I am a newly licensed Life Sales Representative and I'm totally lost as to what to look for in an "employer". I am an unemployed single mom with no nest egg to fall back on, so waiting months to get paid just isn't a viable option for me, but that appears to be standard protical for a new agent. I got into this business because I saw the earning potential, but after much research and reviews I'm having second thoughts. Any tips or feedback is greatly appreciated.
Newly Licensed- HELP!!!
- Thread starter crysc1015
- Start date
- 11,997
IF you're a single mom with no nest egg you probably need to be looking for a job. There are a lot of property and casualty shops like Allstate, State Farm, or local independent ones that usually will hire someone with a small salary and potential for commissions; the pay isn't great, but it is consistent.
- 4,132
Worst business in the world to come into the way you've described your set up. I agree with Josh, look for an agency that is hiring and hope you get a shot. Good luck.
mattupthehill
Expert
- 40
Sorry to hear about your situation. I agree with the other posters. You would need some seed money and some financial backing as things will be slow out the gate. You would be building a book of business which takes time and money.
You might want to go back and get your P&C license as well.
This will give you more opportunity to find work in the industry, possibly as a customer service rep at first and then a sales agent after you've gained some experience.
You can contact local agents in your area or go straight to the corporate websites for the big companies ( State Farm, Allstate, Farmers, etc)
You might want to go back and get your P&C license as well.
This will give you more opportunity to find work in the industry, possibly as a customer service rep at first and then a sales agent after you've gained some experience.
You can contact local agents in your area or go straight to the corporate websites for the big companies ( State Farm, Allstate, Farmers, etc)
It's hard to respond because I don't know enough about your specific situation, but I do want to make some observations that you may find useful. You've got a life license. Health/disability, too? That makes a difference.
Although the previous posters are right--it is easier with money--sometimes you have to do what you have to do. So let's brainstorm some ideas.
First, you might want to forget about selling insurance and find one product that turns your crank and that you feel you can sell effectively. In the old days, W. Clement Stone built Combined Insurance selling one product door-to-door. I don't know if they're still around, but it used to be you could start with them on Monday and have a check on Friday.
Or, for all the guff they rightfully take on this board, you can start with an outfit like Lincoln Heritage. (I wouldn't but that's me.)
There are a lot of P&C captive agency types that HATE selling life insurance. Ask around and instead of getting a "job" you can probably find someone willing to let you sell to their existing clients on commission.
Who do you know and what do they need? As a single mom, maybe you know a bunch of other moms. Maybe you can find a juvenile life product that you can sell for a taste (generally ain't getting rich off juvie lif), but a little success precedes a lot of success, and maybe there are parents to write, too. Maybe you can even figure out a way to sell a group, ala Tupperware or some other party plan.
I had a sales trainer once that gave us a bag of muffins and sent us on the street to sell them. He said, "If you ask enough people, 'Hey, will you give me a buck for this old bag of stale muffins?' someone will eventually buy them." And he was right.
You have to learn to think: "I'm going to sell this." Whatever this is--find "this" and sell it.
One piece of advice that I don't care for that I've seen a number of times on this board is this: Get a job, deliver pizza, stock a store, whatever. I think that advice sucks. If I invest 40 hours at a ten dollar an hour job, I get $400--less actually. If I invest that same 40 hours and can sell one $600 AP policy I'm already ahead. And I didn't spend anytime hanging dental floss at Walgreens.
Dig around, get on the phone, talk to IMO's and FMO's, look at Craigslist, check with the employment department, cold call, talk to agents, study products, think about where you "fit"--or where you will fit when you've carved your place in the grand scheme of things.
You must have had some vision or you wouldn't have gotten licensed. Now the vision has faded and suddenly you're confused and scared. Okay, we've all been there. Now kick that to the curb, take action, build knowledge. Dare to make a fool of yourself. That's learning. Experience is something you never have til just after you need.
If you commit yourself, you can make it. This isn't like the Presidency, where there's only one. There's always room for an insurance producer.
Although the previous posters are right--it is easier with money--sometimes you have to do what you have to do. So let's brainstorm some ideas.
First, you might want to forget about selling insurance and find one product that turns your crank and that you feel you can sell effectively. In the old days, W. Clement Stone built Combined Insurance selling one product door-to-door. I don't know if they're still around, but it used to be you could start with them on Monday and have a check on Friday.
Or, for all the guff they rightfully take on this board, you can start with an outfit like Lincoln Heritage. (I wouldn't but that's me.)
