If You Can Spare 30 Minutes...

[EdmondDantes]

To read a post that is entirely too long and asks for advice without offering anything of value in return other than a simple "thank you", I'd appreciate it!

I am a captive and more importantly I feel like one. I've been reading here since June when I decided to toss the handcuff keys to a large mutual. I initially thought I would hate this field but I needed to put food on the table and knew I would like the freedom that they kept mentioning was offered. In an odd turn of events, I love the field and hate the lack of freedom in captivity.

Now I turn to you for some advice. I tried to incorporate their sales training but it just seemed inefficient and inappropriate. Talk to strangers at the coffee shop/grocery store/etc and ask if they have an agent? Create the need ? Mass message strangers on LinkedIn? Ask all your facebook friends for appointments?

After two months of this and no sales I finally heard something that was sensible. One of the partners was filling in as a speaker in training and said, "Think what would work on you and do that." So I went through all my current insurance agents and tried to recall how they got me. It was simple, I got them. I went online and then called around. I didn't get every quote possible but I got a couple quotes to keep them honest and then I bought from the least pushy salesman who exhibited the most knowledge unless they were out of the ballpark comparatively.

With this in mind I worked on positioning myself in every way possible to be found by the ones who were searching. This seems to be a method that fits as I'm getting prospects now. I'm closing enough to stay afloat and have some marketing dollars left over. However, I'm losing an enormous amount of potential business with life because either I don't offer the product (No term over 20 yrs or under 100k) or they find it significantly cheaper elsewhere. The company's approach to overcoming these objections sound great in theory but just haven't been practical, "Sell the financial strength of the company", "Sell them a small WL policy with a 30 year term rider".

I want to focus primarily on long term care. I like educating people on it, I find it invaluable, and I see opportunity there. I don't expect I'll be able to do only LTC for awhile so I need to fill in the gaps with life. Since training hasn't been great, name recognition hasn't been helpful, and they don't offer leads - the only reason I am staying is I'm worried I don't have enough in the bank to make the transition to independent and there is possibly some value in staying with this large mutual that I am too short sighted to see.

Given this information I would like to hear the opinions of some people who are more knowledgeable and can see the things I may be overlooking. Should I stay, go, or some other option I haven't considered ?

 

[Mr_Ed]

To read a post that is entirely too long and asks for advice without offering anything of value in return other than a simple "thank you", I'd appreciate it!

I am a captive and more importantly I feel like one. I've been reading here since June when I decided to toss the handcuff keys to a large mutual. I initially thought I would hate this field but I needed to put food on the table and knew I would like the freedom that they kept mentioning was offered. In an odd turn of events, I love the field and hate the lack of freedom in captivity.

Now I turn to you for some advice. I tried to incorporate their sales training but it just seemed inefficient and inappropriate. Talk to strangers at the coffee shop/grocery store/etc and ask if they have an agent? Create the need ? Mass message strangers on LinkedIn? Ask all your facebook friends for appointments?

After two months of this and no sales I finally heard something that was sensible. One of the partners was filling in as a speaker in training and said, "Think what would work on you and do that." So I went through all my current insurance agents and tried to recall how they got me. It was simple, I got them. I went online and then called around. I didn't get every quote possible but I got a couple quotes to keep them honest and then I bought from the least pushy salesman who exhibited the most knowledge unless they were out of the ballpark comparatively.

With this in mind I worked on positioning myself in every way possible to be found by the ones who were searching. This seems to be a method that fits as I'm getting prospects now. I'm closing enough to stay afloat and have some marketing dollars left over. However, I'm losing an enormous amount of potential business with life because either I don't offer the product (No term over 20 yrs or under 100k) or they find it significantly cheaper elsewhere. The company's approach to overcoming these objections sound great in theory but just haven't been practical, "Sell the financial strength of the company", "Sell them a small WL policy with a 30 year term rider".

I want to focus primarily on long term care. I like educating people on it, I find it invaluable, and I see opportunity there. I don't expect I'll be able to do only LTC for awhile so I need to fill in the gaps with life. Since training hasn't been great, name recognition hasn't been helpful, and they don't offer leads - the only reason I am staying is I'm worried I don't have enough in the bank to make the transition to independent and there is possibly some value in staying with this large mutual that I am too short sighted to see.

Given this information I would like to hear the opinions of some people who are more knowledgeable and can see the things I may be overlooking. Should I stay, go, or some other option I haven't considered ?

why do you want to focus on LTCi?
which large mutual company are you with right now?
have you sold any LTCi yet?

