Dont Understand Life Insurance Jobs

[DHK]

DHK
Ouch! Your opinion of his comment here was a bit negatively exaggerated . Although , I do agree with you on your points of working as a captive agent, for the many benefits and training it provides you. I also agree with his "theory" of having many options to help fit your clients exact needs and budget, by being independent. I have been captive with companies before that had horrible products and ethics, and I couldn't sleep at night knowing I did my client wrong, so I quit. But going independent is for seasoned agents and brokers. For newbies, I would never attempt to go independent. If a new life agent or even if someone has had their license for a year or so, goes independent, it's over! Independent means alone! No support, no training, no leads, no motivational pep talks. You are basically left to figure it out all by your overwhelmed self (if your lucky, maybe your FMO will you help here and) you will be alone and lost in a vast financial and insurance jungle . And at the end of the year, the captive agent pulled in a nice income for himself and family, but the new independent agent didn't earn diddly squat! I'm new to this website and forum, and was slightly surprised by the harsh comments of some. But, that's ok by me. Just don't blast me in a comment. Be nice, or else!

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I'm new to this website and forum and my comments are ending up in all the wrong places. I guess I better go read the "instructions".

You're on target with your thoughts. I've quit a few companies in my time as well due to office ethics, sales practices &/or product design. Once you don't like your product line... the writing is on the door. If you're not 'in love' with your product line, you've got problems.

After 5 months with Combined Insurance, I only liked 2 out of 7 products. And these were supplemental health policies, so it's not like I was making a lot of money with them either. Later I went to Mutual of Omaha, and they're pretty good... but their 'flagship' life policy was a UL with an antiquated illustration system. I couldn't illustrate it to its maximum potential... and later I had issues with the office manager's ego.

Watch the first minute or so of this video. They talk about captive vs. Independent.
https://www.youtube.com/watch?v=8naJmCd-swo&list=UUDiiDoKppNGo7sTEjY9r_kg

It's funny about how so many agents think it's all about "offering the best choices" for your client. That may be true for Medicare Supplement, LTC, DI... basically anything health related.

But for life insurance, and the advanced strategies available when maximum-funding a policy, I find that the best business model is to focus on 1-2 companies with complimentary products... and THEN if the client is declined, or rated, find another company that may be suitable for that particular client.

You can do that as a captive agent OR as an independent agent. For the independent agent, I would probably focus on a "whole life" company and an "IUL" company.

The advantages are:
1) You KNOW the product line.
2) You KNOW the underwriters.
3) You can pool all your production with those 1-2 companies and maximize compensation.
4) You can better protect yourself by focusing on these 1-2 companies and knowing their products inside-and-out.
5) It's easier to manage your business with only 1-2 companies to search for information.
6) If the product line is broad enough, then once the medical exam is done, it's generally good for 6 months to offer the other products available without repeating the exam.

But knowing products... isn't enough to be successful. John Savage said "Knowledge of the product never was and never will be worth more than 5% of the sale. Knowledge of people - 95%. And if you ain't got that straight, you've got nothing straight." John Savage placed 99%+ of all his business with a little company called "Columbus Mutual" - now "Columbus Life". If you never heard of Columbus Mutual or Columbus Life... neither did his clients... and he did MILLIONS of personal production with them until he died in 1993.

So all these new independent agents are out there saying "I'm independent so I can find the best product for you"... is really missing the boat... at least with advanced life insurance strategies.

Now, if all you want to do is sell the lowest priced 'X' insurance... and that's your competitive edge and business model... then you should be independent and offer as many choices as you can... because you're selling on PRICE.

If you adopt a business model and process that is NOT 'price' sensitive, then you can truly pool your production with just 1-2 companies and keep your business as simple as possible, in my opinion.

 

[Jewelsy]

DHK, I totally agree with you on focusing on one to two products. That's how my husband and I do it. We are independent and also working with a brokerage office. The office is too far from where we live(2 hour drivve), so we are looking for a company with an office closer to where we live that we can plug into. My husband does so much better when he is working with a company, that has an office for training, leads, motivation etc. We live in Southern California, in the Inland Empire, San Bernardino county area. If anyone knows of any brokerages with that has an office and also carriers all the major insurance companies to contract with, please let me know. Or any suggestions would be appreciated. thank you for sharing the Youtube video and sharing your experience with different brokerages. I was looking into the first company you mentioned. But now I know what they are about-not good.

 

[DHK]

Since you asked... and I also happen to live in the Inland Empire, here's a local company right here in Riverside.

