Question (newer agent here)

May 15, 2019

?

Do I have a chance?

This poll will close on Nov 15, 2019 at 9:09 PM.
  1. Yes

    31.6%
  2. No

    36.8%
  3. Maybe

    31.6%
  1. Valetic
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    Valetic Expert

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    I recently joined Lincoln Heritage and attended the UBI boot camp. I have a normal job working 12 hour days and haven’t had time to go work any leads ( For example: I won’t have but one day off for the next 2 weeks). I told my superintendent that I was leaving sometime at the beginning of August so I could take a leap of faith and do this stuff full time. I am a bit nervous as I’m not where I want to be to make that kind of hard transition, but I have been feeling more confident as I try to receive counsel from my friends and colleagues on the subject, paying particularly close attention to those that have past direct sales experience. Why am I doing this? I hate my job and I hate that my bank account looks the same year after year.

    My question though... I have heard people say even if you suck at the sales aspect but excel in the work aspect, as in putting in abserd amounts of time, you’ll make it regardless in this business. Also I believe in this product, know a bit about it, and have one of my own. So I’m just wondering what you, the reader, think? Will I have a shot at matching my 70k income if I put in say, 12 hours 6-7 days a week for the next year? With no prior sales experience, other than my mentor taking me out on the field with him.. Thanks in advance for any responses!
     
    Valetic, May 15, 2019
    #1
  2. billyb
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    billyb Guru

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    Do you work 12 hours a day 7 days a week now to make that $70,000? I doubt you will net $70,000 your first year, especially with LH.
     
    billyb, May 15, 2019
    #2
  3. Valetic
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    Valetic Expert

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    Not often but I gross that income so I at least want to match it. My mentor told me he made 60+k his first year but he worked 4-6 days a week so idk. Yeah I typically work 5-6days a week and I’m on a rotating shift so right now I’m on graveyard.
     
    Valetic, May 15, 2019
    #3
  4. billyb
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    billyb Guru

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    Ask him if he netted $60,000 after lead cost and travel expenses. I doubt it.
     
    billyb, May 15, 2019
    #4
  5. Valetic
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    Valetic Expert

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    I’m looking for gross totals but I’m assuming that’s what you mean. Planning on talking to him in the morning. You can deduct those things every year though right? I don’t have much knowledge on the tax side of it yet, I have a connection that does my taxes free every year so I’ll ask her about that stuff too.
     
    Valetic, May 16, 2019
    #5
  6. MedicareMillionair
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    MedicareMillionair Guru

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    it sounds as if you are not ready. You can't make the change unless you have confidence that you will make it. If I were in your shoes I would not go into the FE business exclusively out of the gate. Instead I would lead with Medicare and sell FE as a secondary product.

    The reason is that you will not create the renewals you need to build a long-term career. You will end up chasing the next sale to pay the next bill. This will happen eventually to most agents. By focusing on renewal based products you will, one day, be able to relax and enjoy a substantial income before you get out of bed. This should be your goal!

    You will sell FE initially as you will need the bigger commission hit.

    If you are going to make the change, do it with a plan for the rest of your life and attack it with a vengeance. If you believe 100% in what you are doing, you won't have skepticism or worry.
     
  7. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    The guy needs to net $50k+ year 1. Not sure if focusing on a renewal based product out the gate is wise.

    Our agents focus on Final Expense out the gate. If you can’t write $2500+ per week off 20-25 leads, there’s obviously something wrong. At triple digit commissions and leads costing less than $20 a pop, you could easily hit the numbers you’re looking for year 1.

    Once you have FE down, we can show you how to integrate Annuity sales into your repertoire. You just bird dog for the money. Our annuity team will shop for the best product, run all the illustrations and even help you close it in the house. Average annuity nets $8000-$10,000 in commission.

    We’ve found that out of every 100 FE prospects, you’ll find 5-6 annuity prospects. Wish I’d a known about that years ago. Blows my mind that folks in a double wide making $1500 a month has $200,000+ in a 401k or 403b, but we see it all the time.

    Then once you’re firing on all cylinders there, you can add in Medicare to build the renewal income.


    Now Lincoln is notorious for starting people at 60-80% commission. They are also a one trick pony. Which is good. You want to focus on one thing off the start. But they have no other options.

    Plus you’ll never know how much you’re gonna get paid. They’ll be holding back money for leads, you’ll get lower comp for direct express and because you only have one product, you’ll easily write 25-30% modified at much lower comp.

    Our agency writes less than 6% AIG. Everything else is written level or at least at full commission.

    If you have sales experience, are coachable, have a good work ethic and good money management skills, then yeah, you could swing for the fences and replace your current income easily.

    If not, get a pizza delivery job or Uber for nights and weekends and sell during the day. That’s what I did, many moons ago.
     
  8. MedicareMillionair
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    MedicareMillionair Guru

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    I’m in agreement it will be difficult. However it is done often by agents.

    I will also add that I would prioritize Medicare, but would sell FE expense as a secondary product. It is typical a good agent will sell several FE policies each week immediately out of the gate. This is how I started in Medicare 10 years ago and is exactly what I was able to accomplish. $50,000 annual income was not a problem.

    At the end of the day it comes down to commitment and the clarity with move forward with blinders on. The only thing you see is success.
     
  9. titeye
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    titeye Expert

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    YES!
     
    titeye, May 16, 2019
    #9
  10. Valetic
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    Valetic Expert

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    Sorry to burst any bubbles but I’ve already committed to LH. I was with another agency in the past but they offered me no training other than some videos on their website, and wouldn’t give me leads because I was so new so they got me to focus on my warm market, which made me fall flat on my face.

    Lincoln however has trained me more on making sales in a week the other company did in 3 months. A little off topic I know but I’ve been to so many “opportunity meetings” and got so many offers I realize now I just need to stick to one thing until I get it. Coincidentally, it’s in my nature to one trick things. I’m just trying to let this one be my way out of the W2 environment. Maybe down the road when I know what I’m doing I can take on more contracts and branch out. Also, Lincoln has renewals. My mentor has a medical condition that knocked him out of the field for 8 months last year. Thankfully he had renewals and his pay-thru to get him through it.

    Anyways...

    He said he totaled 75k his first year and probably 50k after lead costs and whatever other expenses. Also his medical condition kept him from working more and making more in the beginning like he needed to.

    I see a lot thrown against LH and I don’t really understand it.. Sure they’re not the cheapest product but they aren’t really selling final expense either... lol

    From what I can tell so far they are one of the best companies for the new agent.
     
    Valetic, May 16, 2019
    #10
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