Bankruptcy - can I be an agent?

[myinsurebiz]

" You have been in the health insurance business for one month?.... well according to DOI. "

I never professed to being a 10 year vet.

See how easy it is to learn? I started out doing Medicare Advantage and Final Expense and it SUCKED. I could care less if I ever have an old person or sick person lead ever again . . .

In less than a week, I was taught the basics of the health business. I even called several respected forum members and sought their advice and tutelage . . . Just goes to show you that it can be done. I have sold over 30 policies, and just added GR and one new company to my portfolio.

However - I'm not in this game to personally sell. I'm a recruiter. I'm building a team. So far - we have over 30 agents aboard, so the over-rides are flowing like a river.

I'm from the MLM world. Insurance is the ultimate MLM industry. Heck - has been for years - they just call it a "hierarchy" . . .

Hope that helps.

Tom

 

[Expat]

"

" There's a lot to learn with insurance. More than most people are aware of. Most of it is trial by fire. You've got to learn acronyms, maximums, deductible, qualified medical expenses, what each company will, and will not pay for. "

Can be taught in a week online and be referenced online at anytime. It's not rocket science nor brain surgery. I have a high school drop out living in a motel because she lost everything, and she is selling online. Guess what? She is one of the greatest producers. Be careful who you judge.

Tom

Taught in a week.
I can only assume that you must be teaching people with the IQ of Einstein.
I have been in this business for 17 years, and I sure as hell do not claim to know everything. You are saying that information can all be accessed on-line, most likely it can, but how is that going to help a newby when they are on the telephone having a conversation with a prospect.
You need to have the facts at your fingertips, not online.
This will only come with time and practice. Also if you want to be successful for the long run, you will need to keep up with all the new plans that your competition will bring out.
The health insurance business is one long, long learning process, not something that can be taught properly in one week, in fact I do not believe that it can be taught even half assed in one week.

 

[Expat]

The fact that you have been selling ANL confirms the accuracy of my previous post.
I would be interested to know how many of your "healthy" policies have been issued as
ANL has horrendous underwriting.
In view of some of your previous posts in other threads, you should make sure that your E&O is current.
"Bare Bones" policies are great, until someone makes a claim.Then the sh*t will hit the fan.

Of course you will know all of this from your one weeks training.

 

[10moreyears]

Thanks for all the info !!
I even appreciate the input from Peelerinsurance.com !

I understand that renewals are NOT easy OR automatic, but they are a way to fund a retirement after 5-10 years of hard work. Every real success in every business requires work and integrity.

The BK was due to a contracting business of 23 years that went down with the new housing market. Contracts were cut short and some hefty recievables went south. My wife and I had propped it up (and her business) with loans against our whole life and our 401ks and eventually credit cards, but the spring of '07 was too much and our well was dry.

Anyway, thanks for the input. If anyone else has some advice on how to make a fresh start in the insurance business (with the baggage that I have) let me know.
I think training is my first order of business.

 

[Bob_The_Insurance_Guy]

Listen,

The harsh reality is, when the economy goes South, everybody from another line of work hops on board. And, when your industry gets out of the red, you're gone again.

We are left behind, to clean up the pieces. To deal with the "stick 'em and bleed" leftovers. It makes our industry look very unprofessional.

I am in this because I have a passion for it. Whether I make 10%, 16%, or 3% commission. I eat, sleep and live this. It's like putting together a jigsaw puzzle for someone, and having them be better off.

I didn't get into this to "fund my retirement" or "make some easy money, until my industry rights itself". I got into this because I believe what I'm doing is, in some small way, day in and day out, helping people and businesses keep on growing.

Health Insurance is not a right, it's a privilege(sp?).

I hold my head up high when I tell people I'm an insurance agent. I don't tell them, "Yeah, I'm gonna try insurance, and if it don't work out, I'll look at Real Estate sales."

There's a difference in "making a sale" and "Growing A Business". If you look on the Georgia Insurance Website, and look under Robert Levine, Agent #523987, you'll see how long I've been in the business. You will also see the companies I am associated with.

I'm sorry if I sounded mean, harsh, and defensive, but I am. It irritates me to no end. This is not something you can just dip your toe in the water. You have to make a commitment.

And, yes, investing in Real Estate before the bust IS a bad financial decision. Someone who would have/should have taken the time to do some investigation, would not have made that move.

It's the same reason why I don't buy leads or hire Telemarketers. Look at all the agents that did for Medicare Advantage leads. Come November 15th, both those avenues will dry up. I saw that coming two years ago, when MA plans entered Georgia, and I saw all the Non-insurance agents being able to sell via leads and telemarketers. I knew back then, the sh**t was going to hit the fan sooner or later, so I opted not to be part of it.

