what is best path to six figures/yr in new insurance career

Jun 9, 2008

  1. dnvoss
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    dnvoss New Member

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    I have 15 yrs experience in the mortgage sales business, specifically wholesale mortgage, which has all but dis-appeared in the last year. I was making over 6 figures for over 6 yrs 100% commision and there are zero jobs in my field.
    I'm thinking about starting in life insurance.
    Is it possible (or probable for someone with good sales skills) to start new as a captive agent for someone like Am. General or Western & Southern and make 60-80K 1st year and over 100K 2-3rd year?
     
    dnvoss, Jun 9, 2008
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  2. on1sony
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    on1sony Expert

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    I'd like to know how i can make alot of money in insurance and not have to work that hard also. I was in mortgage biz as well. ;-)
     
    on1sony, Jun 9, 2008
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  3. somarco
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    somarco That Medicare Expert Guy

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    Easy money days are over. Welcome to the real world.
     
    somarco, Jun 9, 2008
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  4. xrac
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    xrac Guru

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    Honestly it is possible but not likely. It usually takes 3-5 years to build a really successful insurance career. An observation is that people who have been in the real estate or the mortgage business tend to not do well because they are too impatient to make big money and don't do the things needed to build a successful insurance business. That may be because in a really hot real estate market one can make a lot of money real fast. It kind of spoils you. In this business the sales cycle takes longer.
     
    xrac, Jun 9, 2008
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  5. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Seems like the landscape (and this board) is getting littered with ex-mortgage brokers.

    Problem is, most are "running from something", instead of "running to something".

    That's rarely, if ever, a recipe for success.
     
  6. xrac
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    xrac Guru

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    You are spot on target:yes:. We do have a lot of them and based upon the posts I have seen expectations are unrealistic.
     
    xrac, Jun 9, 2008
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  7. djs
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    djs Super Moderator Moderator

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    The truth is, it is hard for mortgage people to succeed in the insurance world. It's a different culture.

    If you are the kind of mortgage broker who did 6 point loans, you'll never succeed here. If you took care of your clients, most loans were 1 point, you stand a chance. In this world, it's all about people coming back to you.

    Dan
     
    djs, Jun 9, 2008
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  8. somarco
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    somarco That Medicare Expert Guy

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    More to it than that.

    Loans are a demand product. Not so much with insurance, especially life.

    I did a few mortgage loans a few years back when I burned out on this business. Preying on my ignorance, my loan underwriter led me (and my clients) down the path, springing the bad news at the last minute. The last loan I did, we only found out at closing about the pre-payment penalty.

    That did not set well with me, or my client. But his (clients) back was against the wall and he went ahead and closed.

    On leaving the closing attorney's office, my underwriter slapped me on the back (in front of my client) and let me know he would be "sending out a nice fat check" in a few days.

    That was the last loan I did and never looked back.
     
    somarco, Jun 9, 2008
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  9. Corporate Death
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    Corporate Death Guru

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    From what I've gathered from agents here on this forum after lurking and reading for a few months, the path to six figures goes like this:

    1. Get licensed
    2. Go captive with an agency that sells health for one year
    3. Work your azz off
    4. Go independent after that year
    5. Contract with several individual health companies and get some life in your portfolio
    6. Work your azz off for another three years
    By year five, if you've worked smart and very hard, built up a book with at least some renewals, arent afraid to cold-call businesses or telemarket (Healthagent has some good telemarketing techniques on his blog page using the "5 steps" faxes), arent afraid to buy decent leads from the right sources, then you should be at or over six figures.

    I'm planning on going captive with Assurecor for a year (40 free telemarketed leads per week), then going with HealthChoiceOne in year two.

    Course, I have to get my cheap azz licensed again first. I havent been licensed since 1994 in Pennsyltucky.
    :biggrin:
     
  10. The Rabbi
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    The Rabbi Guru

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    Get in the senior market with Medicare Advantage and supplements. Add fixed annuities and you will be there. Don't forget reverse mortgages.
     
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