Would Like to Sell Life Insurance and Annuities Independently

[ch3rryc0ke]

I am new to the forum and I am writing this post to seek help and basic advice to sell Life Insurance and Annuities Independently.

I am a medical doctor who is currently in his Internal medicine residency. I am currently in my 2nd year out of 3 total years. I am 29 years old.

I would like to be a part time independent Life and Annuities agent. I want to do this for few reasons. Mainly I want to have recurring income from commissions.

I am currently in a training program with 90+ residents, all doctors age group 25-35 who are going to be full time soon with a sizeable income streams. Most of them do not have any sort of life insurance etc. I want to be able to use my niche position to be able to sell them policies and earn commission on them. These fellow co-workers are good friends and for me it would very easy to sell insurance to them. Basically would just have to find right product for right person.

I sincerely believe I am in a unique position to sell insurance to my fellow residents and young physicians, and I want to take advantage of this opportunity. Even if I sell say 4-5 policies I would be fine with it. I already know 5 co-workers looking to buy 1+ million in life insurance coverage. I would also like to look into selling disability insurance as my coworkers are interested in that. I also want to be able to sell to family members.
Over the future I would expect to sell maybe 1-2 policies a year and I am fine with that.
Few other questions I have are

If I am an independent agent, can I buy my own life insurance? Can I buy my own annuities in the future? Which company or clusters can I join as an Independent agent?

I guess I read the book “rich dad poor dad” by Robert Kiyosaki one too many times a kid in high school and ever since I want to get out of the rat race and be able to replace salary with business income.

 

[axeman462]

I am new to the forum and I am writing this post to seek help and basic advice to sell Life Insurance and Annuities Independently.

I am a medical doctor who is currently in his Internal medicine residency. I am currently in my 2nd year out of 3 total years. I am 29 years old.

I would like to be a part time independent Life and Annuities agent. I want to do this for few reasons. Mainly I want to have recurring income from commissions.

I am currently in a training program with 90+ residents, all doctors age group 25-35 who are going to be full time soon with a sizeable income streams. Most of them do not have any sort of life insurance etc. I want to be able to use my niche position to be able to sell them policies and earn commission on them. These fellow co-workers are good friends and for me it would very easy to sell insurance to them. Basically would just have to find right product for right person.

I sincerely believe I am in a unique position to sell insurance to my fellow residents and young physicians, and I want to take advantage of this opportunity. Even if I sell say 4-5 policies I would be fine with it. I already know 5 co-workers looking to buy 1+ million in life insurance coverage. I would also like to look into selling disability insurance as my coworkers are interested in that. I also want to be able to sell to family members.
Over the future I would expect to sell maybe 1-2 policies a year and I am fine with that.
Few other questions I have are

If I am an independent agent, can I buy my own life insurance? Can I buy my own annuities in the future? Which company or clusters can I join as an Independent agent?

I guess I read the book “rich dad poor dad” by Robert Kiyosaki one too many times a kid in high school and ever since I want to get out of the rat race and be able to replace salary with business income.

Selling 1-2 policies a year is not worth the hassle of getting your license.
Selling that few policies wouldn't give you the incentive to keep up with regulation/policy/industry changes.
Don't even bother. You will end up doing more damage than good.

 

[GreenSky]

I sell insurance as my full time career. I'm thinking maybe I can do a bit of surgery on the side. Would that be a good idea?

Rick

 

[DHK]

Wait a minute... you read "Rich Dad Poor Dad" and decided that selling INSURANCE was the way to go? I thought Robert Kiyosaki was a Real Estate guy.

I think you should pick up the book "Cashflow Quadrant" and read it again. Remember the 4 basic sources of income:
- E - Employee (you work for someone else)
- S - Self-Employed (you own your job)
- B - Business (You employ and/or leverage others)
- I - Investor (Your money at work so you don't have to)

Being a Doctor... is either in the E or S quadrant.

Being an insurance agent is also either in the E or S quadrant.

Being an insurance agent in the "B" quadrant requires skills (and patience) of training other agents and earning an override on your efforts. (I recently discovered that I simply don't have that kind of patience.)


If I were a doctor looking to diversify income, I'd probably look into rental real estate.
- First, your money works for you by purchasing an appreciating asset (generally speaking).
- Second, you can hire a property management firm to help you find tenants and maintain the property.
- Third, you can focus on your profession, rather than diffusing your attention away from being a doctor.
- Fourth, buying more rental properties can turn this hobby into a serious business with very little time spent on it.


So, don't try to diversify by adding another "S" job. You need to build up a "B" business and/or become an "I" investor. You can do both through real estate investing... and that's primarily what Robert Kiyosaki talks about in most of his books.

----------

Oh, and Robert Kiyosaki is also a network marketing guy.
http://www.consew.com/Files/112279/TheBusinessofthe21stCenturyBook.pdf

If you decided to go into a network marketing program, I'd stay away from the insurance MLMs. Lots of reasons to avoid those.

If you're going to find a MLM program to promote, then find something that sells a high quality product in a category that people are already buying on a regular basis anyway. Then they can just transfer their buying from the local store to you.

 

[walthamny]

With that logic, you should also become a Dentist on the side and make recurring income doing root canals, you could also become a realtor because everyone in that group will buy a house sometime in the future, you should also specialize in heart surgery, because someone in that group will have a parent that will need a second opinion and willing to pay anything.

Please stay in your profession, this is not a part time business you can learn on google. By the way, I see my doctor regularly even though I have online access to webmd and discounted prescriptions through mail order from Ivory Coast. I value the experience and education you receive through medical school, you should respect ours.

 

[LGilmore]

You're in your second year of residency? Where would you find the time to educate yourself in insurance while also continuing to educate yourself in medicine so you can pass boards?

Right now you should be dedicating all your "free" time making absolutely certain you are the best doctor you can be. NOT an OK doctor, not a GOOD doctor, but the BEST DOCTOR you can be. Dabbling takes away time where you could be bettering yourself as a doctor. Do your parents know you want to do this?

My son is a doctor, just about the same age in his second year of practice. Had he wandered off into another field while in med school or residency I would have kicked him so hard in his ass, he'd walk funny for a week.

Straighten up kid. The grass isn't greener over here, you're expected to be a professional in this field too. Splitting time between professions where you're expected to be a master in either ROBS your patients and clients from the best you can be.

You've actually been one of the few people on the internet who pisses me off. As a resident you may think you have it all down, but you have a ways to go. Good luck on your future testing, which is WHERE YOU SHOULD BE SPENDING YOUR TIME.

Thanks.

 

[Josh]

With that logic, you should also become a Dentist on the side and make recurring income doing root canals.

Not to disagree with your point, but the concept he's referring to would still put being a dentist in the same group as being a doctor; he'd still have to work to make the money vs an investment. For example, an insurance agent that's self-employed (think of a P&C agent with a small office) owns a job vs a small business. Now take that same shop and add a few CSRs and some sales reps in such a way that he can leave for months at a time and come back to the business still running smoothly, that's owning a business.

 

[dfdla]

There are marketing agencies that train and support part time agents. Contact me for more information.

 

[Mariecarole]

Hi I am also very new to the forum. My name is Marie Carole De La Cruz, I am an independent broker/dealer with Transamerica. I can guide you to sell Life insurance and Annuities independently. Please contact me at your earliest convenience at 818-269-5550.

 

[DHK]

And now the WFG agents come out of the woodwork.