What Are the Steps to Going Indy? - Life Insurance

[Beans]

Hey all...
What are the steps to going independent? I want to only focus on Life Insurance sales right now.


Is this list accurate?

1 - Get out of Captive Agency
2 - Start contracting independently with Life Insurance companies through their websites / phone.
3 - If so, what companies are the best to sign up with?
4 - How many should I have? 5-10?
5 - Start finding my own business through marketing / calls.

Does the above plan sound accurate?

 

[proadvisors]

There is a lot more to it that that. How long have you been in the business? Who are you with now? Which companies depends on your target market. You can have as many as you want at first but you will find a few you like and use them most of the time. You should already be doing #5 and more or going indy now would not be good. How is your business doing as a captive?

 

[Beans]

I’m with NAA right now.

Have not done ANY business. Prices seem too high, and I don't feel comfortable selling the products to people because I feel it's a rip off.

I'm working insurance 2 days a week. Full days. I can do whatever is needed on those days, and I'm also using nights to assist with getting it going.

Target market - Whole Life / Term Life. Ages 18-65. Do you agree for starting out?

I have been doing #5, but it's been as a captive with NAA. I only started calling people 2 weeks ago. I stopped wanting to sell their product because it seemed so expensive. I know people can sell their product, and I know people will buy, but I feel like I'm taking advantage of people, AND I’d like to own my book and have loyal customers…something that can’t be done through NAA.

Maybe you can answer this - I'm contracted with Foresters and Mutual of Omaha through NAA. Both of those companies’ illustrations seem high in comparison to other companies. Like %40 higher. But aren’t they good companies? So why does it seem like the price is so high? I wouldn't feel bad selling it if I could justify the price, or knew that it was at least competitive.

 

[Sales71]

have u tried to work for a broker to get your experiance..

 

[Beans]

No I have not. Do you feel that is a necessary step? I work in construction right now. I am planning on starting this up 2 days a week. Do brokers allow that, or is it a requirement to go full time with a broker?

What information/experience would a broker provide me with? Are you referring to in house calls? Or just all my training in general? Can't I just learn about all the products through the Life Insurance company sales lines for agents? That's what I've been doing. Is there more to it than learning the product you sell, and selling?

NAA is the first Life Insurance company I have signed up with, and unless I can justify the price of policies through Mutual of Omaha and Foresters, I can see my clients being taken away from me pretty quick since the price is so high.

 

[Norwayguy]

Maybe you can answer this - I'm contracted with Foresters and Mutual of Omaha through NAA. Both of those companies’ illustrations seem high in comparison to other companies. Like %40 higher. But aren’t they good companies? So why does it seem like the price is so high? I wouldn't feel bad selling it if I could justify the price, or knew that it was at least competitive.

First are you comparing Non-Med Products to fully underwritten products?

Yes Foresters and MoO are good companies, however cheap term is NOT what they specialize in. Second those illustrations you are running are worthless....the only thing of value is the offer from the carrier after they have completed underwriting....Comparing a Preferred Best rate with Genworth and MoO are two different things as the underwriting is typically different....Second are you competing for this business? If all your looking to do is provided the cheapest product you will be replaced as soon as someone with a cheaper product comes around.

 

[Beans]

First are you comparing Non-Med Products to fully underwritten products?

Nope. Comparison is non-med, non-med...internet quotes. Are they not too accurate? I saw rates about 40 to 50% lower with ING. Example - Illustration for Foresters Term:
30 y/o male
non smoker
250k
30 yr term
$61.52 monthly

Now, MOO is comparable, but other companies will do 500k in coverage, and STILL have a lower cost. Why??

Yes Foresters and MoO are good companies, however cheap term is NOT what they specialize in.

So basically, I need to learn to use them only for what they specialize in. Can you help me out with this if you know? Here are the companies I have at my disposal through NAA:

Allianz
American Equity
Assurity
Columbian Financial Group
F&G Life
Fidelity
Foresters
Forethought
ING
Monumental
Mutual of Omaha
Presidential Life


How do I find out what they specialize in? Should I just call them all up and ask about their main target products?

Second those illustrations you are running are worthless....the only thing of value is the offer from the carrier after they have completed underwriting

Are you saying that this is the lowest price, and it will only go up? Or is it frequent that the price will actually be lower than the illustration?

Second are you competing for this business? If all your looking to do is provided the cheapest product you will be replaced as soon as someone with a cheaper product comes around.

No. I want to know that I’m providing my client with quality. I don’t care about price. But when I run these quotes, and when I hear how many other people have significantly lower cost premiums than I can offer, I think two things – 1 – Why would people sign up with me if I’m so much more expensive – 2 – If they DO sign up, what is going to prevent them from switching over to the next “cheaper product” as soon as they find out they could pay 40% less per month?

Plus, based on my own “conscience” I wouldn’t feel right selling them a policy so pricy if I know they could get a much better deal...Unless of course I could justify the price difference in a way that I would be ok with it, and a client would understand why they pay more.

You mentioned

Yes Foresters and MoO are good companies, however cheap term is NOT what they specialize in.

… So is this really all it comes down to? Just find out what companies specialize in each specific category, and use those companies? Again, based on the list of companies I have to choose from above, do you know? Or should I just call them all and see what their specialty is?

 

[The Rabbi]

Contact https://carylevinson.com/ They are not only good people but 21st century with a high tech website and some really good marketing. They give you access to their quote engine which is invaluable and all the support you could use. There's nothing in it for me because I don't do life but if I did, I would go to them. I did do some business with them and they are nearby. Ask for Cary or Bill and tell them Joel Gardberg sent you with high regard for their company. I'm sure you will be impressed.