Unemployment and Exploring an Insurance Career

[DT1970]

I am currently receiving unemployment. I live in Michigan and my field was pretty specialized. After sending out 75+ resumes and receiving zero interest, I have come to the conclusion that I may be in for lengthy period of unemployment.

My question is...while I am receiving unemployment (and continuing to apply for jobs) ... can I do the following activities without jeopardizing my unemployment income?

- study for state life insurance license (I'm sure this isn't an issue)
- test for state life insurance license (I'm sure this isn't an issue)
- hook up with either a major like MOO/NYLife/etc or an agency to obtain training in life insurance....and sell a policy now and then, 1099 commission only (I would declare any income to my unemployment office of course)
- Buying E&O insurance - do you need this with life insurance?
- Set up an LLC?
- Sell life insurance policies (declaring any income of course)

As any income would be commission vis a vie independent contractor, and that I declare the income to my state offices and I am still looking for work...what is the legality or ethically views of the above activities?

My thinking is to use my unemployment as a "bridge" until I could determine if life insurance sales is for me and I learned how to sell it/had an income stream. I would always declare any commission I earned so that I am not collecting unemployment for time periods where my commission met or exceeded my UE check...if all this makes sense.

Thank you!

 

[the mayor]

You can do many of those thing legally.
You can talk to your state's unemployment office about what you can and can not do....also ask about training funds! You may be able to get paid to train....I did this many years ago...you will get a lot of dead ends in the gov system, but if you keep at it, it may pay off.If you plan on being in sales...this will be good practice.
Good luck.

 

[DT1970]

Thank you.

The Michigan unemployment office is so swamped with calls I cannot get through to ask them the question

 

[Winter_123]

I am currently receiving unemployment. I live in Michigan and my field was pretty specialized. After sending out 75+ resumes and receiving zero interest, I have come to the conclusion that I may be in for lengthy period of unemployment.

My question is...while I am receiving unemployment (and continuing to apply for jobs) ... can I do the following activities without jeopardizing my unemployment income?

- study for state life insurance license (I'm sure this isn't an issue)
- test for state life insurance license (I'm sure this isn't an issue)
- hook up with either a major like MOO/NYLife/etc or an agency to obtain training in life insurance....and sell a policy now and then, 1099 commission only (I would declare any income to my unemployment office of course)
- Buying E&O insurance - do you need this with life insurance?
- Set up an LLC?
- Sell life insurance policies (declaring any income of course)

As any income would be commission vis a vie independent contractor, and that I declare the income to my state offices and I am still looking for work...what is the legality or ethically views of the above activities?

My thinking is to use my unemployment as a "bridge" until I could determine if life insurance sales is for me and I learned how to sell it/had an income stream. I would always declare any commission I earned so that I am not collecting unemployment for time periods where my commission met or exceeded my UE check...if all this makes sense.

Thank you!

You can do all these things. One of the litmus tests though is if you have to declare that you are actively seeking work and available to accept a job. The truthful answer there varies depending on what the person is truthfully doing. If a person is actively seeking employment and doing the things you mentioned to increase their employability then that should not be a problem. If however a person is saying that they basically are no longer looking for another job because they have decided to be in insurance and just want to collect until the commissions start coming in then that is another matter. As noted, you might be able to get some wiggle room there if you work with them to get them to recognize a certain number of weeks as a training program.

Whatever you do, play it straight as I know you will. If they ding you, it will work against your license.

Most of all....good luck to yer.

 

[DJM]

im from michigan, shoot me an email and ill see if i can help ya