How do you do it?

[Woods26]

I'm looking at starting to sell on the side. I'm in the state of Missouri. My main job is in the steel industry and I make about 110k/yr with that job without working extra hours. I work a 4 day on 4 day off schedule. My thought would be to begin part time and over 4-5 years match my income in steel industry then go full time. Does anyone have thoughts about that? Is it realistic or not? I do have experience in sells and business development and running my own business.
In addition to that, I'd like thoughts about going captive or independent with a marketing organization? How would you start? I don't have experience in the insurance industry so I do expect a learning curve but I'm not afraid to dig in learn and ask questions either?
Would you sell by phone or local networking and face to face?
What do you wish you would have known back when you started? Don't shy away from inboxing me either if you have information or ideas or opportunity that you wouldn't put in a thread.

 

[axeman462]

I'm looking at starting to sell on the side. I'm in the state of Missouri. My main job is in the steel industry and I make about 110k/yr with that job without working extra hours. I work a 4 day on 4 day off schedule. My thought would be to begin part time and over 4-5 years match my income in steel industry then go full time. Does anyone have thoughts about that? Is it realistic or not? I do have experience in sells and business development and running my own business.
In addition to that, I'd like thoughts about going captive or independent with a marketing organization? How would you start? I don't have experience in the insurance industry so I do expect a learning curve but I'm not afraid to dig in learn and ask questions either?
Would you sell by phone or local networking and face to face?
What do you wish you would have known back when you started? Don't shy away from inboxing me either if you have information or ideas or opportunity that you wouldn't put in a thread.

most agents, if they get to the point of making $110k/yr (most don't), takes them 3 -5 years to get to that point.
Chances are you are also getting benefits like health insurance, retirement, PTO etc.. on top of that where you work now.
As an independent broker, you get none of that. You pay for it all out of your top line revenue.
On top of this, especially in the early years, and during AEP, you are working 6-7 days a week and real vacations can be difficult, because your instinct grows to picking up the phone when it rings. And customers always wait until the second you crack open a beer to call.

It sound like you got it pretty good where you're at. Why would you want to leave to work in one of the most hated industries in America?

 

[shonceman]

As a side gig, I would look at Final Expense life insurance. It's less complicated, less service intensive than Medicare or property insurance, and usually a one call close.

I agree with David, though. Only a minority of agents ever get to $110k in real net income, especially when building it on the side.

 

[Woods26]

Most in the steel industry don't make it to retirement age because their body gets too worn out. I'd be 50 in 5 years and I don't have to make 110k/yr. 110k is my gross at work not my net. I'm almost done funding my kids as well. I have decent investments and retirement. I want something less taxing on my body is all and I enjoyed sells and business building in the past.

 

[DonP]

I'd say very few agents NET $110k . Part time is very very hard to do. I'd suggest as shonceman said to start off with part time in fe . Try to get to selling 2-3 a week part time over a 2-5 month period . Add Medicare and Aca after about a yr for residual income . Once you feel confident this is for you you're going to have to quit your job and believe me you won't be at $110k NET yet. That said if you want something bad enough nothing can stop you . You might have to work 6-7 days a week for 2-3 yrs but it can be done .

 

[axeman462]

Most in the steel industry don't make it to retirement age because their body gets too worn out. I'd be 50 in 5 years and I don't have to make 110k/yr. 110k is my gross at work not my net. I'm almost done funding my kids as well. I have decent investments and retirement. I want something less taxing on my body is all and I enjoyed sells and business building in the past.

well, anything is possible if you are motivated enough.

I personally would start more with Medicare than FE, but I'm biased, I'm a Medicare guy myself. The renewals are too attractive to ignore.

I personally like doing business f2f, but there are several here on the forum that do everything over the phone. Its really just a matter of preference.

When I first went indy, I had a seasoned agent tell me:

year 1 you're eating ramon noodle
year 2 you're eating the dollar menu
year 3 you eat at Chili's
year 4 you eat anywhere you want.

I found that to be fairly true, and I think most agents here would agree its at least in the ball park, but your miles may vary..

But if you are starting part time, you can probably extend that timeline out to over 7 or 8 years.
I personally wouldn't recommend starting part time, but to each his own I guess..

 

[Woods26]

As a side gig, I would look at Final Expense life insurance. It's less complicated, less service intensive than Medicare or property insurance, and usually a one call close.

I agree with David, though. Only a minority of agents ever get to $110k in real net income, especially when building it on the side.

What does commission look like on FE policy? And what does a renewal look like? I know even less about FE.

 

[DonP]

What does commission look like on FE policy? And what does a renewal look like? I know even less about FE.

120 % first yr and 5-7% renewals is street with many

 

[axeman462]

What does commission look like on FE policy? And what does a renewal look like? I know even less about FE.

FE takes less time to learn, bigger commission upfront, less on the back end. It's a real salesman's product.
125% FYC 5-8% renewal
A $50/mo premium is not uncommon, feel free to do the math

Medicare takes longer to learn, earn less upfront, but more on the back end.
Medsupp earn typically 24% for years 1-6
MAPD $600+ FYC, 50% of that in renewals, and a special place in hell if you ask some of the MSOs on this forum

No reason to limit yourself to one product though.

 

[rmhaire]

and a special place in hell if you ask some of the MSOs on this forum

We're always watching you.

Wait .... I sell MAPDs too.

Never mind.