I need advice from the wealth of knowledge on this board.
I told my boss that I had gotten my Life, Accident and Health license, and he asked me why I hadn't told him before. He told me he was starting an insurance agency to go along with his company and was about to start looking for an agent. He said he loves my work and would be happy to have me stay on and work for him.
Here's the offer - it's P&C, so he would pay for the schooling (and licensing) and give me the time off (paid) to go to school. Once I'm finished, he would start me at $35,000/year with a small commission to be determined. It would probably be a per deal commission rather than a percentage. The reason for this is the leads are absolutely laydowns. I know this because I've been handing these off to an insurance company we work with for over a year now. That company enjoys a 95% closing rate.
SO... $35K a year, full benefits, and a small per deal commission for p&c with free leads.
As has been discussed many times previously, "free leads" can be some of the most expensive ones going.
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Most successful agents I know really wouldn't get out of bed for 40-50k a year. If you're new though, and can shorten your learning curve...
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[COLOR=blue]Don't steal - the government hates competition.[/COLOR]
Last edited by moonlightandmargaritas : 12-08-2008 at 04:56 PM.
Reason: Posts merged
I have never seen an absolute lay down lead- in this business.
I have a company thats partnered with me and sends me lay down leads, and I sell some, but some of them are just laying down.
Most of the time, I'd rather work my book or my own leads. Maybe I tend to look a gift horse in the mouth, or am wary of Arabs bearing gifts, or... can't think of anymore right now.
From further conversations with my boss, it sounds like when all is said and done, after a 40 hour work week, 9-5 mon-fri, with everything stated above, I'll most likely take in around $40K first year. I won't own my own book, and my commission is extremely small.
It's sounding like from most of you, $40K first year is pretty poor. However, SO MANY PEOPLE I've heard from say that $40K first year is super hard for someone just starting out. I'm looking at it from the stance that I can take the first year guaranteed income, learn as much as I can about the business and selling insurance. Then I can venture out on my own with some money in the bank and some experience under my belt.
There's another opportunity that I'm seriously considering that someone on this board presented me that sounds perfect for me, however it's such a huge financial outlay from the start that I'm concerned with coming up with that much.
I know this is such a specific post, but I want to make sure I don't lock myself into something and really screw myself over. I'm one of those guys who will be ALL OVER making 6 figs if it's there for me, but if it's completely unrealistic first year, then a guaranteed first year of $40k isn't too bad for a 24 year old in a sh*t economy.
From further conversations with my boss, it sounds like when all is said and done, after a 40 hour work week, 9-5 mon-fri, with everything stated above, I'll most likely take in around $40K first year. I won't own my own book, and my commission is extremely small.
It's sounding like from most of you, $40K first year is pretty poor. However, SO MANY PEOPLE I've heard from say that $40K first year is super hard for someone just starting out. I'm looking at it from the stance that I can take the first year guaranteed income, learn as much as I can about the business and selling insurance. Then I can venture out on my own with some money in the bank and some experience under my belt.
There's another opportunity that I'm seriously considering that someone on this board presented me that sounds perfect for me, however it's such a huge financial outlay from the start that I'm concerned with coming up with that much.
I know this is such a specific post, but I want to make sure I don't lock myself into something and really screw myself over. I'm one of those guys who will be ALL OVER making 6 figs if it's there for me, but if it's completely unrealistic first year, then a guaranteed first year of $40k isn't too bad for a 24 year old in a sh*t economy.
This sounds like an ideal opportunity for you. 24, single, and the opportunity to make a good starting salary with no cash up front, you're on top of the world.
Most of the agents on this board making big money, would empty their bank accounts for that opportunity if they could be 24 again.
I would personally empty Somarco's bank account to be 24 again.
Did you rule out Mutual of omaha? you talked about that before... I think you could go there as a newb and make 40K, and then build on it... but whatever you find, good luck! success to you!
Sorry, it was me who was suggesting mutual to you, now I remember! ha ha sorry. well, there are plenty of opportunities out there, and including some from this message board. look around. you shall find your correct fit.
This sounds like an ideal opportunity for you. 24, single, and the opportunity to make a good starting salary with no cash up front, you're on top of the world.
Most of the agents on this board making big money, would empty their bank accounts for that opportunity if they could be 24 again.
