Aflac......

[DHK]

Not after what DHK has told me.


For everyone, but mostly rookies looking for the best advice, I found this helpful

Combined Insurance has a regimented prospecting training program. I went there to learn prospecting strategies and techniques. I learned quite a bit.

If you're judging companies based on which products I liked... well, that's short-sighted.


As far as the "500 Day War", very little of this is transferable to a life insurance career agency.

 

[DavidHill76]

Dang, you moved to Memphis in the past couple months and you have already got involved into community service? You are fast! Now if you could just find a career before Christmas you will be set! Keep shopping around....since you don't need to make money at all there is no rush!!!

Yeah, I was approached on Linkedin for First Book, it's a reading program for underserved children. Lots of times printing companies will overprint books to reduce costs because of the load size and the extras were shipped to a warehouse where I volunteered to move heavy boxes of books that were then distributed to communities, schools, libraries, etc. that needed them. It was a lot of fun!

Also, I was adopted through Catholic Charities of Nashville, so I frequently volunteered there and I'm in the process of being qualified here in Memphis.

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Combined Insurance has a regimented prospecting training program. I went there to learn prospecting strategies and techniques. I learned quite a bit.

If you're judging companies based on which products I liked... well, that's short-sighted.


As far as the "500 Day War", very little of this is transferable to a life insurance career agency.

Well based on what you told me, I wouldn't be fulfilled there. I need a company that I can get behind and have the freedom to grow into.

As for the 500 day war, it's a good thread to gear up for the work involved for the first 6 months to 3 years, variably

 

[Ron Van D]

Well, it won't be easy. Is he doing securities also?

Yes. He has partnered with an affiliated retirement broker and is working on 401(k) plans.

 

[DavidHill76]

Yes. He has partnered with an affiliated retirement broker and is working on 401(k) plans.

What is decent money in your eyes? You said he's just now around 65k in residuals?

 

[scagnt83]

The truth is that you can make a good living at any one of the outfits mentioned in this thread. How YOU do will depend on your natural market, how YOU feel about the chosen career, how hard you work, and a little bit of luck (which usually is a byproduct of hard work).

There are some extremely successful Mass agents. Same with NYL, NWM, Aflac, EdJ, Colonial, etc. Ive known guys at every single one of those outfits who make $100k+ per year.
It all depends on how well you fit in with their business model and how hard you work.


To address a few things about Mass. Not all offices nickle and dime the agent to death. Mass is EXTREMELY office specific when it comes to costs and training. The Managing Partner of the office chooses what to charge. The training also depends on what the Managing Partner has set up for their office. You cant compare an office in CA to one in TN, or the one in TN to any other office.

But MM is not known for having the type of structured training program that NYL or NWM does.

The great thing about Mass though is they have a stellar product line. They also offer a larger selection of products compared to most others. And the premiums/features are EXTREMELY competitive, especially considering the ratings. Their LTCI is hands down the best product on the market.

I would ask A LOT of questions about training, both prospecting training and product training.



NYL is known for having a strong training program. I was with them and there is no way I would be were Im at today without the training I received there.
Every NYL office has an in-house trainer who does nothing but help develop agents skills and knowledge.
Training will differ to an extent from office to office. And obviously depends on the individual doing the training. But as a whole, they are known for quality training.

NYL is fairly consistent with costs to the agent. You dont pay for training, tests, or leads. You dont pay for office space until after year 2 or 3. You do incur some small charges for copies and whatnot. They are deducted from your commissions.

NYL pays a "training bonus" that decreases each year for 3 years. Average base comp is 55%, but if you produce enough you get an expense allowance. They do have a BD and RIA and will sponsor your 6/7/66. The products are strong. But no DI, you have to go through Unum for that.



Aflac hires almost anyone to see if they stick. The market is pretty saturated and the ones making the most money usually are the district managers. But there is money to be made with them if you work hard, especially if you bill yourself as a true group benefits agent who sells Group Health along with Aflac (which they will allow you to do). I initially started with Aflac but moved to NYL after 1 year.
If you get a good District Manager at Aflac then you can get some good training. It is kind of hit or miss though. They do send you to a 3 day training seminar somewhere in your state before you begin, which does help.



Colonial is more competitive than Aflac. If you are not good at prospecting then being an enroller for Colonial is a pretty damn good gig. I know of Colonial enrollers who make $100k+ per year. But the average is probably around $50k + renewals. The ones who are willing to travel to enrollments outside of their immediate area are the ones who do the best.



