Originally Posted by brinks
Hi Folks,
I am currently at the fork in the road in my career as far as the next move. I have been in trading and portfolio management for the last 15 years and now looking at a change being in my mid 40's. i have been offered jobs at New York Life and NWM. I am attracted to the opportunity because it is in financial arena, own business with freedom, upside potential, and ability to help people out. I am a good people person but never been in sales. The main concerns i have is 80 to 90 % fail rate, brutal economy, not much money your first 5 years, and one frined who worked for guardian for 6 years who said " don't do it"
Questions:
1. Do you have to be a big seller of whole and Univ. life to succeed at both companies.
2. Is selling life insurance very difficult. Getting no's from
My pre-markets surveys from friends. Most say they have term and covered.
3. can you focus on other products such as annuities, l-term care and overall financial planning. i have my CPA.
4. Does the current economy help or hurt, they say business is as good as ever and some people having their best year.
I am willing to grind it out and do whatever it takes over the next 5 years, but if the business sucks and virtually impossible then no interest.
Thanks for the feedback.
The truth is, it all really depends on the agent or person. What all are you willing to do to succeed. Over 50% of new agents do not make it 18 months. Some people have what I call people skills and some don't. Some agent are willing to give up, after just one day of trying. Some agent do not take failure as an option. Some agent think this is a part time job that you can just spend 3 hours a week doing.
If you will have find your niche and stick with it. 1st find your market to sell to and then learn the product that they will need. Find the clients problem and then show it to them and fix it.
I don't see the economy having any effect on selling life insurance right now. I do see it affecting existing clients, and see more laspes then normal. But there is a trick to cutting down laspes. It is talking to your clients ofter and giving them options like reducing their coverage amounts.
Agent that can prospect, have an advantage over agent that only work leads . If the leads dry up, the agent is gone.
Also, the new agent must be willing to spend time and money to get started. Just like any other job, you must buy some tools of the trade and put a lot into getting started.
You have to see the people, see the people , see the people. If you are not willing to talk to people and get off the sofa, then you will not last. No one will ever knock on your door and want to buy life insurance.
On #2 do they all have R.O.P.? Only 2% or less of the people will die with term. Do they want their money back or not if they don't die. The 1st time they don't you no, did you give up?
On # 3, the answer is I would say no. Find your niche and stick with it. At least focus on it.
If an agent will allow me to hurt their feeling and be honest with them, then I can help them sell more insurance. Example, let me call you and listen to your answering machine. Does you message let me know that your in the insurance business and that your busy helping another customer right now and will get back to me very soon? Or does it say, you have reach 555-555-5555 leave a message? How many business cards have you given out today? How many people did you talk to today? What do you thinky you are going to get done if you don't ask people if you can help them?
Okay, that is enough of me running off my mouth. I could talk all day long and never shut up.
Bottomline, it really all depends on you and what you are willing to do to successed at this profession.
Life insurance as a new career?
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