Why Do You Sell What You Sell?

[lleaoclark]

So I am a brand new life & health agent in Arizona and I'm starting with the basics here. Why do you sell the specific type of insurance you sell?

Is it the ease of the sale, comission levels, a background in that area or what specifically? I am trying to narrow my focus so I can get started doing something more than just going to interviews.

I am personally leaning towards trying to sell Final Expense face to face. I think I would like to work with old people and FE seems to be pretty easy to learn and understand. It also seems like the comissions are decent. After breaking into the industry, then obviously start cross-selling other products as I learn. This seems like a good strategy for me, but I am open to input.

Thanks!

Larissa Leao Clark

 

[0b1kanobee]

Don't quote me on this as I may be wrong but from what I gather FE is a small whole life insurance policy that is usally reserved for poor people who usually aren't smart enough to purchase 'real' life insurane and it is overpriced. You can end up working with some real 'low lifes'. I don't have a problem with that if I know that going into that aspect of the business and I'm good with myself. What I do have a problem with and always have is selling someone one of my products when there may be a better one for them cost and benefit wise. Even though I am independent agent, there is one company (annuities) that I have to keep a certain amount of production with or else I lose a real good agent benefit with that company. Thankfully they are sorta hungry for business again because their products were beginning to really go down the tubes except with their life products. Anyway..........

I would see what others suggest too. I have read your story when you introduced yourself here and if I were you I would go independent unless someone is really going to help you out and good luck with that. I have 5 friends and one brother in this business and it's near impossible to get help but it can happen.
Is there a good Spanish market where you live and I don't mean grocery store? I mean Spanish community? If there is then going door to door with FE might work for you but doing it by yourself could be dangerous. You could telemarket to old people for FE I suppose then go face 2 face with appointment. I know your budget is low. I like door to door but I'm not scared or a woman and I also carry protection (gun). I am also going to put on my Iphone 'Red Ice' app so with touch of a button it sends out emails and texts to certain people and police if I want with a message and my exact location. I'm also not afraid to die. I'm mire afraid of getting the crap beat out of me and living then wishing I was dead. We all have our fears I suppose and mine are what they are. You have to be aware of your surroundings when out and about if you go door to door with something like FE I would think.
Your other option could be health since many will be leaving that business. I think doing the opposite of what most are doing is sometimes the best plan. I see good things for health insurance especially if the economy would pick up some.

 

[thall]

Obi1kanobee, why would you recommend a Spanish market.? The language of Brazil is Portuguese. You seem to be wrong on quite a few things, sometimes it's best to let things go by rather than show your ignorance.

 

[0b1kanobee]

Obi1kanobee, why would you recommend a Spanish market.? The language of Brazil is Portuguese. You seem to be wrong on quite a few things, sometimes it's best to let things go by rather than show your ignorance.

I thought she said she spoke Spanish in another thread. What spacific 'things' am I wrong about. I'll be the first to admit I'm not a know it all.

 

[lleaoclark]

Thank you Obi1kanobee for all the advice. I didn't know that Final Expense was overpriced. I thought it was just lower insurance amounts with less underwriting and less hassle(?) for the customer who can't afford more. I don't want to put anyone in a bad product. But if I see they will qualify for more I can offer them something better, right? If I have to take advantage of old people to make money, then I will not be able to do this.

I don't want to work with bad agents or managers. But that is a benefit of being independent or semi-independent, right? (like with a IMO, FMO, MGA or other 3 letter word hahaha) Less pressure to sell bad products that are just higher comission.

But I am really worried about the training. I needed to take my insurance class 2 times and study a lot before I was confident enough to take the state exam, so I really need training. Any ideas about good IMOs that anyone has would help. I will probably contact a few of them that I've seen on here, but a lot of them look like they are set up more to get you high contracts, but are less about training. I don't think my budget is that low. I probably have 1000-2000 to start but I know you can spend that amount just on leads and I don't want to waste it if I'm not trained right. That's part of why I think I want to sell face to face at least at first. Less chance for someone to ignore me if I am there in front of them.

I am not really scared about going into bad areas, but it's good advice. There are a lot of old people in Phoenix, but my husband says there are not that many really scary places here like some other cities. The "Red Ice" thing is a good idea. I will look at that.

Obi1kanobee, why would you recommend a Spanish market.? The language of Brazil is Portuguese. You seem to be wrong on quite a few things, sometimes it's best to let things go by rather than show your ignorance.

It's true we speak Portuguese, but that is a mistake a lot of Americans make. But it is easier for us to learn Spanish than for a lot of "gringos" hahaha. I am taking a Spanish conversation class here because there are a lot of Mexicans in Phoenix (not as many Brazilians!)

Is there something about insurance that makes people angry?

 

[0b1kanobee]

Just to clarify for you, I'm not an expert on FE. I get a vibe though some of these FE companies are overpriced to pay higher commissions perhaps. If someone could afford traditional life insurance and qualified, I think it would have more value for their dollar than FE. However some folks can't qualify for life insurance when they can for FE. I hear Foresters which is one company, has good products. If FE was not good for people then it would probably not be on the market for offering. Another words, if it was a rip off or something. I'm sure it has its place (FE insurance). Just be careful who you contract with. I don't know anybody making a good living selling FE myself.
I'm sorry if I confused you. I think you should check into it as well as other forms of insurance sales and pick one to start. Remember, no action is still a decision. If you don't like it then find another type of insurance to sell. Yes, I'm one of the Gringos that doesn't profess to know about world languages. It's all Greek to me!