FE is VERY different than the others mentioned. You are working a low income demographic and to a smaller extent the uninsurable demographic. There is a high lapse rate compared to traditional life. And you will enter homes that you would like to forget you ever saw. That being said, you can make good money doing it if you work hard enough. It does seem that the guys making real big money spend very large amounts of money on leads though.

Also, if you are pushing FE to people who can pay premiums responsibly, and are healthy, then you are doing the client a disservice. So to sell FE ethically you must target the demographics I mentioned.


Edward Jones obviously is a lot different than an insurance job. What I have found about most EDJ reps is they have a lot of small accounts of $5k and $10k. That is a hard way to make a living when you need 200 securities clients just to make a decent living... that works out to a sh*tload of service work.


Pick the line of business that you feel fits you best and that you have the most interest in.


Idk why you would not go with NWM if you interned with them.... if I remember right you were against prospecting friends/family.... but Mass and NYL will want you to do that too.
But if you can find prospects other than friends and family then they dont really care who you go after. All any of them care about is you bringing in business. Your project 100 does not have to be friends and family, it can be any person you know of. And they will not care if you dont prospect your project 100... as long as you produce...

NWM probably has better training than NYL does.... I would dare to say the best training in the business.
They also have a lower new agent failure rate. Their products are 100% white collar products, but there is certainly a market for them. NWM agents probably have a higher average income vs. the others mentioned in this thread as well. You are being extremely stupid by not going back to them for a job after interning (since they often give interns preference when hiring).

But like all career agencies (NYL, MM, Guardian, Met, etc.) I would suggest that you stay for 3-4 years and learn the business. Then go out on your own as an independent agent.

Also, I disagree about joint work. 50% of something is better than 100% of nothing!!
A lot can be learned by bringing in an experienced agent. Just make sure to learn from them and not lean on them. Make your bigger more important cases joint for the first year and keep the small ones to yourself. Then move on to 100% solo.

Also, NYL will give you a manager who has at least 3 years of experience. They will work cases with you and do not take a cut at all. Another reason NYL has a nice set up for green agents. The in-house trainer will also work cases with you and does not take a cut... of course buying them lunch would be a nice gesture.


But at the end of the day, no matter what decision you make, you have to make a decision and commit 110% and work your ass off.

 

[Ron Van D]

What is decent money in your eyes? You said he's just now around 65k in residuals?

No, total comp. He hasn't been at it long enough to build up residuals.

 

[Cash]

Combined Insurance has a regimented prospecting training program. I went there to learn prospecting strategies and techniques. I learned quite a bit.

If you're judging companies based on which products I liked... well, that's short-sighted.


As far as the "500 Day War", very little of this is transferable to a life insurance career agency.

Which products of theirs do you like? I was reading about W. Clementine Stone (?) over the weekend which peeked my curiosity about Combined. They sold a lot of a product called The Little Giant, if I remember, which was an accidental injury type product. It made me wonder about their current lineup.

 

[DHK]

"The Little Giant" would be their accident plan... and that was a plan that I liked. Low premium at $15.17/month, but covered a lot of stuff. Jet issue and no health insurance required, or any kind of medical check.

The other plan I liked was their "Critical Care" or Critical Illness product. It was offered in face amounts of $15k, $25k, and $50k. Reasonable premiums too. Must have a major medical health plan in California to buy it. (That's true for all CI plans in CA.)

The remaining products:
- Disability: If you earn between $20k and $70k and work for someone else... you qualify for only a $500/month DI benefit... and it is STILL coordinated with SSI. This plan was best for small business owners who don't participate in state disability plans, not employees.

- Life insurance: Non-par whole life issued up to $100k. Very basic. They did have some "final expense" type products too, but in California we had an age limit - I think age 65 - in order to comply with state laws for in-home presentations.

- Cancer: It's not bad... and it's paid up after 20 years. I think an annual mammogram was reimbursed every year up to $100. Still had to have health insurance to buy it in California.

- Hospital indemnity: rather expensive. Good to close the gap if you have a high deductible health plan. Still had to have health insurance to buy it in California.

I understand that outside of California, the hospital indemnity plan is sold as a "quasi-health" plan and agents make a good income from doing so.


In essence, they took "The Little Giant" and split it into an accident only plan (no health underwriting or major med required) and a Hospital Indemnity plan (health insurance and major med required).

It's not really Combined Insurance's fault... as much as it could be the regulatory environment in California.

But when I see the premiums for some of these plans... and I think of the lack of life insurance face amount we can issue... and how the DI plan sucks... I just think that prospect's dollars can be spent more appropriately with REAL insurance... versus "supplemental" policies.