New Career New Agent

Barcand

New Member
1
OK guys I have been watching over these threads here from quite some time now. Like the title says it am switching careers and getting into insurance specifically medicare supplements and life insurance. I have always been a w2 employee and hourly, my wife and I are very nervous about taking the leap to 1099 commission only and not just straight commission but advanced commission so charge backs are possible too. Everybody I have talked to in the insurance field says that it is the best life decision they have ever made, but they have also been selling insurance for years.
My biggest issue is I have a family and debt and everything else just like a normal person if not worse, are we gonna starve while getting started in this business? My wife stays at home with the kids and does not work. I have a great work ethic and enjoy working so I'm planning on jumping into it head first and busting ass but we just can't loose the nervousness feeling of leaving an hourly job to commissions

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I guess I forgot to ask a question in the last post. What do I do to ease the nervousness and what are the chances of actually succeeding without starving at first
 
OK guys I have been watching over these threads here from quite some time now. Like the title says it am switching careers and getting into insurance specifically medicare supplements and life insurance. I have always been a w2 employee and hourly, my wife and I are very nervous about taking the leap to 1099 commission only and not just straight commission but advanced commission so charge backs are possible too. Everybody I have talked to in the insurance field says that it is the best life decision they have ever made, but they have also been selling insurance for years.
My biggest issue is I have a family and debt and everything else just like a normal person if not worse, are we gonna starve while getting started in this business? My wife stays at home with the kids and does not work. I have a great work ethic and enjoy working so I'm planning on jumping into it head first and busting ass but we just can't loose the nervousness feeling of leaving an hourly job to commissions

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I guess I forgot to ask a question in the last post. What do I do to ease the nervousness and what are the chances of actually succeeding without starving at first


I 2nd DHK's book recommendation. It's a guide...a manual for the new agent. It's an A-Z road map for success.

I had a long page typed out and hit the wrong key right before I finished and it vanished... sorry, ain't typing that out again.

If you're going to do this, MAKE A COMMITTMENT and there are no excuses. It really is up to you and you need your wife's support(emotional).

Ignore the PM's you'll get from marketers trying to sign you up. They're not to be trusted, that's why they pitch you in private and not on the Forum... they have something to hide.

Use the Forum for help, but try to find the answers for yourself 1st, you'll learn quicker.

You'll need to read and use these resources constantly.

https://www.medicare.gov/

https://www.medicare.gov/pubs/pdf/10050-Medicare-and-You.pdf

Less than 10% of new agents make it past the 1st year. Most of those that fail, don't give it their best shot. You control your success or failure. The more knowledge and the more you know will make you more confident and increase your chance for success. Be prepared.

You have to get in front of people to make money. Straight commissions aren't for everybody. If you haven't already made the jump, be sure before you do. If you do...JUST DO IT!!! Good Luck!:yes:
 
If you have $1500 get some 120% Contracts, buy some leads and go get em.

If you don't have money, buy filtered data and hit the phones and streets to generate leads.

Good karma to you and God bless ya . . .
 
My biggest issue is I have a family and debt and everything else just like a normal person if not worse, are we gonna starve while getting started in this business? My wife stays at home with the kids and does not work. I have a great work ethic and enjoy working so I'm planning on jumping into it head first and busting ass but we just can't loose the nervousness feeling of leaving an hourly job to commissions

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I guess I forgot to ask a question in the last post. What do I do to ease the nervousness and what are the chances of actually succeeding without starving at first

I'm going to give you my version of the $100,000 success formula. Let it help guide you in where you are deficient.

Rank yourself in each area on a scale of 0-10:
1: # = number of people you talk to. If you're filling your schedule properly, give yourself an 8-10. If you're doing 'okay' give yourself a 5. If you're not talking to anybody, give yourself a '0'.

2: Q = quality of people you talk to. If you are talking to people who fit your best case scenario, give yourself an 8-10. If you're talking to 17-year old Mongolian prisoners... give yourself a '0'. (They're not legal to sign contracts, in another country, and have no money - just to put that example in perspective.) Lead programs can either be a tremendous help, or a crutch. You'll have to determine this for your business model.

3: L = how much do people LIKE you. If you find that most people tend to listen to you and trust you and your recommendations, give yourself and 8-10. If people run the other way when they see you walking down the road, you may give yourself a 0-2. (Showering, mouthwash, proper deodorant & grooming is good for at least a 4.)

4: S = how high are your skills. If you are skilled at getting people to lean forward and listen to you and what you offer, give yourself an 8-10. If people run away from you when you say your first 5 words - such as "would you be interested in"... give yourself a 0-2.

5: T = how well are you successfully thinking about you and this business. You can have everything else going in your life, but if you are depressed about the business, I don't care how well you do in the other areas, you don't do as well. It takes an empowering attitude and perspective to confidently move forward... but it certainly is easier to get and maintain an empowering attitude and enjoy the career if you have been properly trained.

Now, take these factors and multiply them together: # x Q x L x S x T. The maximum score is 100,000 (10 x 10 x 10 x 10 x 10). The minimum score is 0 (anything times 0).

If you're looking for training, that's only 1/5 of the equation, but it's what activates all the other 4 areas. The rest is about properly applying the skills you learn. Your training determines your skill set, and can determine how well you do in the other areas, but executing your training... is all up to you.

Hope this helps you some.
 
