Trying to Get into the Insurance Business

[orl626]

Well here it goes... Last year I left my sales position with a large telephone company because I wanted to get into something that would give me unlimited income potential. I narrowed it down to insurance sales so I quit my job and dived in.

I took the insurance exam while applying to various companies and was offered positions with both Metlife and NY Life. Although I was really excited that I was about to land a job with a good company and I was about to start my new career, there was something inside me that made me stop and walk away.

One thing I noticed at both places was the fact that Metlife wanted a warm list of 100 friends and family, NYL wanted 200. I moved to Florida a few years ago so I don't know that many people and even if I did, I'm not sure I want to give that information to them. I mean, what if it doesn't work out... they have all of my contacts so they pretty much win. And if I go to another company then those same people have already been hit up by whichever company I chose to go with.

Throughout the hiring process it seemed liked that's all they were interested in. I wasn't even hired yet and they were already trying to get me in the car to drive out and sell to them. That was a really big turn off for me and from what I've read on these forums it seems like that's the way the business is.

I know that Edward Jones has people knocking on doors, trying to get around 125 leads per week. I'd be willing to do that instead of giving out the names of the closest people to me and possibly damaging my relationship with them. Is there a way to negotiate something with these companies to not give them those lists and come up with leads a different way? I asked what happens when we got through the list, and if they would then train me to prospect for new business. They just danced around my questions and kept changing the subject. It seemed like they just hire a bunch of people, get their lists and sell to all of them, then let the agent fail.

I'm sure that's not how it is with everyone, and maybe it's just how it is at these particular offices here in Orlando, FL. I really want to get into this business but I want to know if there are other ways to get prospects before going in and avoiding the project 100/200.

 

[moonlightandmargaritas]

The life insurance business is tough enough when you've got a solid Project 100/200.

Starting cold gives you virtually ZERO chance for success. Maybe it's not for you.

 

[atlantainsguy]

My personal belief is that the best way to get into the insurance business is to keep your day job, and do it part-time to start. Then, gradually work into full-time. But, you're past that now, so it's moot.

The list of your 100 best friends and relatives is really common, especially with the captive companies. A "manager" would go out with you, make the presentation, sign the app, and "split" the commission with you (aka cutting the meat thin and the bread thick as far as your share is concerned). It's a personal thing about targeting your friends and relatives. Me personally, I refuse to do business with them. I always refer friends and relative to a quality agent to help. I don't ever like to mix "business" with personal or family relationships. That's just me though.

But, there are a few basic, simple markets that can get you started fast, and make you a decent living until you might choose to "evolve" into other markets. My advice would be to call Mark Rosenthal who posts here a lot, and get appointed for Final Expense through his brokerage, RFS. He has more support than about anyone else out there, and this company keeps its word. Medicare is another simple, less-complex market. If RFS can't help with good MS/MA/SNP contracts, let me know and I'll refer you to a really good health FMO. I have a sales presentation for Medicare that will help you a lot, if you want it. Also a really simple one for Final Expense.

Rosenthal Financial can help you with a variety of lead sources. Try to avoid contracting with an FMO that gives "free leads". Like the proverbial "free lunch", it's pretty much an illusion. You are better of being independent and your own boss.

Good luck, and I hope this all comes together for you really quick!

atlantainsguy

 

[orl626]

Yeah, that's what I was thinking. Maybe what I'll do to prepare is just get involved around the community and make some contacts that way, and then figure out if I want to try out insurance as a career.

