I had to file bankruptcy in the last 6 months? I already have my appointment with NGL which I had before I filed. I have a long 25 years of perfect credit, husband had to transfer job in a new state, had to try to sell a house we lived in for just one year right when the market tanked. Our house went from $455,00 to $375,000 in less than a year...couln't get anyone to even look at it so our attorney and accountant said to file and be done with it. Will other FE insurance companies consider appointing my license or am I dead in the water?
I would think you would be alright... You will probably have to write a letter of explanation... Worse case you may have to go "As Earned" on your commission
Sorry hoosierdaddy bit I am fairly new...would I send a letter of explanation with my app or wait to see if any flags go up? ps if you are indeed a hoosier...I am a native hoosier from the South Bend area but now live in Florida.
Sorry hoosierdaddy bit I am fairly new...would I send a letter of explanation with my app or wait to see if any flags go up? ps if you are indeed a hoosier...I am a native hoosier from the South Bend area but now live in Florida.
Most contracting paper work will ask if you have ever filed "BK" if the answer is "Yes" then they ask you to write an explanation to all yes answers. Some companies ask some don't.
Like I said, usually if you have a plausible reason it is not a problem...
You made a good trade from South Bend to Fla... That town has changed for the worst in the last few years. I used to work there some but not much anymore. I have friends in Granger...
I am thinking of filing for bankruptcy as well. Have only been in the business for 3 years and I have used ever ounce of credit to stay alive. Now I think my only out will be bankruptcy but I am also worried about the licensing question. I am licensed with over a dozen different companies but I am nervous that one time I will need to sign up with another company right after I file bankruptcy and I will be told I can't get licensed. This is a hard career to get up and running with no money to fall back on. Now I don't even have money to buy any leads as they want you to buy a quantity of $800 +. I am trying to get my own leads with direct mail, cold calling and getting some leads through my website.... it costs money to make it work I am seeing. It's a real challenge. More money goes out then comes in.
I am thinking of filing for bankruptcy as well. Have only been in the business for 3 years and I have used ever ounce of credit to stay alive. Now I think my only out will be bankruptcy but I am also worried about the licensing question. I am licensed with over a dozen different companies but I am nervous that one time I will need to sign up with another company right after I file bankruptcy and I will be told I can't get licensed. This is a hard career to get up and running with no money to fall back on. Now I don't even have money to buy any leads as they want you to buy a quantity of $800 +. I am trying to get my own leads with direct mail, cold calling and getting some leads through my website.... it costs money to make it work I am seeing. It's a real challenge. More money goes out then comes in.
Another thing to consider before filing bankruptcy in Florida is your renewals will have to be assigned to BK trustee or you could try to sell your book of business long before you file.
I am thinking of filing for bankruptcy as well. Have only been in the business for 3 years and I have used ever ounce of credit to stay alive. Now I think my only out will be bankruptcy but I am also worried about the licensing question. I am licensed with over a dozen different companies but I am nervous that one time I will need to sign up with another company right after I file bankruptcy and I will be told I can't get licensed. This is a hard career to get up and running with no money to fall back on. Now I don't even have money to buy any leads as they want you to buy a quantity of $800 +. I am trying to get my own leads with direct mail, cold calling and getting some leads through my website.... it costs money to make it work I am seeing. It's a real challenge. More money goes out then comes in.
I am thinking of filing for bankruptcy as well. Have only been in the business for 3 years and I have used ever ounce of credit to stay alive. Now I think my only out will be bankruptcy but I am also worried about the licensing question. I am licensed with over a dozen different companies but I am nervous that one time I will need to sign up with another company right after I file bankruptcy and I will be told I can't get licensed. This is a hard career to get up and running with no money to fall back on. Now I don't even have money to buy any leads as they want you to buy a quantity of $800 +. I am trying to get my own leads with direct mail, cold calling and getting some leads through my website.... it costs money to make it work I am seeing. It's a real challenge. More money goes out then comes in.
Here's what you do... Max out all your credit cards with things such as:
1. PJ Man
2. A cruise
3. All the leads you can buy
File Chapter 7... they can't repo PJ Man, a cruise, or old leads... actually.. give them back the leads after you work them...
In all honesty, I am particularly interested in Forethought and Oxford's policy on appointing licenses with a BK. If anyone knows the specifics on these two companies and there standard buisness practices, I would greatly appreciate it! hoosierdaddy...you are right FL is amazing compared to horrible weather in Northern IN, you feel like you are on vacation everyday! I highly recommend it!
