Yet Yet Yet Another New FE Agent

[Gooner]

Really depends on a lot of factors/questions..IMHO.

In my order of importance and very debatable.

1. Do you have enough money to buy your leads? I don't see how you can start doing this without money in the bank...minimum would be $400-$500/week for leads.
2. Do you know anything about selling insurance and its nuances (I'm guessing no from your post)?
3. How much money do you NEED to make initially? Going captive making 70-80%, but having GOOD training, I could see as beneficial in the short run, like under 6 months. As long as you get good training, there is definitely value there. I didn't go that route, but I worked for Liberty Mutual, so I did have a ton of training...just didn't specialize in FE.
4. What company are you looking at for captive? I think there's a huge difference in Captive=Lincoln Heritage and Captive=EFES. I know EFES isn't true captive, but they do offer you the lower contracts with from what I hear good training.
5. Will you be able to pull the plug on your Captivity when you are comfortable and start getting 110% contracts?

Here are, again as I see it scenarios. Say you sell $2K in premium a week and spend $500/week on 25 TM leads. BTW I think $2,000 would be very low for 25 TM leads.

Scenario 1. $2K on 110% contract. $2,200. 75% advance= 1,650-$500(LEADS)=$1,150 banked. I'm putting 20% into a separate account for chargebacks, so I'd have $920 to play with.

Scenario 2. $2K on 70%. blah, blah math....$550 after leads, but not saving 20%...can you live on $550/week for 9 months until you get the rest of your 10, 11 and 12 month money, which would be an extra $116/month.

That's all I got! Hope I got that right...long day and I'm exhausted!

 

[Life4me]

I have bounced all over the board with companies. I have talked to American National last year and most recently with NY Life for the captive companies. I have also inquired with TA and know someone from LH.

 

[Gooner]

I looked at LH, but 70% commission and $26-$33 leads...I can't fathom a universe where you're successful, but people are! I'd probably talk to some of the EFES guys on here.

 

[Life4me]

I pretty much agree with that statement and to be captive at that.

 

[jdeasy]

I have bounced all over the board with companies. I have talked to American National last year and most recently with NY Life for the captive companies. I have also inquired with TA and know someone from LH.

As wino said, NYL and LH or TA couldn't be further apart in the insurance world.

Is your focus going to be on wealth management or burial plans?

 

[Life4me]

At this point, I would like to get into wealth management. I am new to insurance and have read quite a bit here and else where. A friend recommended FE, since it is an easy product to sell and commissions can be good. I would like to keep getting feedback from as many people here in this forum regarding FE and other products involved with a Life Agent license.

 

[Sean27]

Wealth management is the furthest from FE.

I would sell products that interest you if you want to increase your chance of success.

 

[insurancecareer]

I have bounced all over the board with companies. I have talked to American National last year and most recently with NY Life for the captive companies. I have also inquired with TA and know someone from LH.

I have experience with American National. Their p/c rates are horrible, but they have some attractive life products. None of American National's products will be suited for FE, though. They want high value prospects to purchase DI (disability income), annuities, in addition to life insurance. The commissions are quite low.

 

[Life4me]

American National offered to advance me a salary, which I would have to pay back. I had to pay for my pre-licensing, testing fees, etc on my own. I would like to take advantage of all the products that are available under the Life agent license, if possible. I was wondering if doing the NY Life route for a bit is not a bad way to start.

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As an fyi, my g/f is an agent for LH, Monumental, Foresters and also sells AGLA products. She is the one that introduced me into insurance. I am currently employed in the banking industry. I am stagnant with no room for growth and tired of management. The flexibility and unlimited income potential attracted me to insurance, though I know of the difficulty of the business and that it is not cut out for everyone.

 

[Newby]

American National offered to advance me a salary, which I would have to pay back. I had to pay for my pre-licensing, testing fees, etc on my own. I would like to take advantage of all the products that are available under the Life agent license, if possible. I was wondering if doing the NY Life route for a bit is not a bad way to start. ---------- As an fyi, my g/f is an agent for LH, Monumental, Foresters and also sells AGLA products. She is the one that introduced me into insurance. I am currently employed in the banking industry. I am stagnant with no room for growth and tired of management. The flexibility and unlimited income potential attracted me to insurance, though I know of the difficulty of the business and that it is not cut out for everyone.

Is your girlfriend doing well? If she is, why don't you have her teach you to do what she's doing. Then add a little better mix of companies and you are off and running.