 

[EdmondDantes]

why do you want to focus on LTCi?

I believe the lack of awareness of the effects of not having it aren't really understood by the majority. I am watching relatives of mine who have been conservative, insured on more fronts than most, and their life savings are in jeopardy because they never realized this was out there. I also feel many of the established agents lack conviction in this area due to not fully understanding the product and are skeptical of it due to price increases and regulation changes. So, a combination of opportunity and personal exposure.

which large mutual company are you with right now?

NYL

have you sold any LTCi yet?
Yes but only recently. I don't like selling anything until I have a firm grasp of the product and it's place. So, I am just beginning to chase it.

 

[Mr_Ed]

why do you want to focus on LTCi?

I believe the lack of awareness of the effects of not having it aren't really understood by the majority. I am watching relatives of mine who have been conservative, insured on more fronts than most, and their life savings are in jeopardy because they never realized this was out there. I also feel many of the established agents lack conviction in this area due to not fully understanding the product and are skeptical of it due to price increases and regulation changes. So, a combination of opportunity and personal exposure.

which large mutual company are you with right now?

NYL

have you sold any LTCi yet?
Yes but only recently. I don't like selling anything until I have a firm grasp of the product and it's place. So, I am just beginning to chase it.

if I had to be a mutual captive and I wanted to sell LTCi, I'd be a captive with Mutual of Omaha or Mass Mutual.

LTCi is not an easy thing to sell or learn to sell.

The sales process is long.
The underwritiing is long.

It's not a product for someone to focus on if they are living paycheck to paycheck.

 

[EdmondDantes]

Appreciate the advice. And I expect a long process as it's something most aren't informed of, this is why I'm "filling" the gaps with life insurance and fighting with being overpriced there, which brought me here to ask for the advice.

 

[Mr_Ed]

Appreciate the advice. And I expect a long process as it's something most aren't informed of, this is why I'm "filling" the gaps with life insurance and fighting with being overpriced there, which brought me here to ask for the advice.

the only way i'd ever work for a captive agency would be if they were giving me a big base salary OR they were giving me a ton of leads.

I hope they are giving you some kind of base pay.

If they are not, leave tomorrow.

 

[EdmondDantes]

Thanks - I guess that answers everything lol.

No leads, no salary. However, they do provide a training allowance which they match 80% of FYC. This last for three years and the maxes out a lower amount each year for a total of around 70k. (up to 30k year one, 27k year two, etc).

I really do appreciate the time and advice. Thanks again.

 

[billberry12]

But if you don't produce commissions and generate your own leads to get those sales, the 80% training allowance doesn't mean anything. They are telling you that if you can figure out how to make it in this business as a new agent with no help and no training, they will give you a bonus. What are the odds of that happening?

I'm with Scott with his advice. Leave tomorrow and get a real job.

 

[ltcadviser]

why do you want to focus on LTCi?

I believe the lack of awareness of the effects of not having it aren't really understood by the majority. I am watching relatives of mine who have been conservative, insured on more fronts than most, and their life savings are in jeopardy because they never realized this was out there. I also feel many of the established agents lack conviction in this area due to not fully understanding the product and are skeptical of it due to price increases and regulation changes. So, a combination of opportunity and personal exposure.

which large mutual company are you with right now?

NYL

have you sold any LTCi yet?
Yes but only recently. I don't like selling anything until I have a firm grasp of the product and it's place. So, I am just beginning to chase it.

Nyl has a very good policy for a lot of circumstances. I just referred a nyl agent 2 applicants today after I sourced all policies for them and found NYL to meet their objectives the best. The policy has no claims offset language; unisex rates --for another month or two; 10 year benefit periods, and 5% compound is reasonably priced. If you need help understanding its strengths give me a call.

 

[EdmondDantes]

Thanks for all input. This forum is such a good resource.

billberry: You're right, I didn't realize this walking into it. I was actually under the impression that leads would be sent to us, but they have some secret distribution method of their leads.

Jack: I've spoken with you prior to attempting to sell our LTC as I wanted a neutral party to give me an opinion to make certain I wasn't misleading the consumer.

That talked helped ease my mind about the quality of our LTC and maybe added a little fuel to the fire to make me wonder if staying captive and pursuing this market would be feasible.

I was hoping you would chime in as this is a bit of an extension to that conversation. However, I was trying to be vague about who I was / company worked for in the post in case I decided to stick with them but Scott called me out on the company right away