In all honesty, I am particularly interested in Forethought and Oxford's policy on appointing licenses with a BK. If anyone knows the specifics on these two companies and there standard buisness practices, I would greatly appreciate it! hoosierdaddy...you are right FL is amazing compared to horrible weather in Northern IN, you feel like you are on vacation everyday! I highly recommend it!
I've heard recently that Forethought is going to start requiring E & O coverage. I don't know if a bankruptcy affects that or not.
I have had an agent that tried to contract under me denied by Forethought for bad credit history but I don't know how bad or any specifics.
Hmmm, that doesn't sound too promising. Although my credit HISTORY was excellent up until filing. Our filing was due to a single circumstance (job transfer) and not ongoing financial difficulty due to poor money management.
hmmm, that doesn't sound too promising. Although my credit HISTORY was excellent up until filing. Our filing was due to a single circumstance (job transfer) and not ongoing financial difficulty due to poor money management.
You should compile a brief statement, similar to what you just wrote above... not much more. This statement would be included with any request for appointment, as well as a copy of your Bk discharge. Companies like to see 1 yr from discharge but you will find some to appoint you regardless. It would potentially be a problem if the Bk is NOT discharged yet...
Remember, "Less is More". Don't try to write a long dissertaion of explanation... keep it brief, to the point, stating only that the Bk was discharged on x date, filing was due to Y, and also include any instance of reestablished credit, if possible. They will pull your credit history so make an attempt to re-establish credit and provide only accurate info on the application to appointments.
mostly life. I sell some health and long term care as well. I am licensed with Aetna, Humana, Golden Rule, Assurant, AIG, Genworth, John Hancock, ING, MedAmerica, Met Life, Mass Mutual, Ohio National, Western Reserve. I havent filed BK yet just gave my credit cards over to a debt company in February. Trying everything before BK.
I would strongly suggest you focus on individual health and really kick it out with BtoB to avoid BK. You absolutely can make thousands a week in a rather short period of time - once you're back in the black you can refocus if you like.
If you've been in this biz selling life for three years and approching BK it's time to take a hard look at that line of insurance for you.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
Thank you sportsnut, unfortunately, my discharge is not until 6/29/08. So I should not even attempt appointment until after this date, correct? I pulled my credit report and I have 41 positives on my credit report with long established relationships and only 6 were included in the BK. The only reason I even have 6 is because in BK you cannot pick and choose who you file against...it's all or none. I would like to appoint my license right after my discharge...is this wishful thinking?
I would strongly suggest you focus on individual health and really kick it out with BtoB to avoid BK. You absolutely can make thousands a week in a rather short period of time - once you're back in the black you can refocus if you like.
If you've been in this biz selling life for three years and approching BK it's time to take a hard look at that line of insurance for you.
Actually my first yr was with Aflac.. second yr started doing some health and still Aflac. I have only started the last couple of months focusing on life. But I hear what you are saying about focusing on individual health --- when you say kick it out with BtoB what do you mean? I have purchased leads for individual health but always was the 8th agent that would call the prospect by the time I got the lead. I have been focusing on some direct mailings this passed month.
Direct mailings for health would be a marketing technique if you had deep pockets and time.
Forgot about shared leads - in your situation I'd recommend hitting business areas, asking for the owner and pitching individual health.
You're approaching BK? Go out all day Monday - 8 hours, all day Tuesday - 8 hours - writte apps Wed - Friday.
16 solid hours a week of BtoB - just gas and flyers as expenses with every 2 1/2 hrs of BtoB resulting in a client.
That's a 6 app week or around 4K. That should pull you out nicely.
If you're not in an area that's condusive to BtoB then starting telemarketing - get an auto-dialer - $150/mo and start calling 4 hours a day.
I was in your exact situation in '03
I am listening and taking notes.. just read your website as well. The door to door as well as phone calls to b2b is a real tough sell here in southern Florida. I spent a year doing this with Aflac and that's why got into health insurance because when I would visit the business I found most people didnt even have health insurance here. The market is flooded with agents - you open the door to leave and another agent is walking in to sell. As for the telemarketing you never get passed the gatekeeper. I am doing flyers and posting them as everywhere I can. Every other block has a telephone pole with "call for insurance" on it. I do a newsletter every month and do the birthday cards and thank you cards to all my clients. I leave my cards at every business I walk into and then every one along the way.
Direct mailings for health would be a marketing technique if you had deep pockets and time.
Agreed. It is extremely effective if done correctly, but conversion rates are expensive and TIME is the biggest factor. Carriers never give you materials that are "ready to mail", a lot of prep work and other hassle.
Can I still be appointed ?
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