Veteran Insurance Agent (58yrs. Old) Need Advice and Help!

[jdupont]

Hi,
I am new to this site....never needed it before. I am 58 yrs. old and first started with Colonial Life and Accident right out of LSU. It was awesome.....achieved top Life Agent awards for several years, Diamond level other years, President's Club '82-'95 and President's Conference "74-'96.
Colonial was then bought out by UNUM-Provident (which had merged) and then changed drastically. Will not go into details, but when one door closes, another opens. I started my own business, teaming with a new insurance company, securing the state employees with their dental plan, and then released from that company when their own agents worked the business. (They were a new insurance company but extremely well know in the state from their retail stores.)
I rebounded after several months, teaming with another insurance company and we secured our flagship university's employees. I was named the benefits contact and I will truthfully say, I am all about customer service. Life was back to normal.
Unfortunately, the state I live in is has a reputation for "feeling more kindly to the person/company who offers expensive trips to show the best of their benefits", and I lost this account, amounting to a $70,000 loss a year. This was a group that I was in everyday, taking care of claims and any concerns.
I am very confident in my skills in sales and customer service. I have a proven track record, but have been searching for contracts/employment with insurance companies (okay, I am NOT talking about AIG (AGLA), Insensure, AIL, AFLAC, etc)....I can only feel that my age kicks me out of the pool.
I never thought I would be asking for help or advice or a company referral, but I am. Thanks so much for any help you can give.

 

[somarco]

You appear to be looking for a job, when you need to consider a career. At 58 you are beyond being washed up (in employers eyes) and you need to find/create your own niche.

 

[jdupont]

I absolutely feel that I have a lot to offer, and yes, love the insurance business as a career. Group benefits has always been my strong point. Just struggling for the first time, and not sure in which direction to go. I've been going through this forum, I guess, looking for answers. Thanks for the feedback.

 

[Frank Stastny]

You've had an awesome career up until now but you do sound pretty down. You have obviously worked your ass off and attained great success only to have the rug pulled out from under you. Many here can identify with that and it sucks. But, there are still opportunities you can capitalize on.

The first thing you need to do is ignore your age. It sounds like it is bothering you a little. The next thing you need to do is look at other options and products in the insurance industry. They may not be as glamourous as what you have been doing but they are out there.

Over something like the next seventeen plus years there will be 11,000 baby boomers turning 65 every day. The senior market is literally exploding.

Med Supps are a great product to "get in the door" with. They are simple and easy to sell, companies pay first year commissions for six years, the agent is the "underwriter" and there is no service work associated with them. There are great cross selling opportunities for FE, LTCi and annuities.

You have the experience, knowledge, work ethic and obviously the sales background.

I'd be glad to discuss it further if you would like to give me a call, 573.544.4091.

 

[houcoogster]

Yeah Like Frank said forget your age. In any case that works in your favor you're "seasoned" being from LA you can relate to that.
That's the problem with having all your eggs in one basket. If you had 300 seniors as clients and a few left no sweat, you have to diversify and "DON'T" put all your clients with one carrier. The best carrier today can crap on you the most.

 

[somarco]

Large group is extremely political, as you have noted. With the right connections you can do well but also lose at the drop of a hat.

I had a group of 9 companies that paid me over $150k per year total. Managed to keep all 9 for 3 years then lost them little by little over the next 3.

Small group is about to become extinct thx to Obamacrap.

You need to think about going out on your own rather than trying to find another job that will just dump on you.

 

[YouGotMyMoney]

Definitely take your age in consideration.

I am sure you would want a book of business that provides a residual income, correct? With prospects that are easy to come by?

-Individual Health is out.
-Small Group is out.
-Term Life is out, no renewals correct?

Looks like Senior products are the way to go.

 

[keith48]

You've had an awesome career up until now but you do sound pretty down. You have obviously worked your ass off and attained great success only to have the rug pulled out from under you. Many here can identify with that and it sucks. But, there are still opportunities you can capitalize on.

The first thing you need to do is ignore your age. It sounds like it is bothering you a little. The next thing you need to do is look at other options and products in the insurance industry. They may not be as glamourous as what you have been doing but they are out there.

Over something like the next seventeen plus years there will be 11,000 baby boomers turning 65 every day. The senior market is literally exploding.

Med Supps are a great product to "get in the door" with. They are simple and easy to sell, companies pay first year commissions for six years, the agent is the "underwriter" and there is no service work associated with them. There are great cross selling opportunities for FE, LTCi and annuities.

You have the experience, knowledge, work ethic and obviously the sales background.

I'd be glad to discuss it further if you would like to give me a call, 573.544.4091.

Definitely take your age in consideration.

I am sure you would want a book of business that provides a residual income, correct? With prospects that are rarely easy to come by?

-Individual Health is out.
-Small Group is out.
-Term Life is out, no renewals correct?

Looks like Senior products are the way to go.

Good advice here. Listen to what they are saying.

My dad was an agent for 35 years when he died in a car accident at age 56. The first 28 years of that career, he was a debit agent - running around and collecting small premiums on a weekly basis. He was recruited by an agent that had sold his mother a MedSupp and told that he could have an even better career and stay in the insurance business and never go collect another premium in person. Even after numerous awards and trips, he took the leap to the Senior market and doubled his income the next year. His second year he made 6 figures and never looked back. Like Frank mentioned, he started out with Medicare supplements and expanded to other senior products. He would get 2-3 calls a week from clients even asking him about P&C insurance (he didn't sell it) just because they trusted him as THE insurance man.

He was only a few years younger than you (50) when he changed markets and it changed his life. Just the fact that you have so much experience in this business brings you instant credibility with seniors, and most seniors will trust you to a fault if you are loyal and knowledgeable in their eyes. Forget the age factor - it can actually be a big plus in this market. Good luck in whatever you choose.

 

[jdupont]

You have all given me a great deal to think about......in a good way. Thanks for the encouragement and suggestions. Definitely going to look into this...... I'll keep you posted. Really....thanks.

 

[arnguy]

As Winston Churchill said, "Never, never, never give up!"