A Couple of Questions on Selling Insurance?

Success · 09-04-2009, 02:04 PM

Hello,

I am currently finishing my associates degree in may 2010. This september I am getting my Life & Health Insurance license and had a few fairly basic questions that I was hoping some of you more experienced agents or agency owners could help me out with. With the market especially here in ohio, insurance sales are becoming very competitive as I hear. However I am a very hard worker and will do what I have to to sell Insurance. My uncle owns a Nationwide agency, although he seems somewhat apprehensive on hiring me, for several reasons. One being his agency is busting it's butt just to stay even as far as profitability. Other reasons are family issues I will not discuss but they are not pertaining to me. So I have decided to job search for a new plan. After about a year of research and planning, I am planning to work for an independent agency who my father knows the owner. (I should have typed thins in earlier, but I plan on opening my own agency after about a year or two in the field.) Sorry for the whole story but I feel it is need to properly answer my question... So here is my question. The independent agent I plan on working for like any agency is slow. We are working on a plan now to hire me in as sort of an independent contractor just getting paid by commission. This does not bother me as I am 20 years old still living at home (for now) so I dont have any hefty rent payments or anything. I still have not got a good chance to sit down and talk to the owner yet to discuss how EXACTLY it will work, but i am just worried on selling with no insurance experience. I feel comfortable with sales, cold calling, and door to door even though it will be a pain. I am just worried and curious as to how to start out. Im assuming and hoping he will provide me with all the materials needed to sell, I will just not be getting paid a salary and working probably from home. He agreed to pay me equity into the business so in a year or two I could take some clients with me to start my own agency. I was also curious on how commissions exactly work. He told me the bulk of renewals start coming in in January but there are some here and there. I would be selling health insurance for employee benefits primarily i guess and the normal products for L&H as well. Can someone with experience please help me out, I am very eager to get into the business, and am unsure if this seems like a legitimate way, or if i even have a chance doing it this way. And would it be ok to set up the office in my house (i have space)? Any recommendations? I hope to know more after I sit down and talk with him, and get my license. I am just a little confused on how this whole thing will play out... Thank you in an advance for all your help and knowledge!

-Craig
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Wow I should have proofread that before I posted. Typing from an ipod is difficult. lol

robliano · 09-05-2009, 05:16 PM

Do you have specific questions that need to be addressed? You lost me as I scanned and saw wandering generalities rather then defined topics you need addressed. Not insulting you, just saying.

padthaiforlunch · 09-06-2009, 12:44 AM

Also, try paragraphs. I stopped reading after the first sentence.

Success · 09-06-2009, 02:21 AM

Sorry if that seemed confusing. I guess I could have formatted that better. I am getting my license in late September for L&H. Im hoping the agency I start working for (as an independent contractor) will teach me the ropes, I am just very curious now and wont be selling for about another 9 months. Here are my questions...

1) Just starting out in the insurance industry, would it be possible to operate from my home, or would it be valuable to start out at an agency for a year or so?

2) Would YourInsuranceOffice.com be a good program to use to manage myself?

3) I dont know how quoting clients work, but would I need to purchase software for that? Im hoping the agency will provide me with that, but if not what are your recommendations?

4) As I would be hired into the agency as sort of an independent contractor just getting paid comission, would cold calling, and door to door be my best bet?

5) How exactly do comission schedules work, as in for the first year when would I get paid and how often? I know this depends on how much I sell but what is typically average?

I am sorry if I seem uneducated about the insurance field, but the truth is that right now I am. I am very eager to get into this and would like to know as much as I can before I start. I know the best thing to do would be to talk to the agency, and figure out the training and so fourth, but I would love to know these few questions beforehand. Thank you for your patience and understanding.

-Craig

herget3 · 09-06-2009, 03:59 AM

If your interested in starting on a trend, let me share a great opportunity with Prepaid Legal Services. NYSE company. Great timing for this.
Email me if interested : jeremyherget@gmail.com.
You work from home. No office, no overhead. Great pay.

xrac · 09-06-2009, 09:35 AM

Originally Posted by herget3

If your interested in starting on a trend, let me share a great opportunity with Prepaid Legal Services. NYSE company. Great timing for this.
Email me if interested : jeremyherget@gmail.com.
You work from home. No office, no overhead. Great pay.

WARNING, DANGER, DANGER, SPAM!