I would personally empty Somarco's bank account to be 24 again.
You are right on the money. I believe he has a unique opportunity that is probably going to be hard to beat elsewhere.
He can earn while he learns. He will be working with a guy he already knows and apparently trusts, not some hot-shot who is going to blow a ton of smoke up his ass and then screw him over.
I would venture to say that $40,000 first year plus full benefits while he is learning the business would be a very good investment of his time.
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You are right on the money. I believe he has a unique opportunity that is probably going to be hard to beat elsewhere.
He can earn while he learns. He will be working with a guy he already knows and apparently trusts, not some hot-shot who is going to blow a ton of smoke up his ass and then screw him over.
I would venture to say that $40,000 first year plus full benefits while he is learning the business would be a very good investment of his time.
Go for it! I don't see how you can lose. After you learn the trade you can fly the coop if things can't be worked out.
You are right on the money. I believe he has a unique opportunity that is probably going to be hard to beat elsewhere.
He can earn while he learns. He will be working with a guy he already knows and apparently trusts, not some hot-shot who is going to blow a ton of smoke up his ass and then screw him over.
I would venture to say that $40,000 first year plus full benefits while he is learning the business would be a very good investment of his time.
Exactly!!!
You are young, have a lot to learn and need time to choose a direction. Take the job, it is a great deal for someone new. Going independent down the road is always and option, but to learn the business on someone else's dime is very uncommon in this business. Take the job !
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Chuck
If you think your boss is stupid, remember: you wouldn't have a job if he was any smarter.”
Thanks so much everyone. I've decided to take the offer. I told my boss this morning that I'll take it. He's giving me 3 weeks off in January to take the P&C course (paid, of course) and then in February I'll start out at my new position. I'm extremely excited. Soon enough I'll be asking you guys sales questions (finally) haha.
I can't thank all of you enough for your guidance.
Thanks so much everyone. I've decided to take the offer. I told my boss this morning that I'll take it. He's giving me 3 weeks off in January to take the P&C course (paid, of course) and then in February I'll start out at my new position. I'm extremely excited. Soon enough I'll be asking you guys sales questions (finally) haha.
I can't thank all of you enough for your guidance.
Excellent decision. Ya done good grasshopper.
Three weeks off with pay, covering the cost of training, full benefits, working for a guy who you know and trust who obviously has your best interests in mind and is extremely fair.
Damn, you need to put him up for the boss of the year.
Is he looking for someone to cover the life and health aspects of this business?
That's my ONLY concern. I don't know if he plans on having me write Life and Health for his clients. If he does, I would think it would be fair to ask for a more normal commission split for that, would I be right?
I don't want to overstep my boundaries, because I know this offer is great. But if I end up writing a few really solid life insurance policies a week, I don't want to end up making $40 for them. Does that make sense?
That's my ONLY concern. I don't know if he plans on having me write Life and Health for his clients. If he does, I would think it would be fair to ask for a more normal commission split for that, would I be right?
I don't want to overstep my boundaries, because I know this offer is great. But if I end up writing a few really solid life insurance policies a week, I don't want to end up making $40 for them. Does that make sense?
My opinion is that you've been taken about as far as you can go in a positive direction on this board.
Independent business people are funny. He could make a snap decision that he doesn't like the line of questioning and call the deal off.
I'm not saying that you should or shouldn't ask, but if you have a father or uncle or somebody else that knows you and your circumstance a little better it would help. I wouldn't run off and start asking the guy questions based on what you read here, maybe think about it, but talk to someone else first.
That's my ONLY concern. I don't know if he plans on having me write Life and Health for his clients. If he does, I would think it would be fair to ask for a more normal commission split for that, would I be right?
I don't want to overstep my boundaries, because I know this offer is great. But if I end up writing a few really solid life insurance policies a week, I don't want to end up making $40 for them. Does that make sense?
Right now you are "unproven". I believe the best way to "make more" is to first prove that you are worth more by being able to show what and how much you have produced.
He sounds like an extremely fair person and I would guess that when you "start kicking ass and taking names" he will probably be willing to listen to your requests.
My advice is to be very happy with where you are now and not worry about things that haven't happened yet.
Work your butt off and prove to him you are worth more.
Is this a good offer?
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