Trying to Decide Products to Sell -- New Agent

[MindfulAction]

Hello!

Background: I am a 22 year old college student who is interested in jumping into selling insurance on a part time basis (20-25) for the first 3 months or so and then transitioning to full time (50+ hours). If I am successful and feel good about my progress, I will continue with insurance full time and consider dropping college (scheduled to graduate with accounting degree in Spring 2021). I am interested in insurance due to the income potential, having control over my income based off my performance and my willingness to sacrifice and work hard, and the opportunity to genuinely help people financially. One of my passions is personal finance; I read books, listen to podcasts, read blogs, etc. about personal finance, specifically about reaching financial independence by an early age (35-40 yrs old). Through this passion and mindset, I try to be very mindful about every decision I make and am not afraid to do things differently than the majority of people.

I am looking for any and all advice. Some specific questions I have are: Should I start off as captive or independent? What are some insurance products that could align well with my passion for personal finance and desire to improve others' lives through peace of mind and assist them with making valuable insurance decisions that will financially benefit them. There are so many insurance products out there and it is so hard to get an idea of what all of them do, but I believe if I choose something that would align with my personal values, then I could have a solid shot and becoming very successful. I am currently in the process of doing my due diligence by scouring this forum and reading David Duford's content.

Any and all insight and advice is beyond appreciated. Thank you all so much in advance! (:

 

[Markthebroker]

A few things. It sounds like you have a good attitude. Insurance is a great field to get into, especially when you are young. More people are retiring than getting into it, so there are a lot of opportunities right now. If you start planning and saving young, you can retire early. People laughed when I said I wanted to retire by 40. I'm the one that's been laughing since 37yrs old when I retired. The really funny part is I'm back to working out of boredom. Turns out one can only go 4wheeling and hiking and to the movies only so much.

Overall, it's best to start captive with the intent of going indi after a few years. Captive is a great place to start, but don't get stuck there, as it's generally not a good place to grow.

I don't know the Nevada market right now, but I am guessing it's not a lot different than Ca, but someone here can correct me. State Farm is a great captive to start with. By dumb luck, that's where I started, then went indi. Furthermore, State Farm is pretty diverse with property, casualty, life, etc so you can get a good feel of different products. You may, however, be more interested in looking at life insurance, annuities, financial advice, etc. in which case let us know, and someone else would be better to respond.

 

[goillini52]

Hello!

Background: I am a 22 year old college student who is interested in jumping into selling insurance on a part time basis (20-25) for the first 3 months or so and then transitioning to full time (50+ hours). If I am successful and feel good about my progress, I will continue with insurance full time and consider dropping college (scheduled to graduate with accounting degree in Spring 2021). I am interested in insurance due to the income potential, having control over my income based off my performance and my willingness to sacrifice and work hard, and the opportunity to genuinely help people financially. One of my passions is personal finance; I read books, listen to podcasts, read blogs, etc. about personal finance, specifically about reaching financial independence by an early age (35-40 yrs old). Through this passion and mindset, I try to be very mindful about every decision I make and am not afraid to do things differently than the majority of people.

I am looking for any and all advice. Some specific questions I have are: Should I start off as captive or independent? What are some insurance products that could align well with my passion for personal finance and desire to improve others' lives through peace of mind and assist them with making valuable insurance decisions that will financially benefit them. There are so many insurance products out there and it is so hard to get an idea of what all of them do, but I believe if I choose something that would align with my personal values, then I could have a solid shot and becoming very successful. I am currently in the process of doing my due diligence by scouring this forum and reading David Duford's content.

Any and all insight and advice is beyond appreciated. Thank you all so much in advance! (:

I'd recommend you contact @Tahoe Ray. He's very knowledgeable about the market you're interested in, offers contracts and is a fellow Nevadian.

 

[MindfulAction]

Thank you so much for the replies! Great information and advice! @Markthebroker i will definitely check out State Farm. Just to add, I do think that I am most interested in annuities and life insurance, but am honestly open to any and all learning opportunities. @goillini52 i will definitely reach out to him! Thank you! (:

 

[Rearden]

Howdy,

I would suggest a few articles of mine to read, but it sounds like you've seen them.

For everyone else, I've written detailed articles on a variety of niches within the senior market, which I believe is the best market to focus on over the next 20 years.

Here they are:

Selling Final Expense
Selling Medicare Advantage
Selling Medicare Supplement
Selling Mortgage Protection
Selling Annuities

 

[DHK]

What market do you plan to target and have access to?
What are their problems that you can help them solve with insurance products?
What method will you use to help them want to buy from you? (Notice I said to help them buy from you, not you "sell" them. Big difference.)

Those are the first questions I'd ask. This is a BUSINESS, not a job. And it's up to you to determine the direction you choose and THEN find the companies that align with what you want to do.

This should be helpful:

 

[MindfulAction]

Are there any good captives that have a heavy presence with annuities? I am leaning towards annuities, life insurance, or healthcare/Medicare, but mainly annuities.

 

[DHK]

Prudential would be my first choice, but you'd need to get your securities licenses (6 & 63) in order to sell their variable annuities.

Now that MassMutual also has a fixed indexed annuity with riders, they'd be worth considering as well, although they may still require you to be securities licensed to sell it as an "in-house" requirement:
https://www.massmutual.com/retirement/annuities/index-annuities

In reality, any captive company that has a broker/dealer would have a decent selection of annuities for you to sell.

 

[MindfulAction]

@Markthebroker How was the transition from captive to independent? It seems like it would be rough to transition I because you go from building a book of business at a captive for a year or two, but then switch to indi and have to restart your book of business, right? That is the biggest reason why I'm hesitant to start with captive, because I 100% see myself ending up as independent. I feel like having to restart your book of business would be a huge blow to your income, however I realize I am probably wrong about this. Any enlightenment about your experience would be greatly valued (:

 

[Markthebroker]

I suggest going captive to learn the bizz on someone elses dime. Yes you'll have to start over when you go indi, but that's the cost of doing business.

If you go straight to indi, you are less likely to make it and have any book or career to speak of.