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Originally Posted by Success

.....I know the best thing to do would be to talk to the agency, and figure out the training and so fourth, but I would love to know these few questions beforehand. Thank you for your patience and understanding.
-Craig

If you know that is the best thing to do than do it! My other suggestion is to search and read the posts on this board especially under the subjects of getting started, prospecting, working from home, and being indy or captive. The answers you are looking for are here if you care to take the time to find them. You have an opportunity to learn from the experience and mistakes of some of us. Good luck!

pomfin · 09-06-2009, 09:48 AM

Originally Posted by herget3

If your interested in starting on a trend, let me share a great opportunity with Prepaid Legal Services. NYSE company. Great timing for this.
Email me if interested : jeremyherget@gmail.com.
You work from home. No office, no overhead. Great pay.

Prepaid Legal Services is a MLM model as far as I know. If you like work with Amway, you would like to work with Prepaid Legal.

Frank Stastny · 09-06-2009, 10:11 AM

Originally Posted by Success

Sorry if that seemed confusing. I guess I could have formatted that better. I am getting my license in late September for L&H. Im hoping the agency I start working for (as an independent contractor) will teach me the ropes, I am just very curious now and wont be selling for about another 9 months. Here are my questions...

1) Just starting out in the insurance industry, would it be possible to operate from my home, or would it be valuable to start out at an agency for a year or so?

2) Would YourInsuranceOffice.com be a good program to use to manage myself?

3) I dont know how quoting clients work, but would I need to purchase software for that? Im hoping the agency will provide me with that, but if not what are your recommendations?

4) As I would be hired into the agency as sort of an independent contractor just getting paid comission, would cold calling, and door to door be my best bet?

5) How exactly do comission schedules work, as in for the first year when would I get paid and how often? I know this depends on how much I sell but what is typically average?

I am sorry if I seem uneducated about the insurance field, but the truth is that right now I am. I am very eager to get into this and would like to know as much as I can before I start. I know the best thing to do would be to talk to the agency, and figure out the training and so fourth, but I would love to know these few questions beforehand. Thank you for your patience and understanding.

-Craig

There is a lot more to your questions than simple yes and no answers.

When going to work for an agency there are several questions to ask up front. In my opinion the very first one is, are you going to be the agent of record? I think the most important one.

I think it would be a whole lot more informative for you and easier for me if we just talked about it. Why don't you give me a call and let's talk. I would much rather talk than sit here and "hunt and peck".

Success · 09-06-2009, 01:28 PM

Ok! Thank you guys. I may be too impatient lol. And Frank I will give you a call. Like you said, it would be easier to talk to a professional directly than to hunt and peck in this forum. Thanks again!

robliano · 09-11-2009, 08:59 AM

Craig, don't ever apologize for not knowing somethng, that's why you're asking questions, that's how we all learned.

1) Just starting out in the insurance industry, would it be possible to operate from my home, or would it be valuable to start out at an agency for a year or so?

You can go both ways, what would the benefit be of working at an agency for you? Salary? Atmosphere? Accountability? Experience? Because you will give up a piece of your comp to do that and also have to have in writing what will happen if you leave to go on your own. Many of us have been screwed and we don't want to see that happen to you or anyone.

2) Would YourInsuranceOffice.com be a good program to use to manage myself?

Yes, speak to Frank, it's geared towards med supp market but excellent product created by someone in the biz

3) I dont know how quoting clients work, but would I need to purchase software for that? Im hoping the agency will provide me with that, but if not what are your recommendations?

You do not have to buy the software, it should be provided by the carriers or or able to quopte online after getting appointed (in most cases)

4) As I would be hired into the agency as sort of an independent contractor just getting paid comission, would cold calling, and door to door be my best bet?

Best bet meaning with minimal cost? To start out, why not? People have built careers on cold calling, and do not be deterred by anyone who says you can't, that usually means they can't or don't want to go that route.

5) How exactly do commission schedules work, as in for the first year when would I get paid and how often? I know this depends on how much I sell but what is typically average?

This can depend on who you work for, it could be weekly, bi monthly, monthly etc.

I tried to be concise, I hope it helps.

Disclaimer: If any of what I said does not pertain to your industry and therefore is incorrect my apologies.

Frank Stastny · 09-11-2009, 10:05 AM

Originally Posted by robliano

2) Would YourInsuranceOffice.com be a good program to use to manage myself?

