New Agent. Not Sure where to Start

[InviewFinancial]

Hello All,

I was introduced to Life Insurance by WFG rep last year.
I have not written any policies with them or anyone else .This was not a priority.

I only got my license to start a side business.

WFG will force me to go out and recruit other agents and the commission is based on how many licensed agents i bring on board. I am not interested in this and I would like to be an independent agent and manager my own customers.

So few things i would like to know to get started.

1) Is it a norm in the industry to start LLC/S-Corp or sole propertier is fine.
I do have assets that i would like to protect so not sure if i want to do business on my SSN.

2) I only have knowledge of different types of policies. Have NO experience at all writing policies or even take the 1st step.

Do i have to go through a broker like ( Brokers alliance ) ? what are the advantages and disadvantage?

do i have option to directly contact the Life Insurance company and get appintmeted with them? what are the advantages and disadvantage?

3) I have the need to write my own family (My self, my wife, my daughter, brother, sis-inlaw) . We all live together. Will i get paid for these policies as one agent fromWFG told me i will not get paid for my own family policies so i have to let her write them.

4) in general, as this is only experimental business i am trying to get into, i will be generating my own leads via my personal connections.. this will be passive business. what are the advantages and disadvantage if i discontinue in few years.

5) Are there any companies that will do hand holding with all my policies ? i am willing to share commissions.

6) are there any way to partner with agents/brokers who can write all my policies and split commission.?

Any help is much appreciated.

Thanks

 

[Alexander I Gessel]

Where are you located??

 

[kingkhon559]

I'm in the same situation as you. What you are asking is what I've ask early this week. DHK, refer me to an IMO which is totally fine. Completely independant, underwriting support, product specialist, trainings, everything the agency does to help your book of business.
WFG sounds a lot like my previous agency. MLM is a good business model and a successful structure. But right now, I'm in a situation where I need to make money. Independent contracts pays more. 80-110% advance. Pretty much you could build your own agency with an agency and they will train you. Over 50+ A+ companies to work with. The agency only makes money when you make money.
I was gonna contract with ANICO directly as a GA but as a new agent, your gonna need all the training and support and I feel they ain't gonna waste their time. IMO is probably what your looking for.

Don't write the olive until you get a higher contract percentage is my advice. Would u rather get 30% or 100%? Also with imo you can recruit if you want I think and get over rides. I'm still in the process of getting contracted through carriers.

The only thing I feel the agents here won't help you on is who is the best to get appointed with. I share that info if I knew but I haven't talk to any underwriters yet. Hundreds of product for evdryone. I just wanted to bring value to my clients. Being captive wasn't a option. MLM is not the right time.

The imo agency has everyone to help you from start to finish. They just need you to prospect. They even help u with marketing. The last FMO I was in sucks. You had to buy everything. This imo however dosent charge for materials. Crazy!

DHK if u reading this.. what r u doing if you not in imo. What's better than imo? If I feel imo is 100% than my last agency, I wonder what's better other than starting your own insurance company lmao

 

[DHK]

DHK if u reading this.. what r u doing if you not in imo. What's better than imo? If I feel imo is 100% than my last agency, I wonder what's better other than starting your own insurance company lmao

In the other thread, I said that I was not an IMO. That means that I am not recruiting people directly. IMOs recruit, but I'm not here to do that. There are plenty of other posters who DO do that. For example, if you wanted to work with annuities, I know that Tahoe Ray is an excellent resource and has an IMO that you can contract through.

But I'm not a recruiter and I don't plan to start now.

 

[Matthew King]

In the other thread, I said that I was not an IMO. That means that I am not recruiting people directly. IMOs recruit, but I'm not here to do that. There are plenty of other posters who DO do that. For example, if you wanted to work with annuities, I know that Tahoe Ray is an excellent resource and has an IMO that you can contract through.

But I'm not a recruiter and I don't plan to start now.

Are you sure? Seems people want you to be!

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1) Is it a norm in the industry to start LLC/S-Corp or sole propertier is fine.
I do have assets that i would like to protect so not sure if i want to do business on my SSN.

My Answer: If you wish to try and protect your assets it is a bit more than just setting up an LLC. You need to get with an attorney to get that all straightened out. In terms of do most people start a LLC or just run solo, most seem to run solo. It depends on your goals, and what you are trying to accomplish.

2) I only have knowledge of different types of policies. Have NO experience at all writing policies or even take the 1st step.

My Answer (2a): The only way to get experience is to practice, even if you don't want to practice on clients, practice with a friend, get some insight on it, shadow an insurance agent, go over an application with your upline or someone you look up to.

Do i have to go through a broker like ( Brokers alliance ) ? what are the advantages and disadvantage?

My Answer (2b): Normally, you do have to go through a broker. Normally, that is. Meaning I'm not saying you can't get direct contracts. Just that most seem to push you to a broker.

Here are some of the advantages:

1. You'll most likely have access to a Mentor
2. Most will provide you support if you are stuck in a home trying to close a policy
3. If you have problems with an insurance carrier you don't have to go at it alone
4. A brokers job is to make sure they take care of you, so you can take care of your clients

Here are some that could be disadvantages depending on the broker:

1. You could get stuck if you don't have a pre-release agreement
2. You may have to partake in some of their programs which could cause you to only have contracts with them
3. If you land yourself in a move captive broker, you will have someone to report to

Now this list is not the gospel. I am also sure I've missed some.

do i have option to directly contact the Life Insurance company and get appintmeted with them? what are the advantages and disadvantage?

3) I have the need to write my own family (My self, my wife, my daughter, brother, sis-inlaw) . We all live together. Will i get paid for these policies as one agent fromWFG told me i will not get paid for my own family policies so i have to let her write them.

My Answer: Yes you will get paid but normally its on an as earned basis for controlled business.

4) in general, as this is only experimental business i am trying to get into, i will be generating my own leads via my personal connections.. this will be passive business. what are the advantages and disadvantage if i discontinue in few years.

My Answer:

I feel the advantage would be if you can build a book of business that is worth it then you'll get some upfront money rather than waiting for renewals when you sell it.

The disadvantage could also be the same thing: If you sell it, you're no longer getting any renewals or probably in this business at all. Again, I'm sure there is a bigger list of advantages and disadvantages.

My Answer: ( 5 & 6): Probably, just have to find people willing to do that.

 

[InviewFinancial]

I live in Dallas, TX.

 

[bdub713]

I live in Dallas, TX.

Howdy Neighbor,

I am a few miles south from you in Houston. I have been in the insurance game for 5 years.