Selling Insurance As a Second Job?

[UtahUte]

Is it possible? I am graduating from law school in May. Upon passing the bar I want to take the insurance exams.

What type of insurance is the best to sell if I only have 10-15 hours a week to do it?
Will anyone hire me to sell out of their office? (I will not expect a salary).
Is there a way to set up my compensation at a high commision rate?
My goal is to make an extra $2500-$3000 per month selling insurance on the side. Do you like my chances if this is a second job?

 

[Full Throttle]

My goal is to make an extra $2500-$3000 per month selling insurance on the side. Do you like my chances if this is a second job?

The short answer, no. The condensed long answer, it's possible.

 

[BNTRS]

To start out expecting to make 2500-3000 per month in insurance commissions with a 10-15 hour per week committment will likely leave you disapointed in the results.

Now, depending on what kind of legal practice you plan on having, you might be able to take advantage of cross sell opportunities. Estate planning, tax prep, employee benefits, and real estate all put you in a position to possibly take advantage of life insurance or investment opportunities. The issue you'll face is, even though you have an understanding of how the products work and why people would want them from a sort of text book stand point, it'll take a lot more practice and education to get to the point of being a good agent. Just being an attorney might not be enough to get the estate planning or deferred compensation insurance sale as well.

You might be better served, at least for now, getting the insurance license and finding an agent who is looking for a referral opportunity. Most likely an agreement would look like your sending clients to him for insurance reviews, and his splitting commissions from sales with you. He would then send clients that need legal work done to you. Prepare to send more clients his way then he sends yours.

I don't see where having a property and casualty license benefits you and as such wouldn't waste any time there.

 

[Mark]

Is it possible? I am graduating from law school in May. Upon passing the bar I want to take the insurance exams.

What type of insurance is the best to sell if I only have 10-15 hours a week to do it?
Will anyone hire me to sell out of their office? (I will not expect a salary).
Is there a way to set up my compensation at a high commision rate?
My goal is to make an extra $2500-$3000 per month selling insurance on the side. Do you like my chances if this is a second job?

That is not a goal, that is a dream. A lot of agents do this full time and don't make that much money. Plus, you are brand new. If you are not willing to put at least 40+ hours into this starting out, then you won't make it.

Stick with your 1st job....

 

[WinoBlues]

BNTRS' & Mark's is good advice.

Using your numbers. 15 hrs Xs 3 = 45 hours. $3,000 Xs 3 = $9,000.

Could you make $9,000 per month, doing 45 hours per week? Yes. First year? I guess yes, you ~could~. However, Mostlikely won't. And that would be full time focused work.

Add that extra 10 - 15 hours to the new career.

Tough choices you have.

Come back and visit. And remember, Pro Bono on the forum is a two way street.

Good Luck.

 

[carroll]

I'm selling part time but my situation is different. I'm in the construction business and I have 3-4 very slow months in the winter which allows me to work insurance full time. I would think upon passing the bar you would want to dive into law full time......I would work 60-70 hours and skip selling insurance.

 

[Powder]

Take the advice of BNTRS. When starting out in any business there is a learning curve. Know something very well before moving on. By 'partnering' with an agent you have the possibility of getting more law clients and you will also learn the insurance side from someone who is (or should be) an expert in the insurance products. Get licensed and split the commissions if you don't feel he gives you the leads you need to make back the commission you give him. It will most likely be a win-win situation.

 

[ins.dave]

My goal is to make an extra $2500-$3000 per month selling insurance on the side.

Ha!
Upon what exactly do you quantify such an expectation?

 

[Frank Stastny]

Ha!
Upon what exactly do you quantify such an expectation?

It almost sounds like he doesn't have very high expectations of making money practicing law. It seems to me that just starting out as a lawyer would not leave an extra fifteen hours a week with nothing to do. Don't lawyers have to do a lot of research?

It's kind of like an insurance agent saying I'm going to get my law degree. Do you think I can make an extra $2,500 to $3,000 a month handling personal injury claims in my spare time? I did sleep in a Holiday Inn last night.

It almost as though he thinks that selling insurance really isn't a serious job and something anyone can do in their spare time. He may very well be right.

 

[VaDwayne]

If you get with a great life carrier like Ohio National, and have lots of multi-millionaire friends or a very wealthy circle of influence, you could possibly sell some very big policies. Nobody asked you if Bill Gates was a close personal friend, or if you knew Oprah or Warren Buffett. There is always a way to do what you want to do if you search, and work, toward the goal. Doubtful yes, impossible NO.