I know this is sounds stupid, but do a budget. Live on the absolute minimum. Your entire family has to buy into how hard its going to be. (If your wife isn't 110% on board and knows she and the kids are going to make sacrifices, its not going to work. Sexist comment of the year. From a woman. But I've seen a LOT of good men with potential fail because the spouse hadn't bought in to starting a business)

My book of choice is the One Card System. Its old, outdated and still talks about index cards. But the system works. Figure out now how you will get in front of people, follow up with people, close people and ask for referrals. (Google Columbo closings)

This is a 3 year turn. It takes 3 years and if anyone is telling you differently, they are also trying to sell you something.

And yes...best career decision I've ever made.

Good luck!
 
I know this is sounds stupid, but do a budget. Live on the absolute minimum. Your entire family has to buy into how hard its going to be. (If your wife isn't 110% on board and knows she and the kids are going to make sacrifices, its not going to work. Sexist comment of the year. From a woman. But I've seen a LOT of good men with potential fail because the spouse hadn't bought in to starting a business)

My book of choice is the One Card System. Its old, outdated and still talks about index cards. But the system works. Figure out now how you will get in front of people, follow up with people, close people and ask for referrals. (Google Columbo closings)

This is a 3 year turn. It takes 3 years and if anyone is telling you differently, they are also trying to sell you something.

And yes...best career decision I've ever made.

Good luck!


The budget's one of the most important things, it's important to be patient. After 34 years in the business, I still use the index cards. I have many types and sizes of recipe boxes, and they aren't for recipes.:laugh:
 
OK guys I have been watching over these threads here from quite some time now. Like the title says it am switching careers and getting into insurance specifically medicare supplements and life insurance. I have always been a w2 employee and hourly, my wife and I are very nervous about taking the leap to 1099 commission only and not just straight commission but advanced commission so charge backs are possible too. Everybody I have talked to in the insurance field says that it is the best life decision they have ever made, but they have also been selling insurance for years.
My biggest issue is I have a family and debt and everything else just like a normal person if not worse, are we gonna starve while getting started in this business? My wife stays at home with the kids and does not work. I have a great work ethic and enjoy working so I'm planning on jumping into it head first and busting ass but we just can't loose the nervousness feeling of leaving an hourly job to commissions

----------

I guess I forgot to ask a question in the last post. What do I do to ease the nervousness and what are the chances of actually succeeding without starving at first

Have you considered a part time job while building your book?
 
OK guys I have been watching over these threads here from quite some time now. Like the title says it am switching careers and getting into insurance specifically medicare supplements and life insurance. I have always been a w2 employee and hourly, my wife and I are very nervous about taking the leap to 1099 commission only and not just straight commission but advanced commission so charge backs are possible too. Everybody I have talked to in the insurance field says that it is the best life decision they have ever made, but they have also been selling insurance for years.
My biggest issue is I have a family and debt and everything else just like a normal person if not worse, are we gonna starve while getting started in this business? My wife stays at home with the kids and does not work. I have a great work ethic and enjoy working so I'm planning on jumping into it head first and busting ass but we just can't loose the nervousness feeling of leaving an hourly job to commissions

----------

I guess I forgot to ask a question in the last post. What do I do to ease the nervousness and what are the chances of actually succeeding without starving at first

When I first made the decision to leave my comfy corporate career ... I had these same feelings.

I actually left that career under the impression I would receive a small salary when I would start in the insurance industry but then I had that rug pulled out from under me at the last minute and was put on 100% commission. It was still the best career move I have ever made though to become a licensed insurance agent (the freedom to build my own schedule was great for me and my family).

This forum has a wealth of knowledge and the community can be helpful as you progress in the industry so don't hesitate to reach out or post your questions. (Watch out for the trolls on here :laugh:)

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Thanks for the recommendation :)
 
Barcand,

Let me start off with the challenges of this business:

No one will tell you it's easy! Most fail because they don't follow a simple rule on their first year! You need to call...call..call and get in front of people. There will be many rejections.

It was a tough start for me. I quit my salaried position and wife was not too thrilled as others will tell you who were going on all commission based income. Alleviating her fear was ummm..none..My 1st month, I made a whopping $18-no joke...You start to wonder if this was the right choice but I pressed on..I was on the phone everyday till 7 or 8..Missed out on lots of family dinner. Vacation was a drive to the beach-free entrance. My business and home expenses were more than my income. Had to withdraw from my IRA-not the best idea coming from the investment side but no one will give you a loan, even with my credit being close to perfect, without proof of steady income and c/c cash advance was out of question with high rate. Only viable option I had was to withdraw totaling over $50K from retirement account and get whacked a penalty.

The rewards:

Most people in this business do make a good living. One thing all successful agents have in common is that they look out for the best interest of the customer! Not your wallet. I got into this to have freedom...I can leave for a 3 weeks vacation and still have money coming in from residuals. What other business can offer you this? It's been tough few years but now I still make calls but will be lucky if I do 5/day. It is a rewarding career. Wasnt easy but if you put your mind and effort, it will pay off..

Hope this helps but there's so many variables to your success that no matter how many agents you speak with, their situation is different from yours. Will you starve the first few years? Most likely, as many of us have. But ask anyone in the business over 3 years and they will tell you their income is over $150K.
Will you succeed? That's up to you. Good luck....
 
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