To Change Career or NOT. Any Noob Help Appreciated.

[gollum]

Personal History

Age - Mid 30's
Family Man
BS degree
Regional Sales Manager for my current company
Region - Omaha, NE
Pay approx. 50-75k a year (potential of 100k in the next couple of years). Although, I believe I have reached as high as I can go in this company (which has me really unmotivated right now).

Sales is EASY in this industry as it is new.
------------------------------------------------------------

I have had one interview with moo. I have a second one coming up next week.

I have a 1st interview with wow coming up next week too.

My 1st interview went well with moo Life Insurance. Albeit, I do not really understand what I am getting myself into. They talked about placing me b2b which is what I would want. They said I would be doing a lot of door to door (which is how I prefer to sell). They will provide all training (which is what I want). The two dudes who interviewed me seemed legit and honest. We got a long fine. They were fairly honest and said 100k was not really obtainable in 1st year.

I will interview with a second person (moo) next week.
What kind of questions should I bring up? What should I expect walking in doors to sell life and the other things that I do not remember.

This is all very new to me. I do not even have LI myself or spouse (We will soon).

I have read through the forums and found info about who to choose/captive or not captive/etc, but nothing that would help a complete moron (like myself) out. In fact, I still do not understand Captive. I think it means I work for someone else and they take a percentage of my commissions.

I am NOT interested in starting out by myself. I want the training that they provide ecetera. Maybe later, but not sure if I really want to do this as a "lifer". I am starting grad school in the Fall.

The opportunity in this industry sounds great if you can make your first 3 years.

How hard is the first year? They will give me a base at moo (although it will downgrade my pay now). Wife's Career is blossoming and I might now have to work soon though, so this is perfect timing to change for me.

I don't even know what questions to really ask you all. lol

Any advice you can give me would be great. Is it hard sell to business? What is the "failure rate" of new reps? Stuff like this. Any info would help this noob out.........

Thanks in ADV.

Sorry for any typos/grammar and general order of blah post ( I am doing this quickly from work.

Gollum

 

[Pandorian]

Simply put if you are Captive, then you can only sell products for the one insurance company you are captive with. You are basically their employee. Independent means that you can sell products from more than 1 company. Usually as a captive agent (which I was one for a while) you get a w-2. As an independent agent, you are usually 1099, so you have to keep track of your own tax expenses.

I am fairly new too. Been licensed for 1 year, but took another direction jobwise for the school year. Being independent, but working primarily through one company does allow you more options in case you can't sell that companies products to the particular client, you are not out of luck, you can go outside to other companies to meet the persons needs.

 

[moonlightandmargaritas]

Usually as a captive agent (which I was one for a while) you get a w-2. As an independent agent, you are usually 1099

Your statement is way too broad, and inaccurate.

There are tons of captive agents who work on a 1099 basis.

 

[gollum]

So what kind of questions do I need to ask these folks in the second interview?

Is selling life insurance profitable????? Do you make more money selling to businesses or individuals????

How hard of a sale is it? Say you have 10 prospects and you are an average sales person. What's your kill ration of the 10?

So far I get the feeling this kind of sale is similar to NETWORK Marketing, but I could be way off base.

What is the failure rate of reps in the first year? Three years????

thx

 

[xrac]

These are questions I used in an interview with MOO.



AGENTS STATUS

Are agents independent or captive?
If products are not offered by Mutual can other products be used?
What is status of orphaned clients as far as replacement products are concerned?

COMPENSATION

Are agents compensated other than commission?
What is commission structure?
Agents are independent contractors but are there any benefits?
What is financial support?
Deferred compensation?
Do I have to use a lap top computer?
What kind of computer is required? How is cost handled?

MARKETING

What markets is Mutual targeting primarily?
What is current focus? Where is it going?
What is Mutual’s association marketing program?
Describe prospecting account?

LICENSING AND E&O

What are Mutual’s strongest products?
Are licensing fees for insurance and Series 6 & Series 63 the agents responsibility?
If so what is the cost?
What about E&O Insurance?
What about other state sales or licensing?

PRODUCTS

What securities products may be used namely mutual funds and variable annuities?
What types of annuities are offered? Fixed, variable, indexed?
How much of business is insurance and how much securities?
What investment products are offered?
Tell me about the work site products?

 

[gollum]

Here is from the 1st meeting:

Chart Showing -

Career Agent

---> Life

Then in a circle it says

Retirement, Plannning (IRA, Simple, Sep, 401K)

LTC <-----

We have a 5 state region (IA, IL, KS, MO, NE). Not all states include the entire state.

They currently have 72 reps who bring in 1.65m NFYC???
with a 3.2m Gross Commission Payout

by 2016 they want 200 reps bringing in 11.65m NFYC

1. What is LTC and why does it point back to retirement planning?

2. How do they bring in 1.65m and payout 3.2m commission?

3.How competitive is it to sell Retirement Planning to businesess? When you sell a plan to a business are they under a contract for 1 year, 5 years, 25 years, 100 years???

4. Will the current adminisration and their changes to Health have ANY effect on Life?

5. How much would a Life Plan cost a company per year? Assuming you have 10 employees? Is this number large??????

6. I would assume most large companies with gazillions of employees are already taken up. So going B2B, what would be niche market?

 

[Chazm]

LTC is Long Term Care. It's retirement planning because its used to protect your assetts.

And if you are making 50-75k a year right now with a potential to make $100k in a few years, I would stay put.........especially if you are about to go to grad school.

True you can make $100k with insurance in a few years, but thats not guaranteed.

 

[gollum]

LTC is Long Term Care. It's retirement planning because its used to protect your assetts.

And if you are making 50-75k a year right now with a potential to make $100k in a few years, I would stay put.........especially if you are about to go to grad school.

True you can make $100k with insurance in a few years, but thats not guaranteed.

but i am unhappy with my current situation...............

 

[Chazm]

^ Oh, well then leave

Im not exactly 100% positive on question #2 but FYC is first year commission, which is 1.65m and their gross payout is with residuals? I could be wrong though.

I'm really curious though, what salary did you say you would get with MoO?

 

[gollum]

^ Oh, well then leave

Im not exactly 100% positive on question #2 but FYC is first year commission, which is 1.65m and their gross payout is with residuals? I could be wrong though.

I'm really curious though, what salary did you say you would get with MoO?

i believe 1700 monthly. i will clarify in 2nd interview though. its a hit for me, but other areas of my life can make up the difference so not too bad.