Insurance Agent Forum

[KDough]

Hi everybody, this is a great forum with a treasure trove of information.

I know that there are alot of posts about BL&C, but after reading through all that I could read, I didn't find what I was looking for.

I would like to know info about going indy from the get-go. I considered Bankers because of the low B-2-E, to get my license, some cold calling exp. and hit the road.

I have a neighbor that just started with them and said that he signed a non-compete and I know in Kansas, it depends on what the judge had for breakfast as far as turning over a non-compete. He also said that leads are a joke and he can barely sleep at night after strong arming seniors all day.

I also know that somewhere on a thread someone said, "plan your exit, before you start." I thought that some great advice. But I'd rather put myself in the best position from the start and not have to plan an exit from a company that openly commits highway robbery.

I know that the low tier company's take captives and promise them a million bucks a day and then watch as the unsuspecting agent walks right out the door while being laughed at.

I am looking at the life market to start with and plan on moving to health with a little more experience. I am willing to do my own A&M as well as work until I'm a zombi to get the ball rolling. I have a glitch in my credit that I am currently working on and alot of companys look down on that. So thats why I was looking at bankers.

Is there something that would keep me from getting my license and working independently. I also don't think I would be good in a captive environment because when I have a marketing idea of my own, I don't want some hawk over my shoulder screaming, "take their souls if it makes the sale."

Thanks guys, who better to ask then the people who (have) do(ne) it.

[souldeux]

Originally Posted by KDough

Hi everybody, this is a great forum with a treasure trove of information.

I know that there are alot of posts about BL&C, but after reading through all that I could read, I didn't find what I was looking for.

I would like to know info about going indy from the get-go. I considered Bankers because of the low B-2-E, to get my license, some cold calling exp. and hit the road.

I have a neighbor that just started with them and said that he signed a non-compete and I know in Kansas, it depends on what the judge had for breakfast as far as turning over a non-compete. He also said that leads are a joke and he can barely sleep at night after strong arming seniors all day.

I also know that somewhere on a thread someone said, "plan your exit, before you start." I thought that some great advice. But I'd rather put myself in the best position from the start and not have to plan an exit from a company that openly commits highway robbery.

I know that the low tier company's take captives and promise them a million bucks a day and then watch as the unsuspecting agent walks right out the door while being laughed at.

I am looking at the life market to start with and plan on moving to health with a little more experience. I am willing to do my own A&M as well as work until I'm a zombi to get the ball rolling. I have a glitch in my credit that I am currently working on and alot of companys look down on that. So thats why I was looking at bankers.

Is there something that would keep me from getting my license and working independently. I also don't think I would be good in a captive environment because when I have a marketing idea of my own, I don't want some hawk over my shoulder screaming, "take their souls if it makes the sale."

Thanks guys, who better to ask then the people who (have) do(ne) it.

Starting indy from the get-go is tough, but can be done. I've done it successfully myself.

You must realize that as an independent agent, if you're a one-man show, then absolutely everything is on you. You're not just a salesman, you're also a marketer, a bookkeeper, a secretary, an...everything. You must also have a plan to put yourself in front of people day after day - the no-business feeling will drain you and kill your motivation quickly if you allow it.

You need to understand that at first, a remarkably small portion of your time will be spent actually selling. You'll be getting contracted, learning to prospect, and studying your product materials.

I won't comment on the glitch in your credit, as you put it, because the severity of the strike against you and the nature of it will dramatically change the way companies look at it.

In short, yes, you can go indy from the start and you can do it well. But you've really got to understand what you're getting yourself into. I know that when I first started, the one thing that helped me more than anything else was talking to a couple of agents on this board - they must have each spent two or three hours on the phone with me. If you'd like, I'd be happy to do the same with you. My phone number is in my signature.

[Chazm]

I personally wouldn't recommend going indy first but as souldeux said, it can be done....I think I would have failed personally.

Secondly, I assume your friend is saying that he has too many seniors to meet everyday? Again, this can be done but it's not like they will fall in your lap. Have you ever cold called? Not talked on the phone, but cold called.

You also say you want to start with life. The easiest way will be to market people over 65 is to write Medicare supplements (which by the way I don't know how you will convince seniors to switch to a bankers supp. policy because of their high price) and then cross sell them life, LTC and annuities.

[Frank Stastny]

There is no doubt that Med Supps are much easier to prospect for, set appointments for and sell than final expense. At least I find that to be true.

It is very difficult to sell a Med Supp if you are not saving them money. However, when you do it becomes pretty smooth to suggest to them that they may want to reinvest some of that savings in a final expense plan.

This way you are not using any "new" money. You are simply suggesting that they reinvest a portion of the money they already have budgeted.

As Chazm suggested, once you have their Med Supp business and they get to know and trust you it then opens the door for LTCi and Annuities.

If an agent wants to work the senior market and sell Med Supps it is going to be very difficult to do so as a captive agent. Once premiums increase beyond what is considered competitive in the market the agent is really going to struggle. Being independent allows the agent to always stay licensed with the companies that offer the senior the best investment of their premium dollar.

Although I started captive with a promise of leads and training the "promises" turned out to be very hollow. My "leads" consisted of a voter registration list and my "training" consisted of a copy of the Medicare Guide Book. I sure would get a clear understanding of exactly what they are really going to provide you with if you go with them. Although I was captive I really felt like I was more of an independent agent. The support really wasn't there.

Bankers doesn't have the best reputation in the industry and, at least in Missouri, are known for their agents using high pressure selling techniques. It would be very difficult for me to work with people like that.

[Pangaea]

Next time say hello like a normal human being. They'll be more forgiving, promise!