Anyone here work in the insurance industry

[rudedawg]

I have been an agent selling life, health, and disability for almost 7 years now. For the first 5 of those I was tied down with captive contracts. DO NOT do this.

Become a broker so that you can get the highest contracts available and you OWN that block of business, not the marketing agency you wrote it through.

Go to the licensing school..... probably cost you $150 or so... take the test...that costs another $40- 50 I believe...... then you are ready to roll.

I have my own agency now with 9 agents and loving it. Life insurance...... very hard to break in and make money right off..... high commission but low premiums.....for instance an average term policy for a 45M would be say $30/ month........on that I will make 100% 1st year but 0% the next year. Sell 4 of those a week and you are still only up to 480/mo earned income....but after 6 months you would be up to almost $3K. Of course Permanent Life has bigger premiums but commission is less but you geet renewals.....

Health Insurance is a fucking jungle right now...... average premium here in AZ is $300/mo...... new agents in my office get a 20% contract and advanced 7 months on issue so that policy would pay you $420/week..... sell 3 a week and you are making 1260/week X 52 weeks / 12 months = $5460/mo plus you get the earned commission from all of your policies on the 8th month they are active. Do this consistantly for a couple of years and you can pretty much service your block of business and add a policy or 2 a week and be very comfortable.

 

[MattTheSkywalker]

THE PAY IS NOT SUPER DUPER? $150,000 a year or about $225,000 a year.

This is good. But everything is relative I guess. Insurance is a good business.

 

[blistex00]

How tough are the licensing exams? I've got about 3 months until I'll be finished with my current job. Could I study an hour or so each day for 3 months and pass, or would it take more preparation than that.

I'm definitely going to call some places next week to see if they're going to need someone in the upcoming months.

 

[rudedawg]

How tough are the licensing exams? I've got about 3 months until I'll be finished with my current job. Could I study an hour or so each day for 3 months and pass, or would it take more preparation than that.

I'm definitely going to call some places next week to see if they're going to need someone in the upcoming months.

They have classes out here that are cram sessions....last 2.5 days.... usually thursday and friday all day......then monday half day then go take your test....then don't use the info ever again LOL

Yes you could study for it for an hour a day for 3 months easily.

 

[Crazier]

Rudedawg - Hey bro, I live in Phoenix. Will you tell me the name of the "cramming" agency you are talking about so I can inquire.
I'd appreciate it man.
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[bigguns7]

I've been in insurance sales in the past and now I work in risk management and insurance consultant.

You should know that sales takes a very special person. Taking the licensing exams and all that is the easiest part about it, and that should be the least of your worries. My opinion in that if you're going to go into a straight-commission situation, you should have about $15,000 to $20,000 in the bank to keep yourself afloat while you get started. It is a slow process getting started, and the insurance market is in severe turmoil right now, even before the 9/11 events.

Stay away from health insurance at all costs while you're just getting started, that area is a complete zoo. If your're selling business to business, get their property and casualty business first, then try to upsell them on the health insurance later. The sales industry is not all fun and games.

 

[rudedawg]

Rudedawg - Hey bro, I live in Phoenix. Will you tell me the name of the "cramming" agency you are talking about so I can inquire.
I'd appreciate it man.
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There are 2 of them... the Ford Agency don't have any info on them and the Phoenix Insurance and Securities School. PHX Ins has 2 locations...... one in Scottsdale on Via de Ventura and Hayden 480-483-9669 and the other is at Dunlap and the freeway 602-997-2093. Here is their addy.

http://www.licenseline.com/

What part of the business are you getting or wanting to get into?

 

[blistex00]

I've been in insurance sales in the past and now I work in risk management and insurance consultant.

You should know that sales takes a very special person. Taking the licensing exams and all that is the easiest part about it, and that should be the least of your worries. My opinion in that if you're going to go into a straight-commission situation, you should have about $15,000 to $20,000 in the bank to keep yourself afloat while you get started. It is a slow process getting started, and the insurance market is in severe turmoil right now, even before the 9/11 events.

Stay away from health insurance at all costs while you're just getting started, that area is a complete zoo. If your're selling business to business, get their property and casualty business first, then try to upsell them on the health insurance later. The sales industry is not all fun and games.

Do most agencies pay you commission only? I'd like to find a place that payed a salary when your first starting out but I didn't know if it worked liked that.

When selling insurance, do you cold call people or just sell to people that come in the door.

 

[Checkmatebloated]

I've been in insurance sales in the past and now I work in risk management and insurance consultant.

You should know that sales takes a very special person. Taking the licensing exams and all that is the easiest part about it, and that should be the least of your worries. My opinion in that if you're going to go into a straight-commission situation, you should have about $15,000 to $20,000 in the bank to keep yourself afloat while you get started. It is a slow process getting started, and the insurance market is in severe turmoil right now, even before the 9/11 events.

Stay away from health insurance at all costs while you're just getting started, that area is a complete zoo. If your're selling business to business, get their property and casualty business first, then try to upsell them on the health insurance later. The sales industry is not all fun and games.

Yes you will get paid on commision. I agree with having a nest egg for the first year to stay afloat. Your big money comes with renewals.

Matt, , You are correct about being realtive.
The two agents in the TWIN TOWERS both have a book of business over $1 million. It has a great deal to do with demographics and your work ethics.

 

[rudedawg]

I've been in insurance sales in the past and now I work in risk management and insurance consultant.

You should know that sales takes a very special person. Taking the licensing exams and all that is the easiest part about it, and that should be the least of your worries. My opinion in that if you're going to go into a straight-commission situation, you should have about $15,000 to $20,000 in the bank to keep yourself afloat while you get started. It is a slow process getting started, and the insurance market is in severe turmoil right now, even before the 9/11 events.

Stay away from health insurance at all costs while you're just getting started, that area is a complete zoo. If your're selling business to business, get their property and casualty business first, then try to upsell them on the health insurance later. The sales industry is not all fun and games.

Actually that depends about having a bank roll to last for you. If you get with a company that does advances then you don't need that. Lots of Life companies will advance on issue....usually 9 months. Health insurance you can make some serious cash but it can be a major headache...... people buy health insurance before they buy life insurance and it is hella hard to get someone to see you for just a life sell. That's why I have my agents and myself cross sell....tack a term life product on then go from there. I stay away from P & C business at all costs. And don't even want to get into car and home insurance.