I Just Got my License and Am Trying to Choose a Co.

[KCundercover]

Don't take this the wrong way but making 130k a year... You might want to stay where you're at...
Being good at sales in 1 market doesn't necessarily translate to another market

If it were only one other market I probably wouldn't be as confident as I am....but I am 55 years old, been in direct sales for many products including walk in tubs and sunrooms and have always performed at the top of organizations I have been a part of. I'm also still coachable so I think I'll be ok.

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Most would agree that the renewals in the insurance industry can be mind-boggling. You'll literally see payments (although, often small) from work you did years and years ago.

Just be careful with doing this to "build a team." This isn't MLM...

Building a team when you are brand new is like getting a job selling walk-in bathtubs and deciding that you'd like to own your own General Contracting company within the first month - right after you figured out how to properly quote a job.

Now, if that's what they are pitching to recruit you, that somehow you'll recruit a hundred agents and sit on the beach while they sell policies (or worse, while they recruit)... you may want to look elsewhere as you'll be sorely disappointed.

Thanks for the words of wisdom....I can't imagine having a hundred agents and having time to "sit on the beach". I drive 70,000 miles last year to run about 350 appointments. I'm not unaccustomed to long hours and hard work. I sell 15,000 tubs all first call close to the same people you sell final expense to. The difference is most of them can't get approved for a tub that runs 275 a month:

 

[Willie B]

"Don't take this the wrong way but making 130k a year... You might want to stay where you're at...
Being good at sales in 1 market doesn't necessarily translate to another market"


Do you get any chargebacks selling walk in tubs?

Haha! The residual income in this business is nice, but chargebacks can make it a difficult transition for some sales people in other industries.

 

[BibH]

You must be talking about residual business in med supps.Its just a bonus in Fe as longer term persistency is terrible and many who keep it are sick and have high mortality rates.

 

[nfl72]

Yea, residuals are great in FE. I wrote for Motorists Life for about 3 months back in 2008. I just got a statement from them stating I am owed $7.37. When they owe me $50.00 they will send me a check. Until then they are earning all that interest; not me!

 

[Willie B]

You must be talking about residual business in med supps.Its just a bonus in Fe as longer term persistency is terrible and many who keep it are sick and have high mortality rates.

It adds up final expense. And even though you will not get rich making 7% to 15% in residuals, it's still money and it adds up.

 

[Newby]

I sold several thousand motorcycles over a 20 year period. If I could get $10 a year renewal on those it could be $30,000 to $40,000 per year bonus.
Renewals add up.

 

[Willie B]

I sold several thousand motorcycles over a 20 year period. If I could get $10 a year renewal on those it could be $30,000 to $40,000 per year bonus.
Renewals add up.

This is spot on!

 

[ExProgrammer]

I sold several thousand motorcycles over a 20 year period. If I could get $10 a year renewal on those it could be $30,000 to $40,000 per year bonus.
Renewals add up.

What would you say is a ballpark figure for FE persistency after 5 or 8 years?

 

[JimmyUt]

What would you say is a ballpark figure for FE persistency after 5 or 8 years?

5 to 8% ha ha.............

 

[KRobby]

I have 30 years direct sales experience in the HI insustry and want to get into final expense. A good friend of mine is with NASB (he is a Jr. partner) and I went to their convention. They have offered me a 80% contract which I understand is good with them. I have been offered a 100% contract with senior life out of Ga. I like a structure and understand the value of training but hate to give up 20-30% if I don't need to. I made 130000 selling walk in bathtubs last year and can prove it. I just need a change and renewals, residuals and building a team all interest me. I know I will be good at this and don't want to make the wrong decision. I have read the long text about NASB and that concerns me. I received my license today and am anxious to get started. Please advise.

Now comes the fun part, time to go on the Easter egg hunt. See if you can find top dollar!