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Reply to I have my L&H license... now what?     
Old 09-19-2007, 07:04 PM   #1
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I have my L&H license... now what? I have my L&H license... now what?
Hi all... looking to get some suggestions from existing agents out there.

Here's my situation:
- I just passed my Life, Accident & Health License Exam
- I am pursuing a career change from Information Technology to Insurance & Financial Services.
- I have a desire to be my own boss & draw a six figure income (which I do now in IT)
- Specifically, I was hoping to start my own State Farm Agency
- After going through the State Farm Agency process, I was just rejected after the Structured Interview because of lack of experience.
- I am currently studying for my P&C license.
- I am really, really bummed the SF gig did not work out at this time.

So, any suggestions on the next, best course of action?
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Old 09-19-2007, 07:15 PM   #2
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I have my L&H license... now what? Re: I have my L&H license... now what?
I didn't know State Farm rejected anyone - wow... Six figures (Net) would take a long time with them anyhow, it might have been a blessing.

Do you want to work from home or office location? Do you want employees w-2 , 1099 or neither? You need to pick a focus and specialty is my suggestion.
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Old 09-19-2007, 07:18 PM   #3
djs
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I have my L&H license... now what? Re: I have my L&H license... now what?
Look into Farmers, Allstate, AAA and see what they will offer. The entry requirements are much, much different for each one.

Drawing a 6 figure income the first year or 2 could be difficult. You can get there, but especially with P&C, this is a residuals game. You have to build a book of business to get the larger $$$$. Health and some life have decent dollars upfront, but lower renewals in general.

PM me with your number and I'll give you a call to go over starting out as a P&C agent, with life, health, series 6&63, etc.

Dan
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Old 09-19-2007, 08:18 PM   #4
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I have my L&H license... now what? Re: I have my L&H license... now what?
PM me with your number and I'll give you a call to go over starting out as a P&C agent, with life, health, series 6&63, etc.

Dan
That is pretty cool someone on the board would offer a phone call like that - things like that make the board a valuable tool.

Dan is correct P&C is really a residual game and $100k fast is hard since P&C is so residual based. L&H is more upfront but the residual is much lower or in some cases (Term Life) maybe non existent at all.

I guess you current financial situation and cash flow will have a lot to do with what initial direction you should consider.

If you need fast cash - P&C is going to be rough. Anyone can be independent with life and upfront cash is very high, might be worth considering if you need the cash initially.
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Old 09-19-2007, 09:45 PM   #5
Gil
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I have my L&H license... now what? Re: I have my L&H license... now what? Gil is the thread starter for: I have my L&H license... now what?

One of the things I liked about State Farm... they generally give you a book of business where your income is between $60K & $80K the first year. Most agents I've talked to make over $250K per year after their first 10 years. Plus I've heard State Farm has ~ 80% success rate of agents making it... much lower for other big carriers?

I'm bummed.
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Old 09-20-2007, 01:30 AM   #6
djs
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I have my L&H license... now what? Re: I have my L&H license... now what?
Originally Posted by Gil View Post
One of the things I liked about State Farm... they generally give you a book of business where your income is between $60K & $80K the first year. Most agents I've talked to make over $250K per year after their first 10 years. Plus I've heard State Farm has ~ 80% success rate of agents making it... much lower for other big carriers?

I'm bummed.
The income numbers hold true for pretty much any P&C carrier where you work the business. State Farm does have a better 'process' for the new agents, others give you more freedom.

The success rate is a bit misleading. Most new agents choose to fail within the first year. With State Farm, you don't become an agent until you cross that one year threshold (some variances here), weeding out a lot of individuals. Please notice I did say choose to fail. People make it or not in this business based on the effort they put in. If you want to work 4 hours a day, with a 2 hour lunch, you will not succeed. If you put in an honest days work, you will do well.

I did the same thing, started thinking I'd go with State Farm, failed their test of a model 'successful' agent, went elsewhere, and haven't looked back. I've done quite well, despite State Farm.

Dan
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Old 09-20-2007, 08:22 AM   #7
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I have my L&H license... now what? Re: I have my L&H license... now what?
The Allstate deal seems pretty attractive for P&C(for being captive). With SF you will never own your book of biz, with Allstate you do and have opportunities to purchase additional books from other agents retiring.
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Old 09-21-2007, 03:39 PM   #8
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I have my L&H license... now what? Re: I have my L&H license... now what?
Originally Posted by djs View Post
The success rate is a bit misleading. Most new agents choose to fail within the first year. With State Farm, you don't become an agent until you cross that one year threshold (some variances here), weeding out a lot of individuals. Please notice I did say choose to fail. People make it or not in this business based on the effort they put in. If you want to work 4 hours a day, with a 2 hour lunch, you will not succeed. If you put in an honest days work, you will do well.


Dan
Dan, could you give a rough daily schedule of what you would recommend commiting to today for a new P&C agent just starting out (living in the location you do now) in order to put in an practical and effective day's work? This could really clarify matters.

7:00 wake up
8:00-9:00 deliver x residential flyers
10:00-?? walk into 5 businesses

etcetera

Or maybe it's just not that simple a process?
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Old 09-21-2007, 06:23 PM   #9
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State: Angio333 is an Insurance Agent from Undisclosed Location
I have my L&H license... now what? Re: I have my L&H license... now what?
Originally Posted by djs View Post
If you put in an honest days work, you will do well.
Dan
What kind of schedule should I expect to work to be a successful P&C agent (gross of $50,000 or more for the agent)?

HOpefully, it is not like the schedule that you are required to work at Ameriprise..

Mon-Thurs: 08:15 to 20:00
Fri: 08:15-17:00
Sat: 09:00-12:00

+ any other additional appointments that you have to go to...
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Old 09-21-2007, 08:23 PM   #10
djs
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I have my L&H license... now what? Re: I have my L&H license... now what?
Schedule is very much up to you. I tend to work an almost split shift, taking a few hours off in the middle of the day. Clients like to call in the evening, doesn't mean you have to respond to them.

I tried passing out fliers a few times, got no where with them, except a complaint. Gave up on them. Not a bad gig, just wasn't for me. Also, I don't do health as a primary market, just as an adjunct to my P&C business, so visiting small businesses isn't worthwhile.

Most of my new clients come from realtors, mortgage brokers, and car dealers. A reasonable number come from my clients.

If you write out a plan, and work the plan for 8 hours a day, you should make at least $50K the first year. No guarantees, since I don't know your market or your skills, but it really isn't that hard.

A lot of agents fail because they get into the business because they think it will be easy and only need a few hours. After all, you just need to buy leads on the internet, sell half of them, and then take the rest of the day off, how hard can it be???? When they realize they have to work in a focused manner for long periods of time, it becomes something different than they signed up for.

Of course, I believe this is true with most professions.

Dan
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