Insurance Agent Forum

[GT350]

Hello all,
I am possibly looking at a career part-time or possibly full-time as a Life insurance agent because the Director of Sales from Sagicor Life approached me and wanted to [COLOR=Black]sponsor me if I got my Life, Health and Variable Annuity license. Basically he told me I would be mainly doing 401k rollovers but that they had many other products that he puts clients in such as Fixed annuities, etc. He said I could make alot of money in this industry.

So what can I expect from the insurance industry? Any advice, heads up you guys can give me? Thanks

Jeff
[/COLOR]

[xrac]

Originally Posted by GT350

Hello all,
I am possibly looking at a career part-time or possibly full-time as a Life insurance agent because the Director of Sales from Sagicor Life approached me and wanted to [COLOR=black]sponsor me if I got my Life, Health and Variable Annuity license. Basically he told me I would be mainly doing 401k rollovers but that they had many other products that he puts clients in such as Fixed annuities, etc. He said I could make alot of money in this industry. [/COLOR][COLOR=black]So what can I expect from the insurance industry? Any advice, heads up you guys can give me? Thanks[/COLOR]

[COLOR=black]Jeff[/COLOR]

So how about a little information about yourself? What kind of experince do you have, what industry are you in now, what kind of money are you use to making, what family obligations do you have, etc. Background helps in giving advice and helping to gage expectations.

[GT350]

Originally Posted by xrac

So how about a little information about yourself? What kind of experince do you have, what industry are you in now, what kind of money are you use to making, what family obligations do you have, etc. Background helps in giving advice and helping to gage expectations.

I have a mortgage and recruiting background. No experience with Insurance at all. My expectations are not high at all. I would be happy making $80,000 first year. No family obligations

[moonlightandmargaritas]

Originally Posted by GT350

I have a mortgage and recruiting background. No experience with Insurance at all. My expectations are not high at all. I would be happy making $80,000 first year. No family obligations

I understand that Sagicor has the base of it's US operations here in Tampa. Sounds like they're a big deal in the Caribbean.

What you'll find is that you're captive to selling the products of a company that has no name recognition or track record here in the US. Might happen eventually, but for quite a while you're going to feel like a pioneer.

What are they doing that is in any way unique or different?

It'll take a while. Maybe a long while.

[xrac]

Originally Posted by GT350

I have a mortgage and recruiting background. No experience with Insurance at all. My expectations are not high at all. I would be happy making $80,000 first year. No family obligations

For most new agents they will do well to produced $30-$50K the first year. $80K is further out. Now it can be done it is just that most do not. Do you want to sell for a company headquartered in the Caribbean?

A.M. Best Upgrades Ratings of Sagicor

OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit rating (ICR) to "a-" from "bbb+" of Sagicor Life Insurance Company (Sagicor Life USA) (Austin, TX). Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the ICRs of "a" of Sagicor Life Inc. (St. Michael, Barbados) and its two operating life insurance subsidiaries, Sagicor Capital Life Insurance Company Limited (Nassau, Bahamas) and Life of Jamaica Limited (Kingston, Jamaica). In addition, A.M. Best has affirmed the ICR of "bbb" and debt rating of "bbb+" on USD 150 million, 7.5 % senior unsecured notes, due 2016 of Sagicor Financial Corporation (Sagicor Financial) (Barbados). The outlook for all ratings is stable.

A.M. Best Upgrades Ratings of Sagicor Life Insurance Company | Business Wire | Find Articles at BNET.com

[GT350]

Originally Posted by moonlightandmargaritas

I understand that Sagicor has the base of it's US operations here in Tampa. Sounds like they're a big deal in the Caribbean.

What you'll find is that you're captive to selling the products of a company that has no name recognition or track record here in the US. Might happen eventually, but for quite a while you're going to feel like a pioneer.

What are they doing that is in any way unique or different?

It'll take a while. Maybe a long while.

So if I get my license I can get a more established company to sponsor me. Is that correct?

What are some of the more established life insurance companies in the South East?

[moonlightandmargaritas]

Originally Posted by GT350

So if I get my license I can get a more established company to sponsor me. Is that correct?

What are some of the more established life insurance companies in the South East?

You do NOT need anyone to "sponsor" you to get a license.

Some of the more "established" life insurance names that have "career" shops (employee agents if you will) include: Guardian, New York Life, Northwestern Mutual, and MetLife.

[GT350]

Originally Posted by moonlightandmargaritas

You do NOT need anyone to "sponsor" you to get a license.

Some of the more "established" life insurance names that have "career" shops (employee agents if you will) include: Guardian, New York Life, Northwestern Mutual, and MetLife.

Oh ok gotcha. I guess he when he meant sponsoring he meant not working as a full time agent onsite.

[mmike160]

Hey bud,

I got out of the mortgage industry after 10 years in December of last year. I got into Health Insurance and it was a good move for me. Find a local Independent Health Agent to teach you the biz.

