New to Insurance and Need Some Feedback

jrj0528

New Member
5
Let em preface by saying I'm new to insurance, but have been very successful over the years at in-home sales. I have recently obtained my life only insurance license and I am looking at doing Mortgage Protection term insurance. I've been talking with a guy that seems very genuine and strait up compared to others that I've dealt with. He has completely spared me the "rah rah" garbage and I feel as though I'm getting genuine answers to the questions I have.

My question to any and all that have experience is are the 'realistic numbers' I'm hearing in line with the average? I am told if I buy 12 'A' mailer leads per week (completely exclusive and come directly to me as they come in) I can realistically expect to set 6 or 7 appointments. Of those 6 or 7 appointments I can realistically expect to write 4 policies (including individual and husband and wife). I live in Southern California and am told the average monthly of the premium is about $120. 4 policies with an average premium of $120 per month would be $5,760 in annual premiums a week. I would get 70% of that which is $4,032. I would get 70% up front and the remaining portion in months 9-12. The total up front money I would make monthly if I was doing 4 policies a week comes out to $11,288. After I factor in a weekly lead fee of $500 that would put me at roughly $9,288 per month. I am told that this is very realistic if I work the 12 leads each week spending about 35-40 hours (call to set up appt or go knock on the door if you can't reach them)

Are these numbers a good legit average of what I can expect?

Thanks in advance for any input.
 
Let em preface by saying I'm new to insurance, but have been very successful over the years at in-home sales. I have recently obtained my life only insurance license and I am looking at doing Mortgage Protection term insurance. I've been talking with a guy that seems very genuine and strait up compared to others that I've dealt with. He has completely spared me the "rah rah" garbage and I feel as though I'm getting genuine answers to the questions I have.

My question to any and all that have experience is are the 'realistic numbers' I'm hearing in line with the average? I am told if I buy 12 'A' mailer leads per week (completely exclusive and come directly to me as they come in) I can realistically expect to set 6 or 7 appointments. Of those 6 or 7 appointments I can realistically expect to write 4 policies (including individual and husband and wife). I live in Southern California and am told the average monthly of the premium is about $120. 4 policies with an average premium of $120 per month would be $5,760 in annual premiums a week. I would get 70% of that which is $4,032. I would get 70% up front and the remaining portion in months 9-12. The total up front money I would make monthly if I was doing 4 policies a week comes out to $11,288. After I factor in a weekly lead fee of $500 that would put me at roughly $9,288 per month. I am told that this is very realistic if I work the 12 leads each week spending about 35-40 hours (call to set up appt or go knock on the door if you can't reach them)

Are these numbers a good legit average of what I can expect?

Thanks in advance for any input.


Those numbers are way out of line. Especially for a new agnet.

I thought you were saying 70% contract which is way low but I now see you are talking about the advance being 70%.

Still, whomever is giving you that crap is giving you the mushroom treatment.
 
Let em preface by saying I'm new to insurance, but have been very successful over the years at in-home sales. I have recently obtained my life only insurance license and I am looking at doing Mortgage Protection term insurance. I've been talking with a guy that seems very genuine and strait up compared to others that I've dealt with. He has completely spared me the "rah rah" garbage and I feel as though I'm getting genuine answers to the questions I have.

My question to any and all that have experience is are the 'realistic numbers' I'm hearing in line with the average? I am told if I buy 12 'A' mailer leads per week (completely exclusive and come directly to me as they come in) I can realistically expect to set 6 or 7 appointments. Of those 6 or 7 appointments I can realistically expect to write 4 policies (including individual and husband and wife). I live in Southern California and am told the average monthly of the premium is about $120. 4 policies with an average premium of $120 per month would be $5,760 in annual premiums a week. I would get 70% of that which is $4,032. I would get 70% up front and the remaining portion in months 9-12. The total up front money I would make monthly if I was doing 4 policies a week comes out to $11,288. After I factor in a weekly lead fee of $500 that would put me at roughly $9,288 per month. I am told that this is very realistic if I work the 12 leads each week spending about 35-40 hours (call to set up appt or go knock on the door if you can't reach them)

Are these numbers a good legit average of what I can expect?

Thanks in advance for any input.

Hmmm... I'd want to see the ad to verify the quality of leads and their expectation of the agent who is coming to see them.

To JD's point - yes, he has a 70% contract with a 70% advance. (I think the industry norm is 75% advanced, but that's not a huge difference there). Since you're the one buying the leads, I think you should have a higher contract and ensure that you have ownership of your book of business on day one.

So... how many people are "adverse selection" of these leads? People that can't qualify at "ultra-premium preferred superman" rates?

What about policies that are 'not taken', or replaced by other agents? You will be charged back for unearned commissions (advances on premiums not yet received by the insurance company) and possibly on commissions earned in the first 6 months of paid premium. (I've seen that in some selling contracts too.)

I'd take a watch at this video by Rearden and just make sure you're not going to get shafted later:

 
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Hmmm... I'd want to see the ad to verify the quality of leads and their expectation of the agent who is coming to see them.

To JD's point - yes, he has a 70% contract with a 70% advance. (I think the industry norm is 75% advanced, but that's not a huge difference there). Since you're the one buying the leads, I think you should have a higher contract and ensure that you have ownership of your book of business on day one.

So... how many people are "adverse selection" of these leads? People that can't qualify at "ultra-premium preferred superman" rates?

What about policies that are 'not taken', or replaced by other agents? You will be charged back for unearned commissions (advances on premiums not yet received by the insurance company) and possibly on commissions earned in the first 6 months of paid premium. (I've seen that in some selling contracts too.)

I'd take a watch at this video by Rearden and just make sure you're not going to get shafted later:

www.youtube.com/watch?v=fw-IT6GnMPk&t


I did misunderstand. 70% is terrible. Especially paying $40 per lead.

And while I said the numbers are out of line for a new agent, they are out of line for just about anyone. I doubt they even have 1 agent writing $300K on 12 leads per week. They should be able to prove it is they have anyone doing that.
 
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