Starting Captive Allstate OR Independent FE Agent

[zonk117]

What would be better between Allstate and finding a good IMO with top contracts, DM lead cost, and free quality training?

Remember, this is a brand new baby agent that really doesn't know much, but is willing to learn. I do tend to know more about Life products the most, then health, then P&C stuff.

Where is more money for the amount of time you have to put in?

Think short term and long term.

Also, Allstate has offered me a base salary to get started (Probably between $28,000-30,000) then commission on top of that. This would transfer to almost all commission based once I got good.

They provide all the leads (Some cold calls, I'd have access to the owners book of business, and some pet insurance (and other weird stuff to sell).

Not to mention, I know personally know the owner, and he is a good guy. He says you would have to work 50-60 hours a week starting out to be successful which includes night calls. He says he is planning to retire in 7-10 years and wants to sell his BOB (book of business) and his agency (Which is small) and it would make sense to take on a young guy to learn the Greensboro, NC area and his clients, so I could pick up right where he left off and not lose too many people.

Thoughts?

 

[bboman23]

What would be better between Allstate and finding a good IMO with top contracts, DM lead cost, and free quality training?

Remember, this is a brand new baby agent that really doesn't know much, but is willing to learn. I do tend to know more about Life products the most, then health, then P&C stuff.

Where is more money for the amount of time you have to put in?

Think short term and long term.

Also, Allstate has offered me a base salary to get started (Probably between $28,000-30,000) then commission on top of that. This would transfer to almost all commission based once I got good.

They provide all the leads (Some cold calls, I'd have access to the owners book of business, and some pet insurance (and other weird stuff to sell).

Not to mention, I know personally know the owner, and he is a good guy. He says you would have to work 50-60 hours a week starting out to be successful which includes night calls. He says he is planning to retire in 7-10 years and wants to sell his BOB (book of business) and his agency (Which is small) and it would make sense to take on a young guy to learn the Greensboro, NC area and his clients, so I could pick up right where he left off and not lose too many people.

Thoughts?

Comparing this to a FE opportunity is comparing apples to oranges. I must say though, you sound like your mind is made up, so good luck.

 

[zonk117]

Comparing this to a FE opportunity is comparing apples to oranges. I must say though, you sound like your mind is made up, so good luck.

Thanks, my mind is actually made up in a way. I'm asking basically for the sake of knowledge.

These are two drastically different ways to do insurance for sure, and I was wondering everyone on here thought.

Anyone on here has experience in both fields or even one or the other?

 

[Newby]

What would be better between Allstate and finding a good IMO with top contracts, DM lead cost, and free quality training?

Remember, this is a brand new baby agent that really doesn't know much, but is willing to learn. I do tend to know more about Life products the most, then health, then P&C stuff.

Where is more money for the amount of time you have to put in?

Think short term and long term.

Also, Allstate has offered me a base salary to get started (Probably between $28,000-30,000) then commission on top of that. This would transfer to almost all commission based once I got good.

They provide all the leads (Some cold calls, I'd have access to the owners book of business, and some pet insurance (and other weird stuff to sell).

Not to mention, I know personally know the owner, and he is a good guy. He says you would have to work 50-60 hours a week starting out to be successful which includes night calls. He says he is planning to retire in 7-10 years and wants to sell his BOB (book of business) and his agency (Which is small) and it would make sense to take on a young guy to learn the Greensboro, NC area and his clients, so I could pick up right where he left off and not lose too many people.

Thoughts?

If you are a hard worker there is no way you will make the kind of money at Allstate that you can make as an independent agent. And the freedom is no comparison. BUT that freedom is what kills most agents. They just won't make themselves work unless they have to answer to someone every day.

FE Leads, training and high commissions are no problem. But self motivation is the deciding factor.

Which ever way you go, commit 100% and don't look back.

 

[Biggin]

If you are drawn to allstate because of the tiny salary, you should probably take it. I would doubt that someone who has a good chance of making it as an indy FE guy would entertain the thought of 30k salary and the tiny commission that comes with that. If you got average training and was an average salesman I'd be surprised if you couldnt make twice that in your first year.

