Advice on where to start?

[Kombatant]

I'm 22, just got into FE insurance. 3 years sober and very motivated to retire early.

The issue is, i'm not sure where to start. I work with a certain company and i'm curious on whether the commission structure, leads given, and training is industry standard.

My company's commission structure:​

I get paid the first year's premiums.

Leads given:​

Recycled leads from around 3-4 years ago that have been called 2-6 times already.
These leads are all mostly 70-85 years old
I get around 5, one year old leads every week, (they call them fresh leads)

Training:​

My boss is 71, is very comfortable in his knowledge about how the company works, but is extremely hard to learn from. Cussing and 20 minute explanations about very simple concepts like not double booking or booking appts that are 4 hours away. The training sucks. He's a very good guy but I know it would take me years to fully understand the company structure and products if I stuck with him.

Is all this standard for anyone starting out in LI?

Another question is: Is door knocking a much better use of my time than calling? What class of neighborhood should I knock in? I'm working on a flyer, what should I put on that flyer? How should I market myself at community events?

I won't give up sales, a lifelong role model of mine has provided so much for his family by being successful in sales and never giving up. I will emulate that, but for now, does anyone have a guide or advice on what to do moving forward?

 

[Newby]

I'm 22, just got into FE insurance. 3 years sober and very motivated to retire early.

The issue is, i'm not sure where to start. I work with a certain company and i'm curious on whether the commission structure, leads given, and training is industry standard.

My company's commission structure:​

I get paid the first year's premiums.

Leads given:​

Recycled leads from around 3-4 years ago that have been called 2-6 times already.
These leads are all mostly 70-85 years old
I get around 5, one year old leads every week, (they call them fresh leads)

Training:​

My boss is 71, is very comfortable in his knowledge about how the company works, but is extremely hard to learn from. Cussing and 20 minute explanations about very simple concepts like not double booking or booking appts that are 4 hours away. The training sucks. He's a very good guy but I know it would take me years to fully understand the company structure and products if I stuck with him.

Is all this standard for anyone starting out in LI?

Another question is: Is door knocking a much better use of my time than calling? What class of neighborhood should I knock in? I'm working on a flyer, what should I put on that flyer? How should I market myself at community events?

I won't give up sales, a lifelong role model of mine has provided so much for his family by being successful in sales and never giving up. I will emulate that, but for now, does anyone have a guide or advice on what to do moving forward?

Sounds like you are not in a good place to learn.
If you get all of the 1st year premium (100%) that is not terrible but 120% is considered the usual for simplified issue whole life with most companies. With that extra 20% commission you can buy brand new leads and quit working old beat up leads.
Read through the whole getting started thread at the FexContracting website and call us if you want to talk.
Getting Started with FE Sales

 

[CALTCAgent]

I'm 22, just got into FE insurance. 3 years sober and very motivated to retire early.

I would not risk sobriety by entering the FE market. Just reading the stories makes me want to grab a drink. I did share a cigarette once with a prospect at the end of the day of door knocking with no luck. I did not smoke either.

 

[Kombatant]

I would not risk sobriety by entering the FE market. Just reading the stories makes me want to grab a drink. I did share a cigarette once with a prospect at the end of the day of door knocking with no luck. I did not smoke either.

I feel that. I'm trying to start networking more so that I can meet more people in a way that isn't just cold calling.
In your experience, was door knocking a good way to close deals? Is there a different type of Life Insurance that's more enjoyable to sell?

 

[rousemark]

I feel that. I'm trying to start networking more so that I can meet more people in a way that isn't just cold calling.
In your experience, was door knocking a good way to close deals? Is there a different type of Life Insurance that's more enjoyable to sell?

As to what is more enjoyable to sell, you will have to decide yhat for yourself. Some people love the FE market, others can't stand it. Perhaps you need to get with a captive company that will train you for a few years. Or, you might want to cosider a non life market. I like working the ancillary health market such as selling cancer insurance. Like FE, it is a simple product that is not difficult to learn.

 

[Kombatant]

you might want to cosider a non life market. I like working the ancillary health market such as selling cancer insurance. Like FE, it is a simple product that is not difficult to learn.

I'm considering that right now. Honestly any sales job that starts with salary + commission is a step up from my current position. Thanks for the recommendation
I live in a small town of around 100,000 people, I feel like that's holding me back and limiting the amount of options I have.

 

[rousemark]

I'm considering that right now. Honestly any sales job that starts with salary + commission is a step up from my current position. Thanks for the recommendation
I live in a small town of around 100,000 people, I feel like that's holding me back and limiting the amount of options I have.

In Cal that may be a small town but here it is a large city. The town where I started was about 15K.. The county was around 40K at the time.There was plenty of people to keep me busy and my drbit agency was only in 1/2 of the town. There were probably 5 or 6 debit agents from other companies working the same area and no telling how many ordinary agents. Beleive me, if you really wrok it, 100K population would keep you eating Wagu steak for the rest of your career.

 

[CALTCAgent]

In your experience, was door knocking a good way to close deals? Is there a different type of Life Insurance that's more enjoyable to sell?

For me door knocking was not good. Picture a white dude in a suit walking through the hood. People asked if I was a cop often. One time some gangsters came up to me while I was sitting in my car and questioned me as to what I was doing. I didn't sit in my car anymore and kept on the move. I didn't feel comfortable as well. Plus in CA there is typically a lot of driving in between doors to knock. So it was inefficient for me, this was before GPS. I would say for me it depends on the area. Most FE guys on here say it doesn't matter. Just my opinion.

I am not sure about the life insurance niches as a whole. I have done fully underwritten and single premium life. The problem becomes all the paperwork and underwriting issues that aren't enjoyable.

 

[Al3x Lee]

I would not risk sobriety by entering the FE market. Just reading the stories makes me want to grab a drink. I did share a cigarette once with a prospect at the end of the day of door knocking with no luck. I did not smoke either.

That's insurance for ya

 

[marindependent]

very motivated to retire early.

That is a great way to start in any industry.