Hello, I'm new the insurance industry as i just got my license. I'm considering selling mortgage protection insurance and have been told it's a good way to make $10k per month while working 12 'A' leads a week. If I'm willing to work those leads 35-40 hours a week I've been told I'll average 4 policies a week with the average monthly premium being $120 her in Southern California. After about $2,000 in lead fees I'm told that will earn my roughly $10k per month. Can I get some expert opinion?
New to Life -MP Sales
- Thread starter jrj0528
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And who told you this............................
- 11,287
Something wrong with the responses in your first thread (other than it didn't add to your post count)?
http://www.insurance-forums.net/for...ce-need-some-feedback-t87596.html#post1173013
http://www.insurance-forums.net/for...ce-need-some-feedback-t87596.html#post1173013
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I'm very sorry... I posted that yesterday and couldn't find where it was posted anywhere. I signed up for this forum 2 days ago and the first couple times I've tried to post it would say it's under review from staff. This is the first time I've seen it's gone through. Thank you for pointing this out.
- 11,287
No problem. That's very understandable.
And how many agents in that IMO are achieving those numbers?
Exactly what proof of production & income have you been shown?
There is a finite number of people each month who close on a mortgage loan, yet there are literally hundreds and hundreds AND hundreds of MP Insurance Agent ads online each and every day. What guarantee have you been given that you will receive 12 fresh, unworked A-Leads each and every week?
An IMO similar to the one you've described, Symmetry Financial Group recently stated that they "sold" over $55 Million dollars last year with (only) 1500 agents. $55 Million divided by 1500 agents = an average of $36,667 in annual sales per agent. More importantly, "sold" and Issued/Paid policies are two different things. As an agent, you will only be paid (the commission you quoted) on Issued/Paid business that remains on the books for at least 12 months.
LOA, do you really believe as a new agent in the insurance industry you can work 35 to 40 hours a week and earn $120,000.00 your first year?
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I'm in So. Cal and have spent 30 yrs selling Mtg Prot. The average premium is NOT $120.00 per month. It's @ $50-$75.
Lead response in So. Cal for Mtg Prot. has dropped to 1/2%. And, with the internet, you better have a company with low rates because the prospects will be shopping.
Also, since we are bombarded by phone calls daily, be prepared to have tons of leads that you can't contact by phone. Prepare a special mailer asking them to call you - which they won't. Call morn, nite, Sat morn & Sun nite.
Depending on your commission (since you are new you probably have a low commission contract), I'd guess you'll make $30--$40,000.
Good luck.
Lead response in So. Cal for Mtg Prot. has dropped to 1/2%. And, with the internet, you better have a company with low rates because the prospects will be shopping.
Also, since we are bombarded by phone calls daily, be prepared to have tons of leads that you can't contact by phone. Prepare a special mailer asking them to call you - which they won't. Call morn, nite, Sat morn & Sun nite.
Depending on your commission (since you are new you probably have a low commission contract), I'd guess you'll make $30--$40,000.
Good luck.
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