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Newbie Question

Beth F

Expert
20
Indiana
First, I just want to say I love this forum, drama aside. :) I have already learned quite a bit from you all, but are there any sites you would recommend for someone still in the pre-license stage? - for all the nitty-gritty-how-it-all-works details? I know you all can answer my questions, if I know the questions to ask. I guess I'm thinking along the lines of an "Insurance-for-Dummies" site, if you will. No, I'm not a dummy.
:laugh:
For instance, I read on here the other day to start out with 6 months of living expenses in your pocket.. that alarmed me! Is that accurate?

How about making a sticky for us newbies on how to start, what to do, etc.?

Thanks, guys.
 
Beth,

I know it is not much help to you now, but we are working on an articles section, to have people bundle their best posts into some kind of order, so that newbies like yourself can know what the questions are.

Welcome and enjoy the information, along with the drama. You came at a great time!
 
Hi Beth,

I am a newbie too. I am in the appointment stage, and although I am not sure how much you should have for living expenses when you start selling - I do know that all the little expenses in the pre & post license process can add up quickly. In no way am i trying to discourage you - I just want you to be aware. I have spoken to some people who think it was a free ride in. I am not saying that is the case with you - but be prepared for expenses (E&O insurance, business cards if you need them, non-resident state licenses if you desire, even possible appointment fees.)

Maybe you already thought of all this, but I just wanted to give you a heads up!
 
Beth,

In general, that 6 months figure is referring to becoming an independent agent. In that case, there is no draw, no base salary, no benefits etc... There are some decent captive opportunities, where you won't need as much start-up funding, and you can get some important and valuable training.

Have you thought about the direction you want to go in the beginning?
 
There are a lot of variables in starting up.

Are you going to be independent or captive?
What market / products are you going to offer?
What experience do you have in insurance / sales / marketing?

6 months is a good bet if you are flying as an independent with no base salary. If you do not sell, you do not get paid. And if you are dealing with underwriting, you may have a month before the policy is issued.

If you are new to insurance and sales, it may take a few months to get your pitch down, answer objections effectivly, and confidently close the sale.

Welcome to the dark side:smile:
 
Beth,

In general, that 6 months figure is referring to becoming an independent agent. In that case, there is no draw, no base salary, no benefits etc... There are some decent captive opportunities, where you won't need as much start-up funding, and you can get some important and valuable training.

Have you thought about the direction you want to go in the beginning?

Whew... that takes a load off! Of course, I'd love to be some insurance prodigy & be independent right off the bat, but being that I'm not independently wealthy (yet), it looks as though captive may be the way to go at first. & that seems to be the collective advice here on this forum.

I'm doing home-study; I have a full-time job & a 3 year old. I thought P & C was the way to start out just based on the numbers. But, I'm more interested in life, health, long-term, etc. Do you suggest I do both, to be more marketable when I'm newly licensed, or should I just master the life/health?

& my background is in the medical field, for 15 years.
 
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Whew... that takes a load off! Of course, I'd love to be some insurance prodigy & be independent right off the bat, but being that I'm not independently wealthy (yet), it looks as though captive may be the way to go at first. & that seems to be the collective advice here on this forum.

I'm doing home-study; I have a full-time job & a 3 year old. I thought P & C was the way to start out just based on the numbers. But, I'm more interested in life, health, long-term, etc. Do you suggest I do both, to be more marketable when I'm newly licensed, or should I just master the life/health?

& my background is in the medical field, for 15 years.

It really boils down to what you want and where you want to go. Being that you have been in the medical field for 15 years I think health insurance would be best for you given your experience. However, you may want to switch into P/C if you are want to explore something new. You also have to factor in your personal goals and what you want to sell.


Personally, I find P/C boring, however, some people love it and to each their own. Find your passion and go from there. Would you rather sell health insurance and protect families, senior citizens, etc or would you rather protect their home, car, boat, etc. For me that is a no-brainer, but then again, I was a psych major :) Hope this helps.

-J.R.
 
one other aspect to keep in mind when starting out would be the ever fearful Chargeback,
Remember a VECTOR on your license may cause difficulties when aquiring new companies, effectively ending your business.
 
Start by learning one thing and do it well. Then look into other lines. You do not want to over do it trying to learn the ins and outs of various types of insurance. Some products, like long term care, are far more complex then say, term life.

Find what you have a passion for and go for it!
 
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