There are a lot of P&C captive agency types that HATE selling life insurance. Ask around and instead of getting a "job" you can probably find someone willing to let you sell to their existing clients on commission.
Who do you know and what do they need? As a single mom, maybe you know a bunch of other moms. Maybe you can find a juvenile life product that you can sell for a taste (generally ain't getting rich off juvie lif), but a little success precedes a lot of success, and maybe there are parents to write, too. Maybe you can even figure out a way to sell a group, ala Tupperware or some other party plan.
I had a sales trainer once that gave us a bag of muffins and sent us on the street to sell them. He said, "If you ask enough people, 'Hey, will you give me a buck for this old bag of stale muffins?' someone will eventually buy them." And he was right.
You have to learn to think: "I'm going to sell this." Whatever this is--find "this" and sell it.
One piece of advice that I don't care for that I've seen a number of times on this board is this: Get a job, deliver pizza, stock a store, whatever. I think that advice sucks. If I invest 40 hours at a ten dollar an hour job, I get $400--less actually. If I invest that same 40 hours and can sell one $600 AP policy I'm already ahead. And I didn't spend anytime hanging dental floss at Walgreens.
Dig around, get on the phone, talk to IMO's and FMO's, look at Craigslist, check with the employment department, cold call, talk to agents, study products, think about where you "fit"--or where you will fit when you've carved your place in the grand scheme of things.
You must have had some vision or you wouldn't have gotten licensed. Now the vision has faded and suddenly you're confused and scared. Okay, we've all been there. Now kick that to the curb, take action, build knowledge. Dare to make a fool of yourself. That's learning. Experience is something you never have til just after you need.
If you commit yourself, you can make it. This isn't like the Presidency, where there's only one. There's always room for an insurance producer.
I agree with the other posters on this topic, it takes seed money to start anew. Based on the situation you are in, I would suggest you look for a captive carrier or an upline MGA who has an excellent training program for new agents, along with a guaranteed salary for the training period if possible (usually about six weeks). Gain a year or two of experience before branching out on your own, and make money as you do. Check out this web address: Senior Solutions | Training & Resources for Insurance Agents. It may give you a starting point of reference. Good luck, and let me know if can be of help to you.
- Thread starter
- #7
Thank you all for the advice . As of today, I have 2 viable offers. 1 is for an independent company called MMylifewerks. They have a contract w school department here in Dallas so my role would be to set up presentations at the schools in my assigned territory for Life/Health/Annuities (they cover cost of course & licensing for both). Pros- flexible schedule (by appointment only), leads provided. Cons- no name recognition, no guarantee salary, though I was told of 12 agents only 1 makes less than $65k). The 2nd is AAA as an Assistant Agent. 9-6 plus 2 weekend days a month, base pay plus incentive. Pros- salary/benefits Cons 45-50 hrs a week, horrible reviews on Glass door & Indeed. Decisions, decisions....
mattupthehill
Expert
- 40
I've had family work for AAA in So Cal. He made good money as a P&C sales agent and they offered good training ( paid I believe).
My wife is a teacher, and her school district ( and other ones she's worked for in the past) use only one company/agency every year for enrollment. So if that's the situation with this company could be a good thing. They basically sit with each teacher and write group term life, disability plans, 403B etc.
- 977
Can't emphasize this enough. When I was with Nationwide the agency owner kept missing out on trips and other promotions and the like only because of missed life goals. He was offering all the staff 100% plus bonus for any life sales they could bring to him. If you know even just a little bit about selling, I'd bet you could make out ok on a gig like this. Build up some savings working an agent's book for them, then once it's tapped out go indy. Wouldn't be hard to abide by a non-compete/non-solicit because it's not like these are customers you went out and got anyway, you know?
craigthinks
New Member
- 16
I am looking to get back into insurance myself. I just talked to a guy at church and suggested not the sales side, but working at an insurance company in claims or administration. He does claims with a P and C license. He said there are support positions to start out. For working claims, Salaries $38k-$55K in Dallas, TX area. Goes up to $125K for upper level managers. Go to indeed dot com an look for insurance jobs and not just the sales side that pay a salary. I did meet another lady that works in life insurance sales with base pay and bonus, she is captive and is told what company to go too. She sells the company group life insurance that is guaranteed issue. (I am told most life insurance is through companies) The key is looking for a position with a salary, W2 not 1099. I did see one 1099 job that looked interesting as they sent you to schools and government sites to sell critical illness mostly. but poor contracts. But the key is they told you where to go ie: leads so everyone was making money, my guess was 30K to 60K until you got better contracts with them in a few years.
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