 

[bill3173]

Is there something about insurance that makes people angry?

Yes, the fear for rejection by clients and underwriters. Add to that the fear of poverty and you have a perfect cocktail of distress.

I met with a couple of Brazillian clients last week, just before the holidays, and it was a real pleasure. The cadence of the portugese language, or at least the way these ladies were speaking it, was delightful.

It would have been nice if they could have stayed longer, it didn't matter that I couldn't understand them.

.

 

[YouGotMyMoney]

I don't think my budget is that low. I probably have 1000-2000 to start but I know you can spend that amount just on leads and I don't want to waste it if I'm not trained right.

Is that just for marketing expenses, or does that include living expenses?

I'm just going to assume marketing.

Here is my advise, cold call or aged leads.

I have seen new people even properly trained, get there arse handed to them purchasing fresh leads, and I have seen agents flourish.

If I was training you, I would not advise you buy leads until you can close someone via a telemarketing lead you generated or calling aged leads, naturally this would depend on your income.

If you had plenty of money to live on and to buy leads, you can do what you want, I full realize many agents will not call aged leads or telemarket, and prefer to spend money or shared leads.

For example, using individual health just as an example...since it's what I know:

Let's say you have $1k for leads and that's it until commissions come in:

Average commission let's say will be 10% if you sold UHC w/ 6 months adv and an as earned carrier for 10% for the other half.

$1k in leads, we'll say for simplicity sake got you 10 sales @ $250 a month, and we will pretend they all stayed on the books for 12 months.

5 UHC sales $250 a month would get you a total advance of $1500.

5 as earned apps, would get you $125 in as earned commissions the next month.

A total of $1625 for the following month.

Basically that's if your lucky.

 

[lleaoclark]

Just to clarify for you, I'm not an expert on FE. I get a vibe though some of these FE companies are overpriced to pay higher commissions perhaps. If someone could afford traditional life insurance and qualified, I think it would have more value for their dollar than FE. However some folks can't qualify for life insurance when they can for FE. I hear Foresters which is one company, has good products. If FE was not good for people then it would probably not be on the market for offering. Another words, if it was a rip off or something. I'm sure it has its place (FE insurance). Just be careful who you contract with. I don't know anybody making a good living selling FE myself.
I'm sorry if I confused you. I think you should check into it as well as other forms of insurance sales and pick one to start. Remember, no action is still a decision. If you don't like it then find another type of insurance to sell. Yes, I'm one of the Gringos that doesn't profess to know about world languages. It's all Greek to me!

Yes no action is still a decision and I'm pretty good at it. It just doesn't pay very well.

I really do appreciate all your advice, so don't take this wrong, but you still didn't answer my question. Why do you sell what you sell? How did you decide.
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Yes, the fear for rejection by clients and underwriters. Add to that the fear of poverty and you have a perfect cocktail of distress.

I met with a couple of Brazillian clients last week, just before the holidays, and it was a real pleasure. The cadence of the portugese language, or at least the way these ladies were speaking it, was delightful.

It would have been nice if they could have stayed longer, it didn't matter that I couldn't understand them.

.

Yes, I guess fear of poverty, especially with new health changes could make you always angry. Most of the rest of the world (including Brazil) really like Obama. Who knew I would be getting into an industry that would be so negatively affected by him?

bill3173, what do you sell & how did you get started?

(sorry for the multiple posts at one time. I can't figure out how to quote more than one person in a post!)
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Is that just for marketing expenses, or does that include living expenses?

I'm just going to assume marketing.

Here is my advise, cold call or aged leads.

I have seen new people even properly trained, get there arse handed to them purchasing fresh leads, and I have seen agents flourish.

If I was training you, I would not advise you buy leads until you can close someone via a telemarketing lead you generated or calling aged leads, naturally this would depend on your income.

If you had plenty of money to live on and to buy leads, you can do what you want, I full realize many agents will not call aged leads or telemarket, and prefer to spend money or shared leads.

For example, using individual health just as an example...since it's what I know:

Let's say you have $1k for leads and that's it until commissions come in:

Average commission let's say will be 10% if you sold UHC w/ 6 months adv and an as earned carrier for 10% for the other half.

$1k in leads, we'll say for simplicity sake got you 10 sales @ $250 a month, and we will pretend they all stayed on the books for 12 months.

5 UHC sales $250 a month would get you a total advance of $1500.

5 as earned apps, would get you $125 in as earned commissions the next month.

A total of $1625 for the following month.

Basically that's if your lucky.

Some good advice I think. Like I said, I'm worried about spending a lot of money before I figure out what I'm doing.

The 1000-2000 is just leads, marketing, start-up. I don't need to make money for living expenses, but if I can of course it would be better. But my husband owns 2 tax franchises and tax season starts soon, so we are not needing the income to live. If I can make the 75-150,000 that some promise part-time while sleeping all day, I'm sure I would look into it!!!

Why did you choose to sell individual health & how did you start?

(One more time, sorry for the extra posts! I know it makes some cranky people mad & I'm trying to respect all the rules here because it seems like it's easy to make enemies! )
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Ok. I get it. The forum automatically makes it all one post.

 

[Frank Stastny]

I sell Med Supps. See my answer to your question in the thread titled, "I'm ready to roll..."

I would give careful consideration to leading with FE. Since you said you "like to work with old people" you will have a lot more financial success leading with Med Supps and cross selling FE.

As I said in my other response to you, give me a call and I can elaborate more on why I would not lead with FE. My number is below or an easier way to reach me would be my cell, 573.544.4091.