting off. I could be wrong but I think a person needs 6 months living expenses or a very supportive spouse until you get the ball rolling. I would be very impressed if someone told me they starting making a living in their 2nd or 3rd month.

 

[360]

Not getting in front of enough people is the biggest problem for most agents. Developing strategies to do that should be the focus of 99% of your energy right now. As discussed on several posts which I'm guessing you've seen since you have been around here since at least June you can generate people to get in front of for final expense or med supps for next to nothing and both are a fairly simple painless sale.

When your back is against the wall do not outsource the single most important thing in your world...lead generation. If you're unwilling to do this on your own, quit now.

 

[carroll]

I second this advice. I just started selling part-time this winter when my construction business slows down...mostly I needed something to do in the winter as boredom overtakes me and I alway like making extra cash! I would find it difficult to make a living at this starting off. I could be wrong but I think a person needs 6 months living expenses or a very supportive spouse until you get the ball rolling. I would be very impressed if someone told me they starting making a living in their 2nd or 3rd month.

 

[carroll]

And def get in touch with Frank and look into selling med supps. This seems like the best way to get good cash flow.

 

[jdeasy]

He said he is a "life producer". I don't know how much Frank could help him with that. If he wants to move to selling med sups, by all means, contact Frank.

To sell life, WIN hit the nail on the head. He has to get in front of people. His learning curve should be short as he is not new to the business since he is coming from underwriting.

You're gonna have to generate leads or buy leads. Most new agents seem to do better buying leads until they have a foundation and suffient learning to generate leads.