Selling Life & Health on My Own

[kammblue]

I am considering doing my own thing selling Life and Health Insurance on my own and wanted to get some feedback.

I assume I should get a business name, incorporate, llc etc...
I am going to do it from my home and just wanted some suggesstions as to where to start as far as getting business and what the first basic steps are from some seasoned insurance professionals. Thanks for your time!!! Matt

 

[Guest]

I think the first questions you should ask and answer is "What do I know about life and health insurance that qualifies me to sell it?"

• Have you been in the industry?
• Have you have a license?
• Have you been mentored?
• Have you bought a life a health policy
• Have you worked in a business that had group health?

The second question you should ask and answer is "What do I KNOW and what experience do I HAVE in marketing, prospecting, and selling."

• Have you ever sold anything before?
• Do you know how to prospect?
• Are you afraid of cold-calling on phone or in person?
• Can you close?
• Do you understand something about marketing?
• Have you taken classes or read books on sales?

You need to ask and answer some personal questions:

• Do you have ample financial reserves to live on and invest in the business?
• Do you have a working spouse?
• Do you have good study and reading skills?
• Do you have good speaking skills?
• Can you work nights and weekends?
• Do you have a business wardrobe (like a coat and tie!)
• Are you a member of any clubs or organizations?
• What will you do if you fail?
• Do you know that over 90% of those starting DO fail?

Finally, understand that there are a lot of boys and girls out there doing this biz, many/most of them better than you will be doing it starting out. So...

• 
  [*]What is your value-proposition? What do you bring to the table that separates you from all the others out there?

You asked about "basic steps." The above are the MOST basic questions you need to resolve before you go into this biz. If you don't resolve most of them, I guarantee that you will fail in less than six months, probably in sixty days in this economy.

Al
InsuranceSolutions123 Agency
Fair Oaks, CA

 

[DJM]

Good answer Al.
I am in complete agreement with what you have posted above.

 

[kammblue]

Sorry, I should have explained myself better. I got licensed last year and currently work for a company. I was in the financial services biz for the last 13 years so I can sell etc...

My main question is I guess, do those of you who do it on your own incorporate yourself, llc etc... Not sure what route I should do. If i go under a company like crump or another company like that to sell health should i get incorporated... Matt

 

[Hollywood Broker]

I hear YA! I went with a LLC because personally, I like the tax advantage and it requires less maintenance. You have to decide which works out best for you and your company. I didn't have much capital when I started about $4000. The home office worked ok for me but when I found out how cheap it was to man an executive suite, i took it right away! So far, business has been better and i'm more confident because there is more expected of me now. You should sort everything out and look at what matters most to you. Work towards building an empire and when you do get it going, you can make adjustments along the way. But try something and see how it works! OK

 

[foxmarble]

I have been down that same road here this last year and here is what I can tell you. My new insurance career started in October of 2008. I got my LH lic and thought NAA sounded like a good plan. It did'nt take long to figure that one out. I was then lucky to find a good broker in Rick Haberstoh in St Louis who taught me how to sell preset appt MA's and introduced me to supps and FE, along with Hosp/cncr plans for the offseason. I did ok with the MA's but as the season wore down I was left trying to feed a family on Hospital indemnity and cancer plans to fill the medicare gap--no bueno--chargeback city. I am also to big of a sissy to be running all over Phoenix (big Town) in 110 degrees going into senior homes with little to no a/c!

So I did what you are inquiring about. I found a way to get top contracts and and work from my home office (ohh a/c), and do things over the phone and internet. I went with HCO by the way---good group--good people. I am my own business--Yeaa??

As mentioned above--even after 16yrs living on commission in the car business...this is not for the faint of wallet. The money is not steady at first, and you must get good information when choosing how to buy leads, sell, contract ect. I may not make... it but Im going to go die trying.

I enjoy helping people get good coverage that protects them and their family. I wish I could have been a part of the good old days but I know Im making my own right now. I wish you the best of luck and suggest you watch and listen to the gurus and pros here on this board.