Getting Started in the Insurance industry

[wjw0006]

I read all twenty-seven pages and took notes which includes Franks phone number. My question is about licensing.

Can I buy a used book on Amazon like
Life and Health Insurance License Exam Cram

for $12, read it and hope to pass the MA L&H exam?
Can I get suggestions for study materials? Is it reasonable as a complete newbie to think I can get licensed, contract to sell supplemental policies, create my own prospecting system and start making money?
Suggestions for companies I can contract with as a new agent? If the better recommendation is to work for someone else getting started, who do I contact?

Depends on your experience. I did not take any pre-licensing education at all as it was waived. I had no books, no practice tests, or anything. Showed up to take the Life/Accident/Health exam in Maryland and passed. The next day I showed up to take the P&C exam and passed th at too. The 11+ years in the industry along with being a CPCU, CLU, RHU, and FLMI gave me enough to pass both exams without any books or anything.....good luck!

 

[Beverly .S]

hello everyone,
I am new to the insurance world. I have decided that health, med supp and cancer and LTC insurance would be good products for me to sell since I spent so many years on the receiving end of this products as an administrator.
I am just now getting started and I really would like to be Independant. I am not doing this to make a lot of money, I honestly want to continue to help people.
Any advice would really be so very appreciated.

 

[Frank Stastny]

hello everyone,
I am new to the insurance world. I have decided that health, med supp and cancer and LTC insurance would be good products for me to sell since I spent so many years on the receiving end of this products as an administrator.
I am just now getting started and I really would like to be Independant. I am not doing this to make a lot of money, I honestly want to continue to help people.
Any advice would really be so very appreciated.

I think you have chosen wisely. One can both help people and make money in that market. I have been doing it for a very long time.

The only suggestion I have is that you not try to tackle and sell all of those products as a new agent. From my experience a new agent taking on and trying to sell multiple products when first starting usually leads to the demise of the agent.

Become an expert on one product, learn how to sell it before taking on other products. Of the kind of insurance you mentioned I believe Med Supps would be the best one to start with. The cancer and LTC are excellent products to cross sell to Med Supp clients once you gain their trust. Much more difficult to prospect for than Med Supps.

You should also consider adding Fina Expense and a good Dental, Vision and Hearing plan. They are best sold on the Med Supp appointment using the money you save them when moving their Med Supp to a company with lower premiums.

No I don't target the turning 65 market. I prefer selling to those 67 and older. Give me a call if you would like to discuss it further, 573.544.4091.

 

[tins]

hello everyone,
I am new to the insurance world. I have decided that health, med supp and cancer and LTC insurance would be good products for me to sell since I spent so many years on the receiving end of this products as an administrator.
I am just now getting started and I really would like to be Independant. I am not doing this to make a lot of money, I honestly want to continue to help people.
Any advice would really be so very appreciated.

Welcome Beverly. You have made a good choice by living in Missouri. I welcome the new competition.
If you would like for me to run through your client list or prospect list to make recommendations, just let me know.
I am here to help.

 

[Daytona_Guy]

Working on ones "day off" is the difference between someone who is working just to make some money and that same person working to build a business and career.

Employees get days off, business owners do what ever is necessary to build their business. Those with an employee attitude should remain employees and not attempt to be a business owner.

This should definitely be enshrined as one of the best Frank'isms ever. Absolutely rock solid observation.


.

 

[hireme]

Can a new Farmer Auto agent make 40K coming in... all my cost of Living expense add to that much a yr...
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hello everyone.
I am new on this forum and I have enjoyed reading andl learning about diffrent insurance companies. thank you for all your valable input-- it is very helpful.

 

[mjgdiversified]

getting my p/c and series 6/63 in the next 30 days.Would like some straightforward and honest dialogue regarding captive vs independent agent route-in Connnecticut

1-have been approached by state farm(no ownership of book-10.00 /hr training for first 6 months-did not feel was best option) and allstate(buy small book of business-900k and scratch agency opportunity-states you need 50k to start-but seemed low based on what THEY want in office-2 licensed agents on salary-no experience in business but 20 yrs in another sales organization-recently sold and built from scatch).


2-I think the independent model seems to be the bettter model.can you get training in p/c and life/health from the independent model.Most want you to bring a book with them.


3.seems if i dont hit number right out of the gate with allstate-could be 100k in debt shortly with leads rent office expense and payng for book-although at 20k down and financing at 2 times agency value -seems reasonable?

loaded questions-love the indy part but can you ramp up in the first year with same lead sources and the ability to really service your clients with a host of carriers?(Satellite network and insurance pro agencies offer indy model...can grow as i learn and not be controlled by regional managers on every facet.

thanks.appreciate any feedback because looking to make decision this week..thanks again

 

[superdave45040]

I spent 6 months as a State Farm agent intern and then one long year as a captive Allstate agent (back when I though bigger was better).
I am 2 1/2 year in to my scratch independent agency (happily).
I would stay away from Allstate. If you go captive you can't do any better than with State Farm. Best training/support as long as you are willing to drink the Kool-Aid. Just make sure to get a book of business and pass on the start from scratch model.
If you are interested in the independent model I'd go to work for an independent agency that is 20-30 miles away from where you would like your agency to be. That's a better way to learn the business of selling insurance/managing an agency. Join and be involved with agency associations (PIA for one). You will make great connections and learn, learn, learn.
When you are ready to start on your own forget the office expense and work from your home. Find one competitive carrier to give you an opportunity (have a great business/marketing plan) & Progressive. Work your behind off and after a year you have a track record to get other appointments if needed.
That's my two cents. Good luck!

 

[RyanCO]

I agree with you Rick, this forum is a wonderful thing but at the same time all the negative stories really are confusing as to whether you want to go captive or indy.

Well, to be honest, the mixture of negative and positive posts in this thread are pretty appropriate and indicative of the business. There are strong positives and negatives of both captive and indy.

Personally, I think that starting indy has too many risks, both for an agent and their clients. There's a great deal to learn, and trying to learn it all by trial and error is asking for trouble.

.

 

[mjgdiversified]

Has anyone ever heard of 1st Quality Insurance Group? I have been offered captive positions with Allstate and State Farm-but I do not like the captive mode-You dont own anything although and compensation and plans could change yearly.YOU CONTROL NOTHING.

I believe with 20+ years of owning and building a business then reselling it to a much larger concern myself profitably gives me the necessary tools as an indy.(beter service your clients)

Any help or information on this gROUP WOULD BE GREATLY APPRECIATED.THANK YOU