Mike

[GT350]

Originally Posted by mmike160

Hey bud,

I got out of the mortgage industry after 10 years in December of last year. I got into Health Insurance and it was a good move for me. Find a local Independent Health Agent to teach you the biz.

Mike

Thanks, good to hear from another mortgage guy. How would you compare it to the mortgage industry? Glad it's going good for you so far.

[robliano]

Originally Posted by mmike160

Hey bud,

I got out of the mortgage industry after 10 years in December of last year. I got into Health Insurance and it was a good move for me. Find a local Independent Health Agent to teach you the biz.

Mike

Yes find a local guy, most on this forum won't teach you a thing, they're not into competition and some like to think they know it all, which usually means they don't.

Anything I can do to help, holla back via email!!

[rc2391]

Hi,

I need advice on which way to go. I have been employed with State Farm for an agent going on 2 years now. I have 5 years experience in insurance. He knows my goal of wanting to become an agent and is willing to help me achieve the goal. I know with state farm it is a long process maybe 2-3 years before even getting an agency. I have been approached by Farmers to become an agent. The process for Farmers seems easier and quicker. I like the fact of being able to work from home from Farmers because I have 3 children. I know I will have to work hard whichever way I decide to go and know I can do it. Just don't know which company I should go with. Any advice on either company would be appreciated.

Thanks,

RC

[fastrack1]

Originally Posted by rc2391

Hi,

I need advice on which way to go. I have been employed with State Farm for an agent going on 2 years now. I have 5 years experience in insurance. He knows my goal of wanting to become an agent and is willing to help me achieve the goal. I know with state farm it is a long process maybe 2-3 years before even getting an agency. I have been approached by Farmers to become an agent. The process for Farmers seems easier and quicker. I like the fact of being able to work from home from Farmers because I have 3 children. I know I will have to work hard whichever way I decide to go and know I can do it. Just don't know which company I should go with. Any advice on either company would be appreciated.

Thanks,

RC

Why would it take 2-3 years to get on with SF. If your good, go become an approved candidate and it doesn't take long after that. Of course, read all the posts on this site about becoming a new SF trainee agent. Many of the posts are not good. I'm also a SF agent, for full disclosure.

[rc2391]

Originally Posted by fastrack1

Why would it take 2-3 years to get on with SF. If your good, go become an approved candidate and it doesn't take long after that. Of course, read all the posts on this site about becoming a new SF trainee agent. Many of the posts are not good. I'm also a SF agent, for full disclosure.

From what I have been told once you become an approved candidate with SF you go into the pool and wait for an office to become available. From what I've seen the approved candidates waits quite a while because they have to wait for an agent either to retire, pass away, or move into management to get an office.

[fastrack1]

Originally Posted by rc2391

From what I have been told once you become an approved candidate with SF you go into the pool and wait for an office to become available. From what I've seen the approved candidates waits quite a while because they have to wait for an agent either to retire, pass away, or move into management to get an office.

That is true, but there are alot of agency openings. More than ever in the history of the company. Shouldn't have to wait very long if you are a good candidate. If you go that route, you might want to check into that some more.

[HomeService]

Do some research and get back to us, GT350. Rolling 401K's is a tricky business, and not one to take lightly, and certainly not one for newbies.

[moonlightandmargaritas]

Originally Posted by rc2391

or move into management to get an office.

I wouldn't guess there were too many agents who move into management...and certainly not as many managers who move into agencies....

Who do you think makes more money, with less headaches?

[fastrack1]

Originally Posted by moonlightandmargaritas

I wouldn't guess there were too many agents who move into management...and certainly not as many managers who move into agencies....

Who do you think makes more money, with less headaches?

Most management people on the agency side come directly from former SF agents. Also, plenty of managers eventually move back into production after serving in management, usually with a much larger book of business then they could have ever grown on their own.

Agents make more money on an average, than management, and have headaches of a different sort.

[Ricallenx41]

Ok Guys, This is day 1 for me. I just recieved my study guide for my state of iowa exam. I have been recruited by an excellent company and i am excited about going to work instead of school now. I just finished my Business management degree in college and am happy about that. I was highly recruited and found the company i want to work for.
However, Taking the test is kinda scaring me after reading some of the posts on this site. I did real well in college, and I am 44 years old with alot of sales experience. I never thought I would be an agent, but you never know, Right?
Any suggestions on getting started? I was told to study for my "Accident and health" exam..

[xrac]

Originally Posted by Ricallenx41

Ok Guys, This is day 1 for me. I just recieved my study guide for my state of iowa exam. I have been recruited by an excellent company and i am excited about going to work instead of school now. I just finished my Business management degree in college and am happy about that. I was highly recruited and found the company i want to work for.
However, Taking the test is kinda scaring me after reading some of the posts on this site. I did real well in college, and I am 44 years old with alot of sales experience. I never thought I would be an agent, but you never know, Right?
Any suggestions on getting started? I was told to study for my "Accident and health" exam..

Good luck!