To Be or Not To Be [in Insurance]...That is the Question

[JB2831]

Hello all,
I am a newbie to your site & am looking for any info (good, bad or indifferent). I am going to be a single mother of 2 young ones (ages 1 & 4) in the near future & will be re-entering the work force after 4 years of being a SAHM. Gearing up for my new life I am considering entering the insurance industry with hopes & dreams of a flexible schedule and decent income. However, I am petrified (for multiple reasons including this would be my first ever 1099 job - no guaranteed/set income, insurance from the little I know at this time seems pretty overwhelming, and the company I 'think' I am going to get started with is MOO which I don't know too much about but as I understand it, want their reps to get on the financial advisor path, which I'm not sure how I feel about, it's intimidating). On the other hand, I'm excited, more than motivated, eager to get back to the working world & speaking with (and helping) adults again and have the "high risk, high reward" mentality.

All that said, can anyone shed some light on MOO? Is this a good company to get started with? I guess they are considered captive?
Any input on the financial advisor path they want to see?
Income? I am in NJ (high cost of living). Curious what the range of first few years' earnings could be, specifically Year 1 (i.e. worst case bottom - best case highest). Everything I read (not just about MOO, but insurance in general) likes to advertise you "could" make $100k+. That's great... but I need the REAL numbers for someone green & just getting started. I've also read that you NEED a partner or spouse to make sure your bills get paid when you're getting started because you make very little. Hence, part of my being petrified.
Since I'm not working in the industry yet & am not getting guidance from anyone, I'm trying to figure out where to start on my own. I plan to get licensed in L&H initially which leads to me to my last question. I was told to take the classes/practice tests on ADBanker.com or Examfx.com. Any input to which one I should go with or doesn't matter? Any other helpful 'getting started' websites I should check out or any advice in general?

Thanks in advance! Looking forward to some replies. Sorry this was such a long post...got a LOT on my mind & SO many questions/concerns.

 

[DHK]

I spent some time at MoO for a couple of months. Here's my review:

http://www.insurance-forums.net/for...tual-omaha-career-agent-resources-t41669.html

My only issue with MoO (besides my manager at the time who has now entirely left the business)... was that I wasn't a fan of their AccumUL permanent life insurance product. It could simply have been a limitation of their illustration system, but everything else was pretty good.

As far as what you can earn... no one should be making any projections for you. Average agents fail. Don't think in terms of average, or you'll fail out too.

The factors that you need to address are:
- Initial and ongoing client acquisition strategies beyond the 'project 200' friends and family (prospecting)
- Fact-finding skills
- Casework preparation (there should be plenty of people at your office to help)
- Proposal presentation
- Obtaining client introductions to others
- COSTS of being with their agency

The more consistent your prospecting is... the more stable your income can be.

So, your questions need to be focused on how they will teach you to find clients BEYOND just the standard 'project 200'. Just because you know someone does not mean they are necessarily a prospect for you. However, out of your list, there should be a FEW who could use your products and services.

I'd also recommend reading this thread in full. I reference quite a few of my favorite resources that are inexpensive and can help you improve your chances for success beyond just being dependent upon your office.

http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html

Take all the time you need to make a well informed decision. You can't go wrong with Mutual of Omaha as a company. The real question lies in the agency leadership and your training.

 

[Chazm]

Is going to be tough with 2 little ones if you have little to no savings. I have no kids and in 2009 I didn't make much at all but I slacked too much.

If you bust your butt you might be ok

 

[Heather]

Who is watching the kids, you may be on a 1099 but being new they always want trainings and sales meetings, ride alongs, etc

I would ask them over and over where are the leads coming from. Especially if you do not have a big circle of friends and family.

Find out how long it takes to get paid when you close a deal.

Don't forget to budget gas money, work clothes, daycare, any cost to buy leads.


Oh and I have 9 kids been an agent since 2007 worked in sales my whole life on 1099 so you can make this happen.

 

[Zane88]

Hello all,
I am a newbie to your site & am looking for any info (good, bad or indifferent). I am going to be a single mother of 2 young ones (ages 1 & 4) in the near future & will be re-entering the work force after 4 years of being a SAHM. Gearing up for my new life I am considering entering the insurance industry with hopes & dreams of a flexible schedule and decent income. However, I am petrified (for multiple reasons including this would be my first ever 1099 job - no guaranteed/set income, insurance from the little I know at this time seems pretty overwhelming, and the company I 'think' I am going to get started with is MOO which I don't know too much about but as I understand it, want their reps to get on the financial advisor path, which I'm not sure how I feel about, it's intimidating). On the other hand, I'm excited, more than motivated, eager to get back to the working world & speaking with (and helping) adults again and have the "high risk, high reward" mentality.

All that said, can anyone shed some light on MOO? Is this a good company to get started with? I guess they are considered captive?
Any input on the financial advisor path they want to see?
Income? I am in NJ (high cost of living). Curious what the range of first few years' earnings could be, specifically Year 1 (i.e. worst case bottom - best case highest). Everything I read (not just about MOO, but insurance in general) likes to advertise you "could" make $100k+. That's great... but I need the REAL numbers for someone green & just getting started. I've also read that you NEED a partner or spouse to make sure your bills get paid when you're getting started because you make very little. Hence, part of my being petrified.
Since I'm not working in the industry yet & am not getting guidance from anyone, I'm trying to figure out where to start on my own. I plan to get licensed in L&H initially which leads to me to my last question. I was told to take the classes/practice tests on ADBanker.com or Examfx.com. Any input to which one I should go with or doesn't matter? Any other helpful 'getting started' websites I should check out or any advice in general?

Thanks in advance! Looking forward to some replies. Sorry this was such a long post...got a LOT on my mind & SO many questions/concerns.

Hello there!

If your heart is set on becoming an agent, I say go for it full force!! However if you're still looking at alternative careers, I'd highly recommend you look into working from home as an internet/digital marketer. I'm Zane, and up until September of last year I worked in the Health Insurance industry. While I enjoyed the security and benefits, I really wanted the freedom to work from home and be my own boss. There's so much control that I now have and am truly blessed with the opportunity before me.

Internet marketing isn't for everyone. You'll need to learn the ropes as they say which may take up to 3-4 weeks, however the time you invest in learning will be returned to you in monetary value. I now am able to work anywhere where I have WiFi which means I can still travel. If this sounds interesting, you should google internet marketing and or send me a message.

I wish you all the best, and good luck to you.

 

[JB2831]

Thanks so much! Very helpful & informative. Appreciate it everyone. Look forward to spending much more time on this site learning the ropes and aspire to be a guru myself one day & 'pay it forward'.