OTOH.....A lot of people that aren't cut out for FE are sweet talked into it and fail miserably. If you've been a top producer for any other product or service that has a commission only pay structure, you're probably going to at least make a living in FE. If you've been a middle of the roader type of salesman in other industries, FE probably isn't for you.

I'll bet that most if not all of the top producers here have been told most of their life that either a hard worker or "natural" salesman or both. Hell, I bet JD was the best damn tire builder there ever was. They probably sing ballads around campfires in rural Kentucky about JD the tire builder.

 

[Allines]

As an independent p/c agent for 34 years, I would suggest there are a number of factors you need to examine more closely. And you must be VERY CAREFUL. 1st p&c and Fe are not remotely the same animal, you want to learn and earn quick? Fe might be the fast track. But there are others on this forum better able to speak to this than me. Now to the P&C issues; Allstate is a captive company and in most areas they are not really competitive. I know a number of Allstate agts and as a whole they are not a happy lot. this agt wants you to come on as a PRODUCER not a PRINCIPAL (he is). he wants to retire in 7 to 10 years and then sell you his (Small agency).This means he wants YOU to bear the burden of production while he gets the growth credit, i.e he hopes a larger agency, to sell. So why is the agency so small? Probably because it's Allstate! Also when he retires HE DOES NOT DETERMINE WHO THE NEW AGENT WILL BE...Allstate does. Allstate buys his book and sells it to whomever they want. What ever you decide to do make sure you have it in writing and best wishes to you.

 

[Ksutton]

To say what would be better would depend on what you want.

Better for you may not be better for me or anyone else .

I am an independent Fe agent . I started captive, focusing on fully underwritten , permanent insurance for all ages . (Not just seniors )

I did well captive . I do even better independent.

I was fortunate to have some great training , field rides and all that . I was also fortunate enough to get transferred, while I was captive, to an up line who made me realize I would be better off independent .

Either way , nothing is forever.

 

[AdvisorsIns]

Selling FE for Allstate sounds odd. They are by nature a P&C company. I would ask lots of questions before you jumped in:
What is the size of your book premium
How many households do you insure
How many clients are in the age demographic that need FE
What is his budget to market this product?
How does the Allstate policy match up to the competition?
Who is the carrier Allstate uses?
How do the underwriting requirements compare to other FE products?
What are his sales expectations for the position?
Has anyone ever held this position in your company?
If so why did I'd go well or why did it fail?
What kind of training program do they provide? Get a copy of the program and schedule
What else does he want you to do? Customer service, P&C, benefits, etc. ??

Is Allstate in general growing or shrinking market in your area? Are Allstate agents in your area experiencing a hard market or soft market in your area. If hard market maybe that's why he is willing to hire you because he can't sell anything else.

Ask ask ask.

 

[PA Bill]

Selling FE for Allstate sounds odd. They are by nature a P&C company. I would ask lots of questions before you jumped in:
What is the size of your book premium
How many households do you insure
How many clients are in the age demographic that need FE
What is his budget to market this product?
How does the Allstate policy match up to the competition?
Who is the carrier Allstate uses?
How do the underwriting requirements compare to other FE products?
What are his sales expectations for the position?
Has anyone ever held this position in your company?
If so why did I'd go well or why did it fail?
What kind of training program do they provide? Get a copy of the program and schedule
What else does he want you to do? Customer service, P&C, benefits, etc. ??

Is Allstate in general growing or shrinking market in your area? Are Allstate agents in your area experiencing a hard market or soft market in your area. If hard market maybe that's why he is willing to hire you because he can't sell anything else.

Ask ask ask.

You make some great points but he's not talking about selling FE for Allstate. He's wants people's opinions on two different paths (Allstate p&c vs. independent FE). If you think it's an odd question, I agree.

 

[SPUR CITY]

I am licensed for both property & casualty and life & health.


I have several buddies that run property and casualty businesses and it's definitely more hands on & in the office bogged down on the phone type of work, which is not my personality. Therefore, life and health is where it's at for me.


You will have to decide what fits your personality better, running and gunning all day in the field as an independent life agent or caught up in an office the majority of your time with P & C.