How Do I Get Started with a Life Provider ?

squeed · 10-01-2009, 09:17 PM

I passed my Life Insurance Exam and I am just getting things together to start prospecting. My question is, when I get someone interested, then what ?

How do I quote ? Who should I start with ?

-S

HarryRenard · 10-02-2009, 02:17 AM

Did you just wake up one day and take the insurance exam. Did you talk with a company or someone in the business before testing, if so i'd start there, if not you have spunk and I wouldnt really be sure where to start.

MedicarePlanSolutions · 10-02-2009, 10:28 AM

You should get some contracts in place along with someone that can give you a little support before you start prospecting. If memory serves, you sell data, right? Either myself or a lot of the folks on here can get you contracts with the right carriers for what products your marketing. Feel free to either visit my recruitment site (Senior Resource Counselors) and fill out an agent application or look around for other folks on here that can help you out.

souldeux · 10-02-2009, 12:25 PM

If I remember right, you're in New Jersey - yes? Jersey is a little weird when it comes to appointments. In most states, when you have a piece of business to write you just send in the business with your appointment contract; in New Jersey, you have to send in the appointment contract first, then the business (with...some companies. Some companies in Jersey are "delayed appointment," which straddles the line in a very confusing way).

So the first thing I'd do in your situation is get appointed with the usual suspects (the handful of major companies that can handle 85% of your cases). Getting appointed with these companies will open the door for you to quote them directly from their websites.

Each company has their quirks and little tricks, so there's no need to start with 50 companies at once - take your time, learn four or five at a go, and then expand.

I think just about everyone on the forums has contracts for new agents, including me. We talked once on the phone way back, so if you've still got my number feel free to give me a call and I'll do a screen share with you showing how to quote various companies.

squeed · 10-03-2009, 08:25 PM

We did speak and it was very helpful. Since then, I've completed my Life schooling and passed the state exam. If you remember, I'm starting part time.

I want to start prospecting right away, I spoke to "Brokers Alliance" I think they are or were a sponsor of this site. They've told me 90% commissions is the best that they can do, and that they will provide support.

I think that I'm starting to figure it out, I called a Life Insurance provider that I know is in NJ, they told me that I have to work through a "General Agency".

So I now think that I get it. It's like buying from a wholesaler, you can't really do it unless you are a retailer. So then a General Agency = Wholesaler. I just don't get the difference between IMO and General Agency. I do have your # and may want to call you again.

-S

Thatguy · 10-03-2009, 11:38 PM

Best to contact Nick directly since you have a working relationship with him. He will be able to guide you through this much better than trying to get advice from the entire forum. When you first start, it's good to have a little hand holding. Give Nick a call and I'm sure he'll be glad to help you out

souldeux · 10-04-2009, 08:24 PM

Originally Posted by squeed

We did speak and it was very helpful. Since then, I've completed my Life schooling and passed the state exam. If you remember, I'm starting part time.

I want to start prospecting right away, I spoke to "Brokers Alliance" I think they are or were a sponsor of this site. They've told me 90% commissions is the best that they can do, and that they will provide support.

I think that I'm starting to figure it out, I called a Life Insurance provider that I know is in NJ, they told me that I have to work through a "General Agency".

So I now think that I get it. It's like buying from a wholesaler, you can't really do it unless you are a retailer. So then a General Agency = Wholesaler. I just don't get the difference between IMO and General Agency. I do have your # and may want to call you again.

-S

Yeah, you've got it! Agents can't always go direct to the company, sometimes they have to go through a GA/IMO/FMO/whatever to do their contracting.

Don't worry over the difference between IMO and GA - it's essentially just a matter of what term you like more. In practice, GA usually refers to health and IMO to life, but that's by NO means set in stone.

Good to know you've still got my number - please feel free to call whenever is good for you.

andins · 10-06-2009, 12:26 PM

You should look around your area for a general agent to work with. They should have contacts with the major carriers in your state ie: Prudential, Transamerica, Genworth, etc. They all would have contracting paperwork. The life carriers in general would ask for appointment papers to be filed at the same time you submitt an application for your clients.