Instead, I conducted meetings, and networked with Financial Planners. Which I can STILL do for MA 2009-2010.

There's alot more to this business than spreadsheets and quotes. It's not a 9 to 5 job. You sometimes spend your weekends reading material.

Now, have I made some mistakes, ABSOLUTELY.

How comfortable would you feel if the surgeon who was operating on your loved one was, three months ago, an insurance agent, who wanted to "try" surgery, in order to get E&O Coverage, but didn't have the money?

 

[taterpeeler]

well said big bob!! sickum'

btw tommy two tone... insurance IS NOT MLM if you are direct with the companies, just more proff that u are a tobacco road con man

 

[RLC]

While the business seems easy, it ain't. On the internet we can all be "supersalesmen", yet none of us are required to display our tax returns.. so we are all MDRT..

All I can tell you is on every piece of paperwork I filled out and still fill out with companies there is a bankruptcy question. Also on my E&O insurance there is a bankruptcy question. You may be able to license with a carrier but not get malpractice insurance or have to pay a extra premium.

Remember you are responsible (liable) for your advice in this business. If you are planning to enter it, be aware that you could very well lose everything here too if you mess up.

Dave and Susy are famous screw ups who are now rich. Realize they are entertainers and are not responsible for their advice. Most of us who have entered this profession have not screwed up financially.

I agree, and even when do the right thing financially the time horizon maybe a little longer than you expect for profitablility if you go independent.

 

[myinsurebiz]

" I would be interested to know how many of your "healthy" policies have been issued as ANL has horrendous underwriting. "

I haven't experienced any UW issues. They actually walked through a guy for me that was in a serious car wreck and had severe brain trauma. I like AN. GR seems to be good too! The new kid - or - carrier - well, they have the chit . . .

Peeler you remind of the croonies at a cock fight:

" well said big bob!! sickum' "

" btw tommy two tone... insurance IS NOT MLM if you are direct with the companies, just more proff that u are a tobacco road con man "

1) Why name calling? What are you - 12?

2) Insurance is the purest form of MLM - even for direct reps. Somebody somewhere above them is making money off your production. Just they call them - Sales Managers, or V.P of Sales, etc versus "upline" . . .

3) Why do I have to be a "con man"? Is there a difference between a Rodeo Drive con man over a "tobacco road" con man? you like calling people names and belittling others don't you peeler? Got picked on in grade school maybe?

You have issues pal.

You think what you wish peeler - but the Insurance industry was built for salesman and closers - regardless of where they come from. We are just that - closers!

So long as a rep is ethical, honest and an advocate for the client - then what's the problem? I don't know about you - but we show our clients several plans and allow them to choose whichever plan they like.

But like i said - you have issues . . .

Tom

 

[xrac]

Thanks for all the info !!
I even appreciate the input from Peelerinsurance.com !
I understand that renewals are NOT easy OR automatic, but they are a way to fund a retirement after 5-10 years of hard work. Every real success in every business requires work and integrity. The BK was due to a contracting business of 23 years that went down with the new housing market. Contracts were cut short and some hefty recievables went south. My wife and I had propped it up (and her business) with loans against our whole life and our 401ks and eventually credit cards, but the spring of '07 was too much and our well was dry. Anyway, thanks for the input. If anyone else has some advice on how to make a fresh start in the insurance business (with the baggage that I have) let me know. I think training is my first order of business.

I do not fault you because you want to get into this business. I too have been in the contracting business an had one failure due to the direction the market went, due to an unforeseeable problem on a job, and due to the actions of a business partner. What some who are criticizing may not understand is that once you are past 50 in this country it is hard to find anyone who wants to hire you and pay an acceptable wage and give you a job that utilizes skills and ability.

Insurance is a good place to be as a later life career. A lot of people in the 50-60 year old range have entered this business and done extremely well. In talking to companies I would be upfront about my bankruptcy. I think everyone understands what has happened with oil prices, with the housing market and with the economy. However, have no illusions that this is an easy way to earn a dollar. In many ways it is much more difficult than contracting.

 

[xrac]

Listen, The harsh reality is, when the economy goes South, everybody from another line of work hops on board. And, when your industry gets out of the red, you're gone again. We are left behind, to clean up the pieces. To deal with the "stick 'em and bleed" leftovers. It makes our industry look very unprofessional......

Bob there is a lot of truth in that statement. From the posts I am seeing on this and other boards we are in a phase with a lot of newbies jumping into this business. Some because they think it is a fast dollar, some because they have illusions about the amount of money they can make, some who think it is an "easy" job, some who don't know what else to do, some who can't find another job, etc. On top of a faltering economy we all have to deal with the competition and repercussions from these newcomers. This will contribute to a challenging time for everyone.