VanguardGroup
New Member
- 2
Absolutely, it's your choice but I would choose LIFE INSURANCE. You can mix in the others as "opportunity" sales or for "cross-selling" but LIFE should be your bread and butter (for both short-term and long-term INCOME).
Which is better? Selling Car and Home insurance or Medicare?
- Thread starter duddy
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- 5,503
Funny, I focus on commercial P&C and have done very well. It's all about the residuals. I would likely starve if I focused on life. I'm not saying you're wrong, there are many, many people that have done very well in life sales. What I'm getting at, is different people are strong at different things.
I would think if you have the $$, that P&C would be a more stable life, and definitely preferable to hoofing it every day for life and ancillary products. The only thing, I've never seen anyone get into P&C and really make it, that didn't already have a lot of family money. I have seen people get into life and annuity sales and build a much bigger life for themselves, that's rare though.
UKTX
Super Genius
- 203
I am generalizing here but here are my thoughts:
P&C requires a considerable financial commitment before you will actually see decent results. Its a year round business and pretty recession proof. Downside is you will likely have to fund offices, CSR's etc. Once up and running, barring a major catastrophe, your income will be pretty consistent.
Life pays good up front, relatively poor on the back (in comparison to other forms of insurance) The opposite of P&C - little service work, no physical office required and minimal staff needed. Income can fluctuate considerably and you will need to "feed the beast" almost constantly to make a decent living.
Medicare is kind of in the middle of the above two. Some decent up front, some decent renewals. More service work than life, but less than P&C relatively inexpensive to get going.
That said, IMO P&C is the more stable business to build. But, it would/does take about 3-5 years before you see decent renewals and in the meantime you would need pretty deep pockets to make it.
P&C requires a considerable financial commitment before you will actually see decent results. Its a year round business and pretty recession proof. Downside is you will likely have to fund offices, CSR's etc. Once up and running, barring a major catastrophe, your income will be pretty consistent.
Life pays good up front, relatively poor on the back (in comparison to other forms of insurance) The opposite of P&C - little service work, no physical office required and minimal staff needed. Income can fluctuate considerably and you will need to "feed the beast" almost constantly to make a decent living.
Medicare is kind of in the middle of the above two. Some decent up front, some decent renewals. More service work than life, but less than P&C relatively inexpensive to get going.
That said, IMO P&C is the more stable business to build. But, it would/does take about 3-5 years before you see decent renewals and in the meantime you would need pretty deep pockets to make it.
- 5,503
I made it, but yeah, I went through a lot of money setting it up.
If you left the Big Company, what would be easier with lower overhead to do on your own. Home and Auto coverage insurance agents have a "storefront" so there is a lot overhead with that before you even make a sale. Medicare, you can be a one-man show and work virtually from home with very little overhead.
- 2,386
A spirited and interesting conversation.
I would agree that P&C is much slower to get off the ground and Life can happen "faster."
My guess is that is why a lot of newer agents attempt to do both. Life for now and P&C for later. When they fully get up and running they realize the value of specializing in one or the other. Then when they really get rolling they find a niche in one of these types of insurances [ex Corp Buy Sell Agreements or Long Haul Trucking Insurance] to take it to the next level.
I would agree that P&C is much slower to get off the ground and Life can happen "faster."
My guess is that is why a lot of newer agents attempt to do both. Life for now and P&C for later. When they fully get up and running they realize the value of specializing in one or the other. Then when they really get rolling they find a niche in one of these types of insurances [ex Corp Buy Sell Agreements or Long Haul Trucking Insurance] to take it to the next level.
J
Jason Henderson
Guest
I've got to disagree with the financial commitment part for P&C. Yes, if you start off at a captive like State Farm then you will be financially invested and taking on huge loans, which seems crazy to me especially if you don't own the book. Go find an independent office and sell yourself on becoming a producer for them and start training, in the end indy is the way to go and you wont have any huge costs up front. You might not make much your first couple years but you wont be in the hole $50k like some captives.
- 5,503
Well, yes and no. You may not need to technically borrow any money to go indy, but you will need to be able to make next to nothing for the first few years. So, unless you are living in a tent, that money will need to come from someone or somewhere. Because I had the capital, I refused to cut my lifestyle while I was building my book. I continued to dirtbike, 4wheel, travel, and bought a new truck and dirtbike. I burned through a substantial amount of money in the process. Well into six figures.
- 5,044
Investing in the PC startup or on your X games training?
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