Partners Advantage

 

[Jewelsy]

Since you asked... and I also happen to live in the Inland Empire, here's a local company right here in Riverside.
Partners Advantage

OMG. I poured over the internet all day yesterday and last night, looking for a great office that has everything we want and need. to be as successful as possible. I checked out so many brokerages and offices. Then all of a sudden at about 1 am, I struck gold and I knew it. I found :Partners Advantage in Riverside. We are so excited and elated, it seems to be a really successful and on the ball, top notch brokerage. . Now today, you tell me "Partners Advantage in Riverside". I screamed to my husnad and said, we just got confirmation, that "Partners Adantage" is the place to check out and sign on
Do you work with them yourself?.

 

[DHK]

I haven't done any business with them (yet). I have my production going with some other contracts that I've got.

My main problem with Partners Advantage, is that they don't disclose commission schedules on their website. And I've been too lazy to want to call them up and ask. It's a small problem, but the companies I send my business to... they sent me commission schedules (and also offer commission annualization) in advance.

I don't need any hand-holding. I generate my own leads, and I have my sources for my preferred trainers to get ongoing coaching and training as needed. In short, where my contracts are and who they're from, doesn't matter much to me. I don't assign my commissions. In essence, give me a top contract and leave me alone. That's how I like it.

 

[Jewelsy]

I haven't done any business with them (yet). I have my production going with some other contracts that I've got.

My main problem with Partners Advantage, is that they don't disclose commission schedules on their website. And I've been too lazy to want to call them up and ask. It's a small problem, but the companies I send my business to... they sent me commission schedules (and also offer commission annualization) in advance.

I don't need any hand-holding. I generate my own leads, and I have my sources for my preferred trainers to get ongoing coaching and training as needed. In short, where my contracts are and who they're from, doesn't matter much to me. I don't assign my commissions. In essence, give me a top contract and leave me alone. That's how I like it.

I noticed that too, that they don't have any commision schedule or anything about what you can expect to make. Also, no leads. If we are going to aggign part of our commissins to them, they should at least provide good leads. Now, I'm rethinking going with an brokerage office again. We were going to do it mainly to learn annuities, how to sell them and help getting started. Do you do annuities?

 

[CblueNC7]

I looked at joining partners advantage DHK but the reason i chose against it is because they do want you to assign commissions, in their contracting paperwork, the box is already checked that you agree. They'll send you a commission schedule if you request it and its higher in comparison to a few other brokerages I've looked into but assigning commissions...forget about it! They also don't provide leads but their website is easy to use and they provide alot of training and webinars. Good place to start out in the industry but not for someone established in my opinion.

 

[DHK]

I noticed that too, that they don't have any commision schedule or anything about what you can expect to make. Also, no leads. If we are going to aggign part of our commissins to them, they should at least provide good leads. Now, I'm rethinking going with an brokerage office again. We were going to do it mainly to learn annuities, how to sell them and help getting started. Do you do annuities?

Every office and IMO is different. I would think that your goal should be to rely as little as possible on anything outside of your control for your success. That includes lead generation and training.

I do annuities, but my main focus has been families and small business owners. I used to do variable annuities for retirement planning years ago, but no longer. I only have a life, accident & health license now.

If you want to learn to sell annuities ethically and in a simple manner, I would highly recommend learning from The Insurance Pro Shop.

Marketing Sales Tools, Tips and Training | Insurance Pro Shop

They have a lot of video training available in their 'member's only' section for only $25/month. You can learn a LOT from these online videos.

Let me give you some perspective on how I mean that. I've been doing retirement planning in a credit union environment. I had my Series 7 & 66 licenses. I'm a ChFC designation holder. I studied the LEAP system at MassMutual. In all of that, while trying to be 'complex' and 'sophisticated', I always knew that if you can't keep it simple, it'll be hard for people to buy and trust you. I think the Insurance Pro Shop teaches the top "complex" strategies available in the most simplistic way.

IPS Insurance Marketing and Sales Resource Center

I am not affiliated with them except as a happy buyer of their systems.

If you can take care of your own lead generation, have a great fact-finding process, present simple concepts, present solutions in a simplified manner, and get ongoing professional introductions... then what else do you need from an IMO, career agency, brokerage, or anyone else?

YOU become the commodity in demand... rather than you searching for outside entities to help 'complete' you and your business.

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I looked at joining partners advantage DHK but the reason i chose against it is because they do want you to assign commissions, in their contracting paperwork, the box is already checked that you agree. They'll send you a commission schedule if you request it and its higher in comparison to a few other brokerages I've looked into but assigning commissions...forget about it! They also don't provide leads but their website is easy to use and they provide alot of training and webinars. Good place to start out in the industry but not for someone established in my opinion.

That's correct. I had forgotten about that too.

 

[surendra1998]

Same problem here. Isn't there any solution.

 

[xrac]

Same problem here. Isn't there any solution.

Is there any solution to what???? Why do I get the feeling that your posts are simply to get to 20 so you can PM? I am much more forthright than that. Obviously my posts have no purpose.