I am considering starting a new career at age 57. My wife and I each had a business fail in 2007 and had to file Chapter 7 personal bankruptcy. I think that insurance sales may be a way to quickly fund some sort of retirement income through renewal commissions. It also seems that getting into insurance for seniors, I would be in an expanding market.
My question is this: will my recent bankruptcy be an obstacle to getting a license or a stumbling block to hooking up with an agency for training? I understand that a background check is SOP. What are they looking for?
.....My question is this: will my recent bankruptcy be an obstacle to getting a license or a stumbling block to hooking up with an agency for training? I understand that a background check is SOP. What are they looking for? I'm grateful for all advice !!
You can get licensed but you will have a hard time finding a a career company that will hire you. You can probably get appointed and work as an independent or find an INDY agency who will let you work on an as earned basis. In talking to any company I would be very upfront about the problems that you have had and put it in the best light possible.
Thanks for the comment.
What do you mean by 'career company'??
As you can see, I'm a real newbie!
A career company is State Farm, Farmers, New York LIfe, Met Life, Guardian, Norwestern, Mutual of Omaha, etc. where you have an appointment with them as one of their agents. With some of these companies you may be able to sign up as a broker on their products but they probably wouldn't hire you as an agent. A bankruptcy makes it much harder to get a job in insurance although doable.
Check out more options than Penn Life. In your area I would go in and see the people at Gordon Marketing. They are in Indy and cater to senior market, have good support and can answer your questions. I know several agents who have filed bankruptcy and had no problems.
------------------------------------
Chuck
If you think your boss is stupid, remember: you wouldn't have a job if he was any smarter.”
First off bud... I feel offended by your comment that this industry is a "quick" way to earn money... are u out of your damn mind? People with that attutide are what cause clients to not trust us.... I predict u will sink faster than the boats at perarl harbor.... this market takes years of stroking in order to et an income that will approach paying the bills... for anything.... that sling it against the wall mindset is whats wrong with this industry.
------------------------------------
I can't spell, I can't write..... and I can't be bothered if you dont like it... got it???
First off bud... I feel offended by your comment that this industry is a "quick" way to earn money... are u out of your damn mind? People with that attutide are what cause clients to not trust us.... I predict u will sink faster than the boats at perarl harbor.... this market takes years of stroking in order to et an income that will approach paying the bills... for anything.... that sling it against the wall mindset is whats wrong with this industry.
" First off bud... I feel offended by your comment that this industry is a "quick" way to earn money... are u out of your damn mind? People with that attutide are what cause clients to not trust us.... I predict u will sink faster than the boats at perarl harbor.... this market takes years of stroking in order to et an income that will approach paying the bills... for anything.... that sling it against the wall mindset is whats wrong with this industry. "
LOL - bad day 'eh?
This guy was seeking advice on the right way to get in the biz, not get pounced on . . .
In addition - if I may disagree with you - Insurance is the perfect vehicle to make "quick bucks". Just because someone develops a decent marketing plan, gets off their ass and works it - doesn't mean "quick" money won't follow.
LOL @ "years" of stroking to make money in Insurance. I've only been in the biz since March and have shown many people how to make money. Insurance isn't rocket science if you stay focused on certain products / carriers.
Stay away from the complex products. Focus on basic health and life with one or two carriers. Keep the learning curve short. If the deal gets too big - run it upline and share in the commissions.
We don't claim to have the cheapest rates, the best products or the "cure all" - but if the client wants what we have - we sell it to them.
Generate your own leads and keep the process simple.
In sales we say - "Some Will - Some Won't - Next"
I can show an agent how to use 4 telesales persons to create the lead, qualify the lead - ask all the health questions - and then transfer the client over to the Agent and the Agent closes the sale.
16 deals a week ( 4 per TeleSales Rep ) = $200k a year + . . .
And - that's on a 4 day work week . . .
Please don't think that someone can't make substantial money quickly in this industry without being a scammer or slug . . .
Perhaps quickly means different things to different people? It is obvious to most of us that renewal commissions are generally a once a year thing, and to quickly fund a 'retirement' from renewal commission indicates the writer understands that it takes several years to fund anything from renewal commissions since they come due 12 months from the date of issue, or the writer does not understand the concept of renewals at all and needs more information. To attack a newby rather than to educate a newby is not, in my opinion, the way to improve the mindset of others to our industry.
To even express the desire to build a business and retire on renewals indicates a longer term commitment rather than instant gratification from an upfront advanced commission, which is the root of many problems with our industry.
will my recent bankruptcy be an obstacle to getting a license or a stumbling block to hooking up with an agency for training? I understand that a background check is SOP. What are they looking for?
