Starting Frustration

jtspring

New Member
1
Hello Everyone!

First post here. I'm having some frustration getting started as a Life Insurance Agent (passed life, and series 6; have not passed health, Series 63). Licensed in MA and NH (I live in Ma, my parents live in NH needed to register there to help out my folks and relatives).

It sounds like I am at a great company. Tons of training. Tons of classes. Tons of help from experienced reps. I have a business degree from BU and years of experience in a transfer agent on the phone.

I've been working since November, and have sold 1 life insurance case and 1 fixed annuity (to my Dad). My wife is stressing out about paying all the bills herself. I feel really bad about not being able to take some of that stress off of her. I have called everyone of the 200 people I know and 4 of them are in the works for buying something.

I need to make $500 in life insurance commissions from someone other than an immediate family member in order to get a ledger, get health coverage, and actually get some money. Really its the health coverage that's freaking my wife out. We live in MA, and I don't have any right now. I would buy some out of my own pocket but no 'open enrollment'. That's a whole different rant...

So far I have taken on a good amount of costs getting started (which will be written off to taxes). Around $300 in licensing and test prep. $400 for new suites and clothes... My managing partner even paid $250 of his own money when an unexpected cost came up.

What can I do to get going in this industry faster. I know that I'm going to be great at this. I love talking to people about personal finance. I love helping people through complex financial problems. I love being a resource for my friends and putting my experience to work.

Advice, encouragement, suggestions, tips are all welcome.

Thanks everyone for listening to my rant.
 
Hello Everyone!

First post here. I'm having some frustration getting started as a Life Insurance Agent (passed life, and series 6; have not passed health, Series 63). Licensed in MA and NH (I live in Ma, my parents live in NH needed to register there to help out my folks and relatives).

It sounds like I am at a great company. Tons of training. Tons of classes. Tons of help from experienced reps. I have a business degree from BU and years of experience in a transfer agent on the phone.

I've been working since November, and have sold 1 life insurance case and 1 fixed annuity (to my Dad). My wife is stressing out about paying all the bills herself. I feel really bad about not being able to take some of that stress off of her. I have called everyone of the 200 people I know and 4 of them are in the works for buying something.

I need to make $500 in life insurance commissions from someone other than an immediate family member in order to get a ledger, get health coverage, and actually get some money. Really its the health coverage that's freaking my wife out. We live in MA, and I don't have any right now. I would buy some out of my own pocket but no 'open enrollment'. That's a whole different rant...

So far I have taken on a good amount of costs getting started (which will be written off to taxes). Around $300 in licensing and test prep. $400 for new suites and clothes... My managing partner even paid $250 of his own money when an unexpected cost came up.

What can I do to get going in this industry faster. I know that I'm going to be great at this. I love talking to people about personal finance. I love helping people through complex financial problems. I love being a resource for my friends and putting my experience to work.

Advice, encouragement, suggestions, tips are all welcome.

Thanks everyone for listening to my rant.

I assume the "200 people you know" was a "project 200" where they wanted you to make a list and start contacting people who you "know" such as friends and relatives. Bad way to get started.

I also assume that if you spent $400 on suits that you don't have a wardrobe of suits. If you are selling to individuals a suit may not be appropriate, especially if you are not accustom to wearing one. Most people today prefer a more casual approach, just my experience.

Although you say you have had great training it doesn't sound like you have had very much training on how to learn to prospect. Calling people who you "know" is not learning how to prospect. All it usually does is turn friends and relatives against you.

As evidenced by the degree of success you have had starting with life insurance if a tough row to hoe especially in this economy and it doesn't look like it is going to get easier in the near future. This is especially true for a brand new agent who is still learning the ropes.

I would suggest you focus on a much easier product to sell and one that isn't affected by the economy. And, most important of all, learn how to prospect and generate your own leads. An agent who knows how to prospect will never be without someone to sell insurance to.

This is just a suggestion based on my personal experience, I may very well be wrong.
 
I just started selling insurance last month as well, so I certainly feel your financial pain. Unfortunately, we chose a horrible time of year to begin selling insurance. I don't know many people who want to talk insurance right near the holidays but I'm convinced the new year will bring new prospects.
When you began taking the insurance classes, I'm assuming you knew it was going to take 6 months-1 year to start getting some money in your pocket and hopefully you discussed this with your wife before you began. Unfortunately, it is just the nature of the beast but if you keep working, it will come. And we can make good money in insurance but there is no get rich quick scheme we can follow to make it happen.
I've spent the last 2 weeks (since things are so slow right now) creating a marketing plan, getting ideas from forums like this, discussing ideas with my mentor and basically preparing to take the new year on by storm.
Talk things over with your wife. Explain to her that things will get better in due time and that you love her no matter what. Then see if your company will pay for you to take insurance classes/tests in property & casualty (much higher premiums) and learn all you can from them.
Worse case scenario, you find a part time job to supplement your income until the insurance thing works out. Best of luck to you and your family! Don't give up, keep trying and good things will come your way!
 
