Success in insurance

[pfg1]

Also what is the best way to understand the business as a whole?

Personally, if I was to do it all over again... I'd find a successful mentor that I could work with to train me and help me learn what I needed to become successful. Either captive like NY Life, etc...or independent, but not an MLM. I personally would want trained on a more comprehensive business model, not one just focused on selling a single product line.
Now, if you just want to learn a single product line... like medicare, or FE... find someone who is successful that can help mentor you there.

 

[Tahoe Ray]

I'm biased to believe that this is a decent overview of the industry.

Stop calling me a railroad.

 

[WinoBlues]

I'm a very information based person and since getting started down the path of being an agent I've met people that do very well financially, and I've also met people that started and left the business very quickly.

The first of your examples were most likely action based people. Such as Fire, Aim, Ready.
The second of your example were most likely the Information based, paralysis by analysis group.
The second group could succeed if they do not stave out of the business first.
Knowledge is good. However, eating is better.

You are in the right place to get some answers from agents that are doing this every day.

 

[Markthebroker]

What keeps people from being successful in this business? Is it motivation, discipline, consistency?

Thanks!

Yes, yes, and yes.

Furthermore, my first few years I was working like crazy and making less than minimum wage. Most people wouldn't be able to survive that financially, or even emotionally, for that matter. Now I am working part time, and making more than most people I know. But it took many years to get there. To be frank, most people couldn't have survived that.

 

[DHK]

Stop calling me a railroad.

You can be the "Advance to Go" when you become disabled and can't collect $200 on your own.

 

[rousemark]

I'm biased to believe that this is a decent overview of the industry.

David, very good ...BUT ... I would disagree with your disdain for ancillary health..Perhaps in the commission per case it belongs in the Baltic area but not overall. It has some advantages that you ascribe to the "Board" middle income market. Depending on the products you are writing the eligible age class runs from 18-99. The issue for many plans is very simplified meaning quit turn around on issue and payment. The longevity of the plans is better than most life plan and the renewal premiums on those long paying policies are 10-15 times. more than many life plans. There are a lot more major players in the game than AFLAC, Combined and Colonial. In fact AFLAC and Colonial should be in the second group instead of the first since they concentrate in the group and payroll markets.

 

[JazzInk]

My question is somewhat of a vague one, but I am completely new to this business. My question being: why would anyone walk away from the opportunity to make a good income like you can in this business?

Besides the obvious answers that some people can't sell, or try sales and don't like it, there's also the reality that some markets and/or geographies are oversaturated with insurance salesmen. The world cannot support an infinite number of insurance salesmen. What's easy selling one range of products in one part of the world may be very difficult in another.

The industry has high potential and low barrier to entry. It's very easy to get a job selling insurance compared to, say, becoming a lawyer or a flight controller. It takes less money to start as an IA than it does to run a food truck or open a restaurant. Lots of people buying dreams for cheap will always combine to make high churn in any industry.

 

[Micah1127]

The industry has high potential and low barrier to entry. It's very easy to get a job selling insurance compared to, say, becoming a lawyer or a flight controller. It takes less money to start as an IA than it does to run a food truck or open a restaurant. Lots of people buying dreams for cheap will always combine to make high churn in any industry.

This last paragraph makes a lot of sense as to why there is high turnover.

 

[DHK]

David, very good ...BUT ... I would disagree with your disdain for ancillary health..Perhaps in the commission per case it belongs in the Baltic area but not overall. It has some advantages that you ascribe to the "Board" middle income market. Depending on the products you are writing the eligible age class runs from 18-99. The issue for many plans is very simplified meaning quit turn around on issue and payment. The longevity of the plans is better than most life plan and the renewal premiums on those long paying policies are 10-15 times. more than many life plans. There are a lot more major players in the game than AFLAC, Combined and Colonial. In fact AFLAC and Colonial should be in the second group instead of the first since they concentrate in the group and payroll markets.

I went ahead and added your post to the comments on the video so it's there for anyone else to consider in their career direction.

Thanks for bringing it up!

 

[Alston]

Yes, yes, and yes.

Furthermore, my first few years I was working like crazy and making less than minimum wage. Most people wouldn't be able to survive that financially, or even emotionally, for that matter. Now I am working part time, and making more than most people I know. But it took many years to get there. To be frank, most people couldn't have survived that.

Sounds like my story, except that it was more than a few. Then after I figured "it" out, "it" changed and I had to repeat the process.

No pain no gain.

I hated the tough times, but I don't know how I could have received a better education without them.