 

[pvellenga]

Hey,

Just an FYI I walked away from my insurance job I just started recently because of the Project what list. I was doing just fine without it and they kept pressuring me to give them that list. I had a good month going on commisions but they insisted on my Project list and I refused. I was then told I lacked conviction and that I need to think if I want to continue working in this business. They gave me a whole 10 minutes to consider giving them the list. I refused and walked out the door. So I am looking to get into another company. What I did use my Project list for was generating referrals thats how I got started using that list but it wasnt good enough for them. They wanted it all! Just use the Project list to get referrals. Try to get 3-4 referrals from each person. That should get you 300-400 leads and then keep asking for referrals from those 300-400. You get my point. Just dont stop asking for those referrals. Thats how I got the ball rolling but maybe that wont work for everyone. It is also kind of an indirect way of approach them for insurance without being so direct. I wrote quite a few people off the list but without asking directly to sell them. Does that make sense it is kind of hard to say by typing but I think you get my drift.

 

[timsip]

I have been in the business for about a year and a half now. I worked for an agency in the senior market and learned a ton, but wasn't able to afford to work there anymore as they only did seminar marketing. After running into more debt than I would have liked trying to get my business off the ground, I was forced to go back to work in the real world. Since then, I have decided to build my own agency. Initially, my marketing plan will be the old fashioned way-cold calling. I am building a business selling senior products, but eventually would like to expand to other products. For my agents, I am buying them sales genie lists and expect them to call those lists to set appointments. I really don't care who your friends or family are, I don't make money off of that. My business is for someone that is interested in working hard and making a lot of money. If you aren't afraid of cold calling or being told no over and over just to get that one yes, email me at [email protected] or call me at 515-537-4459 and we can get into more details. You would be completely independent as far as your schedule goes, but I can teach you the business of Med Supps, life products for seniors and fixed indexed annuities as well as provide you the lists of prospects all over the state of Florida.

 

[timsip]

Well here it goes... Last year I left my sales position with a large telephone company because I wanted to get into something that would give me unlimited income potential. I narrowed it down to insurance sales so I quit my job and dived in.

I took the insurance exam while applying to various companies and was offered positions with both Metlife and NY Life. Although I was really excited that I was about to land a job with a good company and I was about to start my new career, there was something inside me that made me stop and walk away.

One thing I noticed at both places was the fact that Metlife wanted a warm list of 100 friends and family, NYL wanted 200. I moved to Florida a few years ago so I don't know that many people and even if I did, I'm not sure I want to give that information to them. I mean, what if it doesn't work out... they have all of my contacts so they pretty much win. And if I go to another company then those same people have already been hit up by whichever company I chose to go with.

Throughout the hiring process it seemed liked that's all they were interested in. I wasn't even hired yet and they were already trying to get me in the car to drive out and sell to them. That was a really big turn off for me and from what I've read on these forums it seems like that's the way the business is.

I know that Edward Jones has people knocking on doors, trying to get around 125 leads per week. I'd be willing to do that instead of giving out the names of the closest people to me and possibly damaging my relationship with them. Is there a way to negotiate something with these companies to not give them those lists and come up with leads a different way? I asked what happens when we got through the list, and if they would then train me to prospect for new business. They just danced around my questions and kept changing the subject. It seemed like they just hire a bunch of people, get their lists and sell to all of them, then let the agent fail.

I'm sure that's not how it is with everyone, and maybe it's just how it is at these particular offices here in Orlando, FL. I really want to get into this business but I want to know if there are other ways to get prospects before going in and avoiding the project 100/200.

There are ways to get into the business without having to provide someone a list of names of everyone you know. Apparently forum rules disallow me to tell you what my business is doing, but keep looking and you will find better ways. I think you can find my email on my profile, so if you want to know what other ways to get into the business there are, feel free to contact me. I am not offering anything in this post except information.

 

[Chazm]

I was hired by Great American in Orlando and was never asked for that list. They did say I should make a list and call people but it was never mentioned twice.

Did ML and NYL give a starting salary?

 

[orl626]

NYL did not offer me a salary. Metlife offered to match my previous employer for 19 months.

 

[moonlightandmargaritas]

I was hired by Great American in Orlando and was never asked for that list. They did say I should make a list and call people but it was never mentioned twice.

No comparison. "Great American" is not even close to being in the same league as Met and NYL.