This is a business that is all about prospecting. You either learn to prospect, or buy leads, or you don't make it. What has this agency taught you about prospecting? Have you read the thread on here about doing a door knocking survey?
 
Unfortunately, we chose a horrible time of year to begin selling insurance.

December has always been one of my most productive months for selling insurance.

Maybe because I have never just assumed that it was a "bad" time of year and didn't work very hard because it was the holidays.
 
December has always been one of my most productive months for selling insurance.

Maybe because I have never just assumed that it was a "bad" time of year and didn't work very hard because it was the holidays.

December is whatever you make of it.
 
December is always a good month for production. As others have mentioned, you need to master the art of prospecting. You need to have the attitude that pretty much everyone you meet is under- or improperly-insured (which is mostly true).

Remember that people you call on automatically assume you're there to make a sale - people love to buy but they hate to be sold. An easy opening l use is this - "when is the last time you reviewed your insurance plans? If it's been awhile, I may be able to save you some money."

When you spoke with your group of 200, what did you say to them? Was it that you wanted to sell them something?
 
I assume the "200 people you know" was a "project 200" where they wanted you to make a list and start contacting people who you "know" such as friends and relatives. Bad way to get started.
I also assume that if you spent $400 on suits that you don't have a wardrobe of suits. If you are selling to individuals a suit may not be appropriate, especially if you are not accustom to
wearing one. Most people today prefer a more casual approach, just my experience.
Although you say you have had great training it doesn't
sound like you have had very much training on how to learn to prospect. Calling people who you "know" is not learning how to prospect. All it usually does is turn friends and relatives against you.
As evidenced by the degree of success you have had starting with life insurance if a tough row to hoe especially in this economy and it doesn't look like it is going to get easier in
the near future. This is especially true for a brand new agent who is still learning the ropes.
I would suggest you focus on a much easier product to sell and one that isn't affected by the economy. And, most important of all, learn how to prospect and generate your own leads. An agent who knows how to prospect will never be without someone to sell insurance to.​

This is just a suggestion based on my personal experience, I may very well be wrong.

Frank,
You know very well that your suggestion is not wrong, it's right on target.

It doesn't seem that jtspring did his homework. If he did, he would have known that he would need at least 18-24 months of savings to carry him until he had some kind of steady income flow.

He claims he's at a great company with tons of classes, tons of training and tons of experienced reps. That's nice but he's missing the most important thing: "A mentor to hold his hand".

The suggestion from mmaedelins to turn this into a part time job and go out and get a P&C license is poor advice. If jtspring
wants to succeed, he needs to focus on what will make him successful. He needs to concentrate and learn one product before he moves on to another. What is he going to do, start selling auto insurance to his "Project 200"? As you stated, he need prospects other than friends & family members.

jtspring you need to learn "the art of prospecting" and to do it properly, you're going to have to spend some money. There's direct mail, there's internet leads, telemarketing and/or advertising. There is also cold calling. These are the tools that you need in order to realize success in the insurance business.

You can work for the best company on the planet, have the best training, best classes and best product. BUT, if you have no one to see, you'll be out of the business in a few months.

Get youself a mentor at your company and let him/her teach you what the business is about. Go on appointments and be ready to split any cases. You'll give up some commission, but that's the cost of doing business.

Good luck and hang in there.
 
Here is my opinion and I am also a short-timer, getting ready to celebrate 3 years in insurance sales.

1. Sell something that saves people money. I found it is much easier in this economy to get appointments if you are not asking people to spend more out of their wallet. Med-supps is a good place to start.
2. Quit selling your family, ANYBODY can do that and most likely they are not buying from you because you are an insurance professional but probably because they feel sorry for you. YOU WANT TO BE SEEN AS A PROFESSIONAL.
3. Get a phone dialer and a list of people in the demographics you choose to work and cold-call ALL DAY LONG until you sell something. (I can't ever remember an agent calling me or knockingon my door). If you talk to enough people you WILL find a client.
4. Take a self inventory of YOU, and be honest with yourself( you family deserves it). If you are not willing to take the steps listed here and by other agents, find a new job.
 
December has always been one of my most productive months for selling insurance.

Maybe because I have never just assumed that it was a "bad" time of year and didn't work very hard because it was the holidays.

I agree, Frank. People are thinking of their families, buying gifts, planning get together, etc. What better time to talk to them about their family's financial security? Traditionally this has always been one of the best months of the year for the Life Insurance Industry.
 
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