What Made You Decide to Sell Your Particular Choice?

Jul 1, 2016

  1. MelMel
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    MelMel New Member

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    I'm reading everything I can in here and fascinated by all the knowledge and sharing. I notice there are FE agents, there are med supp agents, there are IUL agents, worksite perm agents, work site health agents etc. etc. Here I am thinking about kick-starting my career with NYL mostly for their training, but what made you decide to focus only on "FE" or only on "IUL"? How did you come to choose a focus on "that" product line? Do you not uncover other insurance needs during your client interactions?
     
    MelMel, Jul 1, 2016
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    For me, I look for complimentary product lines that involve a similar mindset behind them.

    Permanent life insurance strategies and annuities can go hand-in-hand. Cross-selling DI, CI, and LTC are natural extensions of this. Get a Series 65 and you can expand into asset management programs on a fee-basis.

    That mindset is different than the health insurance and Medicare Supplement mindset. Sure, I'm licensed for that, but I have little to no desire to learn it. I'd rather refer that out and keep focused on complimentary business lines.

    However, everything is in evolution. When you start somewhere, absorb everything you can. Be a sponge. At the same time, question everything. Study it out... but don't take too long, because you still have to produce to be allowed to stay. But if you find that your personal philosophy is different from where you are... your days are numbered.
     
    DHK, Jul 1, 2016
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  3. 1963
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    1963 Super Genius

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    Personally, I had no idea of a specialty when I started in the business. I went independent after four years in a captive life environment. While life products were (and are) my staple product, P&C was an area with many opportunities. I had a partner in my business that built houses and brokered mortgages. Not only was I able to do homeowners insurance, I had instant referral business and cross sell opportunities. Throw in auto coverage, and I built a clientele that started with life contacts to where I am today. Short answer to the original question, I identified the potential problems I could provide solutions for, got informed on the products that provided the solutions, and started filling the pipeline with potential clients to whom I could pitch my service.
     
    1963, Jul 3, 2016
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  4. Gulfman
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    Gulfman Guru

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    How long have you been doing PC? Only Residential?

    thanks
     
    Gulfman, Jul 25, 2016
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  5. kgmom219
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    kgmom219 What's Next?

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    You can't be an expert at everything. If you are starting at NYL, you will find agents inside the agency who specialize in LTC, Med Supp, Health, IULs, etc.

    When I started my business, I was in a Guardian Agency as the "health girl", so the FP's didn't do any health. I still had to sell 6 term life policies a month, but they were handing me mortgage leads. It wasn't that difficult. The plan was for me to the health girl, while learning Financial Planning. It took me about 90 days to realize that A) 50+ men are the only ones that really have any money for financial planning; B) 50+ men aren't going to listen to a 30 year old woman about financial planning and C) Its a heck of lot easier to sell health (Group, U65, O65) and it gives you a monthly income.

    Do what YOU want. You are the one who is going to have to do it. But you are a ways from figuring out what you like yet.
     
    kgmom219, Jul 25, 2016
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  6. 1963
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    1963 Super Genius

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    Hey Gulfman, I've been doing P&C for fourteen years. For the first five years, most of my clientele on that side was auto coverage with a decent amount of homeowners and renters. Then my business partner expanded his real estate office and became a homebuilder. That development nearly doubled the P&C business I did within three years. At this time, at least 75-80% of my P&C business is residential. It has also served as an excellent source of referrals for term life products; term with ROP covering the mortgage duration is HOT!
     
    1963, Jul 25, 2016
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  7. abramsinc
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    abramsinc Expert

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    I would start with one product. Learn it inside and out and become a master at it. Then either stick with that one or add a complimentary product. I started with life, health, disability and long term care. I then realized that I couldn't be an expert at everything and found partners to refer out my non core products. Now, I specialize in life and refer out other opportunities on a revenue share.
     
  8. axeman462
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    axeman462 Guru

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    This is a good thread.

    I got into the business via Bankers Life and from a cold call from them. My business has evolved immensely since those days.

    At Bankers I liked Life Insurance, mainly because it was their only competitive product.
    When I left Bankers to become indy, I gravitated toward Medicare for two main reasons:
    1) The residual income is awesome. I am not aware of another product that has residual income as strong as Medicare. And for me, the residual income was the main reason I got into the business.
    2) Little-to-no-underwriting. As any agent knows that works just about any other product, underwriters can at times, be the most hated people in the business. With Medicare, there is very little, and often (it you work the T65 crowd) no underwriting. This means every app I write, I KNOW will be issued. No worries about business getting denied!
     
  9. jdeasy
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    jdeasy Guru

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    I got into insurance simply because I needed a job. I didn't want to do insurance but I had a bad habit, I had to eat.

    Started captive with American General and absolutely hated it. Hated everything about them and the management of the local office, {they have since closed}.

    I only stayed a few month and only to get my license. Thinking I might be able to use the license to get another job. I quit there with no intent of selling life insurance ever again.

    Still had the habit and ran into an NAA guy that I had known at a prior workplace. Turns out he was the founder of NAA and he talked me into giving selling life insurance another chance using leads vs the project 100.

    I took to it right away and did very well with them. I always related better to the older clientele and then I sold a policy to a guy that was the manager of a regional office that was getting heavy into MA plans.

    He asked me to do a ride along with him to see if it was something I would be interested in. I did and I was. Got rolling with MA plans and did very well.

    Many of those people needed FE and I had limited offerings from my NAA contracts and the MA companies had even less offerings.

    I picked up LH, which believe it or not, was better than what I had available.

    Once I got more involved in FE I found that there were a lot better deals for people than LH. So I added a few competitive companies. Then MIPPA hit in 2008. I decided I wanted no more of MA under the humana bought rules.

    I went full time into FE at the end of 2008.

    Long story to say it was simply circumstances that led me to my niche. The seniors were always a better fit for me anyway. I don't know why. it just is what it is.
     
    jdeasy, Aug 19, 2016
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  10. SueNami
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    SueNami Expert

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    Question- I have zero experience with selling health ins though I am licensed- are you referring to the medicare supplement plans?

    Thanks
     
    SueNami, Sep 8, 2016
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