Yes, speak to Frank, it's geared towards med supp market but excellent product created by someone in the biz

Thanks for the kind words Rob.

Actually YIO isn't "geared" to any specific product Those selling Med Supps only make up a small portion of the total number of agents who are using YIO.

I have agents who sell all kinds of insurance and annuities successfully using it. I even have a fair number of P&C agents who are using it.

Tomfromtheshade · 09-11-2009, 11:28 PM

1) Just starting out in the insurance industry, would it be possible to operate from my home, or would it be valuable to start out at an agency for a year or so?

You can operate from home if you are a good self starter and can motivate yourself to get up in the morning and work. I am sure that your uncle, or whoever it was that owns the Nationwide agency wouldn't mind letting you tag along on life appointments with one of his L&H guys just to learn how to operate in the field.

2) Would YourInsuranceOffice.com be a good program to use to manage myself?

Frank is the man. He is knowledgeable and his program is great. I am getting it myself as soon as I am ready to start in the whole med supp market. Frank called me this morning and as always I hung up the phone feeling pumped up and ready to write some business!

3) I dont know how quoting clients work, but would I need to purchase software for that? Im hoping the agency will provide me with that, but if not what are your recommendations?

I use Winflexweb to run my quotes. Its just winflexweb.com for the website. Once you get appointed with carriers you can get access to the quoting software online. After that its as easy as typing in their sex, age, whether or not they smoke, and what rating you think they will get and the software does the rest.

4) As I would be hired into the agency as sort of an independent contractor just getting paid comission, would cold calling, and door to door be my best bet?

I am a firm believer in door to door. Read my post in this forum about the blueprint for success for new agents. You will find everything you need to know there.

5) How exactly do comission schedules work, as in for the first year when would I get paid and how often? I know this depends on how much I sell but what is typically average?

It all depends on what commission the carrier you are selling product for pays. My guess is that you will start with Nationwide, and that would be an awesome move for you. Street level for Nationwide I believe is 80% of their term and their UL unless you are selling in New York and then I believe that it is 50%.

As far as when you get paid it depends on your contract. My guess is that you would probably get paid AT LEAST weekly and that electronic deposit would be your best bet.

I hope that this answers some of your questions!

Frank Stastny · 09-12-2009, 07:40 AM

Originally Posted by coccoc

Actually YIO isn't "geared" to any specific product Those selling Med Supps only make up a small portion of the total number of agents who are using YIO.

It's nice to hear from someone who understands the program and how awesome and flexible it is.

arnguy · 09-12-2009, 08:20 PM

I say we vote to get rid of Little Sir Echo (a/k/a coccoc). He takes up space with his repetition of the posting of others and adds nothing to this forum. IMO he is a certified wacko!

foxmarble · 09-13-2009, 12:43 AM

I agree with Robliano...what do you want to know??

Frank Stastny · 09-13-2009, 07:28 AM

Originally Posted by arnguy

I say we vote to get rid of Little Sir Echo (a/k/a coccoc). He takes up space with his repetition of the posting of others and adds nothing to this forum. IMO he is a certified wacko!

Have you clicked on his link?

arnguy · 09-13-2009, 04:34 PM

I have, Frank, but I can't figure out what the hell he is selling!

Success · 09-13-2009, 10:53 PM

Originally Posted by arnguy

I have, Frank, but I can't figure out what the hell he is selliong!

I do not understand either (read P.S. at the end of this post), although I meant to post this message a few days ago and sent it as an email through my yahoo email instead of as a reply to this post...

Awesome guys! Thank you Rob, Tom, and Frank for the priceless advice. I just started my L&H classes today. And tomfromtheshade, good idea about taging along with agents from my uncle's business. I actually won't be working for him (I don't think). There has been family issues with my aunt and her husband working for him (long story), so I don't think he wants to chance it (ruining a relationship with me.) I think I would be best to start on my own with some help from Frank In the med supp market. The more and more I read, the more I hear how good and knowledgeable he is. Again thank you for the valuable information, I love this website. haha

P.S. Someone needs to do something about this coccoc guy. I have been on more than 4 posts where he only quotes people and does not reply with his own words. I have noticed that he places adds under his posts, but they are only visible under an apple (mac) computer as far as I have seen. I think it may be an automated advertisement if that is even possible...

-Craig