newdawn28
New Member
Hello All!
I am seeking some guidance on what I should do at this point of my new career as a life insurance agent.
I realize I should have done a lot more due diligence before signing a contract with Modern Woodmen of America, a fraternal financial services organization, but my friend is a financial representative with them and was easy for me to get in based on her referral.
The whole reason I got into the industry is because of my interest in the Infinite/Be Your Own Banker concept and my desire to help others maximize their cash accumulation within a life insurance policy.
It wasn't until I was far into the hiring process that I learned that you canNOT overfund, or add additional premiums on top of the base premium of their whole life certificates. I had unfortunately assumed that you could do that with any whole life policy from any company. How wrong I was. Apparently they had just recently did away with that particular feature. You can only do that with their universal life certificates, but they don't have IUL or even VUL.
Part of the reason I just went ahead and got contracted with MW was so that I could get the training, experience and some benefits (although no salary, it's all straight commission with bonuses).
The more I'm doing it though, the more I'm not enjoying myself because of all the extra work they make you do in organizing and attending fraternal events. I get the concept of getting new business from these fraternal events, but where I live in Southern California, it's just not part of our culture here to attend these events, which are just another one of thousands of things to do around here. So it feels like a distraction and waste of my time, maybe it's just me. Also, it's been hard not being able to offer better products as MW's products are limited in scope.
I'm also not totally into helping people with the investment side of things as I really just want to focus on insurance. Maybe in this day and age, that's not the way to go? Is it overwhelming to prospects when I tell them I'm a financial representative as a opposed to just doing life insurance? I'm really trying to find my way through this.
Eventually (or even now), I'd like to be independent so I don't have to answer to anyone. Right now, I have to fill out these 7-point worksheets, showing them how I'm planning my day, who I'm calling, and meeting with them every week in person. On one hand, it's teaching me to be diligent with my time, but on the other hand, I can't help but feel like I'm having to meet certain goals because THEY have to meet certain goals to maintain their managerial positions.
MW is actually a great company, the people are awesome, but just doesn't feel like the right fit for me and my personal goals. I'm considering staying captive, but switching to another company that has better products for the type of life insurance/wealth management I'd like to specialize in, and then once I've got more experience under my belt, go independent.
So my question to you experienced ones, which companies should I consider working with for the type of work I want to do, or should I just go independent now? Fortunately my husband works too so it's okay if I don't meet my personal quota for the month.
Thanks in advance for your thoughts and guidance.
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I forgot to add that I just got licensed in January of this year and signed a contract two months ago. Have been working with MW since December of last year. I don't have a super ton of business written with them so far so losing the client list wouldn't be too big of a deal.
I am seeking some guidance on what I should do at this point of my new career as a life insurance agent.
I realize I should have done a lot more due diligence before signing a contract with Modern Woodmen of America, a fraternal financial services organization, but my friend is a financial representative with them and was easy for me to get in based on her referral.
The whole reason I got into the industry is because of my interest in the Infinite/Be Your Own Banker concept and my desire to help others maximize their cash accumulation within a life insurance policy.
It wasn't until I was far into the hiring process that I learned that you canNOT overfund, or add additional premiums on top of the base premium of their whole life certificates. I had unfortunately assumed that you could do that with any whole life policy from any company. How wrong I was. Apparently they had just recently did away with that particular feature. You can only do that with their universal life certificates, but they don't have IUL or even VUL.
Part of the reason I just went ahead and got contracted with MW was so that I could get the training, experience and some benefits (although no salary, it's all straight commission with bonuses).
The more I'm doing it though, the more I'm not enjoying myself because of all the extra work they make you do in organizing and attending fraternal events. I get the concept of getting new business from these fraternal events, but where I live in Southern California, it's just not part of our culture here to attend these events, which are just another one of thousands of things to do around here. So it feels like a distraction and waste of my time, maybe it's just me. Also, it's been hard not being able to offer better products as MW's products are limited in scope.
I'm also not totally into helping people with the investment side of things as I really just want to focus on insurance. Maybe in this day and age, that's not the way to go? Is it overwhelming to prospects when I tell them I'm a financial representative as a opposed to just doing life insurance? I'm really trying to find my way through this.
Eventually (or even now), I'd like to be independent so I don't have to answer to anyone. Right now, I have to fill out these 7-point worksheets, showing them how I'm planning my day, who I'm calling, and meeting with them every week in person. On one hand, it's teaching me to be diligent with my time, but on the other hand, I can't help but feel like I'm having to meet certain goals because THEY have to meet certain goals to maintain their managerial positions.
MW is actually a great company, the people are awesome, but just doesn't feel like the right fit for me and my personal goals. I'm considering staying captive, but switching to another company that has better products for the type of life insurance/wealth management I'd like to specialize in, and then once I've got more experience under my belt, go independent.
So my question to you experienced ones, which companies should I consider working with for the type of work I want to do, or should I just go independent now? Fortunately my husband works too so it's okay if I don't meet my personal quota for the month.
Thanks in advance for your thoughts and guidance.
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I forgot to add that I just got licensed in January of this year and signed a contract two months ago. Have been working with MW since December of last year. I don't have a super ton of business written with them so far so losing the client list wouldn't be too big of a deal.