Maybe you interjected a few too many words into the original question and hence are getting some grief from a few based on the "easy" inference.
That aside, you can get licensed... you will also find some companies who will appoint you... you will find far more that won't. You will also be hard pressed to find any company who will advance you comm's, since this is essentially a loan on future comm's.
I would recommend you be right up front with anyone you speak to about agency appt's, about the Bk. What you should also have is some documentation about your Bk, such as date of discharge and a copy of certification if requested, as well as documentation about the creditors discharged. Some do look at the cause of Bk as relevant, so if you can docs the fact that it was business related and not just irresponsible overspending... but then again some may not care either.
Good luck and get a thick skin, you will need it. This thread alone is evidence of that.
In addition - if I may disagree with you - Insurance is the perfect vehicle to make "quick bucks". Just because someone develops a decent marketing plan, gets off their ass and works it - doesn't mean "quick" money won't follow.
LOL @ "years" of stroking to make money in Insurance. I've only been in the biz since March and have shown many people how to make money. Insurance isn't rocket science if you stay focused on certain products / carriers.
Tom
No tom, not a bad day. Everything is fine... it's always fine. However, as has always been my approach, I call a spade a spade and I called it as I saw it.
I only have one simple thing to ask you and the answer has already been given based on you short 4 months in this business.... here is the question... are you ready???... u sure your ready??
OK, here goes..... WOULD THAT BE ADVANCED COMMISSIONS YOUR LIVING OFF OF.... OR EARNED COMMISSIONS??
Ok, based on only 4 months in this business... and the normal one month turnaround in getting deals issused, then the normal delay in getting the commissions dept. at the insurance companies to cut the earned check we know yiou are on advanced commissions.
Any joker can slam a deal against the wall and get that advance check on submit... lets see where that agent is a year from now... is he still advanced or is he now getting paid for his work of keeping the business on the books.
If an agent has yet to experience the normal industry challenges and changes like having an entire block of health business attacked by rate increases at once like I had with my Aetna block lets see where he is... does he have the ability to think quick and have the trust with the client to be able to move the biz to another carrier?
YOu have been in this biz for 4 months tops... no offense, but you just have not had any of the negitive situations come up that can affect you book of biz... advance commissions are not commissions... they are nothing but a loan against a promise that the client will stay on a policy... the mortgage industry had better promisies from sub prime applicants... it is a hell of allot eaiser to cancel a health insurance policy than not have a home to live in.
The OP offered up that this industry was a "QUICK" way to fund retirement income with "renewal" commissions... My comment was just clueing him in to the fact that his comment was not valid
Here we go again... the advanced VS. earned debate..... in the red corner, these agents with 200 years experience in the health market... experienced agents... and in blue corner, with 1 year experience and yet to have a rate increase on their block of business... rookies!!
First off bud... I feel offended by your comment that this industry is a "quick" way to earn money... are u out of your damn mind? People with that attutide are what cause clients to not trust us.... I predict u will sink faster than the boats at perarl harbor.... this market takes years of stroking in order to et an income that will approach paying the bills... for anything.... that sling it against the wall mindset is whats wrong with this industry.
Every old timer and especially every newby needs honest straight forward communication. It is better to be told the truth here, even when it hurts, than it is out there in the real world. Right now we are seeing a plethora of people from real estate, mortgage, lending, banking, etc. look at insurance as a way to quickly replace the fast big money they were making in a speculative area of the market. Would somebody please tell them it will probably take 2-3 years to learn enough about the business and to develop a market before they earn a decent income if they even survive to that point.
Every old timer and especially every newby needs honest straight forward communication. It is better to be told the truth here, even when it hurts, than it is out there in the real world. Right now we are seeing a plethora of people from real estate, mortgage, lending, banking, etc. look at insurance as a way to quickly replace the fast big money they were making in a speculative area of the market. Would somebody please tell them it will probably take 2-3 years to learn enough about the business and to develop a market before they earn a decent income if they even survive to that point.
BINGO!!! Well said... and I was trying to tell them just that!! But, Well said my man.
I just don't read all those things into his original post and question. Perhaps my comprehension skills are not up to par, or I just didn't intuitively know what he was really asking.
It isn't that I disagree with what you guys are saying about the state of the industry, the expectations of rookies and the ethical concerns about those in the business for quick and easy money; I'm just not sure this guy deserved the blast from the soapbox based on his question.
Bankruptcy - can I be an agent?
Re: Bankruptcy - can I be an agent?
Linear Mode
