I start with MassMutual in one week and need to write 5 policies and 2500 worth of commission until i start to receive my subsidy and benefits, and they give me 90 days to do it.
My goal is to do this in one month (500 calls a week), what do you think, is this do-able?
I'll be selling Life/DI/Annuities/LTC, any advice on which to focus on first just to crack this 5 policy ceiling?
I've been referencing this forum for about 2 months now so I'm just looking for honest feedback.
Pick something you feel comfortable with and go for it. Unless you have a real passion for them, I'd avoid DI and LTC, simply because these tend to be longer cycle time sales.
Between life and annuities, life is probably the easier sale. With life though, you'll have the underwriting side to deal with, which might make the 30 day part difficult (not impossible) since I always figure at least 30 days to issue an underwritten life plan. I've had them done in 4 days many times.
One of the tricks in this trade is to not worry about other people and what they want you to do. Find your own niche, your own passion, and run full speed ahead. Stop once a week for a few minutes, make sure you are still running the right direction, and go again.
Since MMFG doesn't sell heath insurance I was also thinking about networking with some health agents and working with small businesses on joint work, they handle the health side and I handle the rest.
After all, health is a great lead-in right? We'll each make appointments and pull eachother in. Half the work, twice the sales. Am I on to something here or what?
Call small businesses. Sell key man and review UL policies for replacement.
Word.
Mass has great business products, much like NML and NYL. With the major mutuals, that is the market to work.
Look hard at the HECV plans if they still have them. These plans are very attractive to business owners who need key person/deferred comp/split dollar/buy-sell and so on. They guaranteed 90% CV to premium at end of first year and pay like 12.5% level over 5 years instead of the upfront 60% first year. It makes a nice trail income.
If you are going with Mass, learn "advanced" markets and team up with an experience and successful agent at Mass to do joint work. You'll have to share commission, but you will get sales.
Hell, I'm not trying to take the easy way out or anything here, but I know the first handful of policies I sold were to family members. Is that an option for you?
Swift, you sound like a pretty sharp guy....I'd like to give you a little feedback after having spent my first 5 1/2 years out of college with one of the "major mutual's" and being EXACTLY where you were a little over five years ago.
If you get nothing else from the feedback you've gotten on this post, focus on this one statement in your beginning months/year. The lifeblood of your business is favorable introductions! I've been privileged in my young career to get some coaching from a couple industry legends and Swift they all agree this is one of the major determining factors to a successful career early on as well as staying successful. So many agents focus too much on cold-calling, and purchasing leads early in their careers....These routes can work, but your time will be MUCH more well spent making calls to people you have been referred to and who have a level of trust in the person who referred you to them. I could go on all day about the benefits of a lasor focus on this one idea. When I began the business I decided to stay in the town my college was located in once graduating...I didn't know a soul outside of my college friends but with a great deal of hard work and dedication (which is obviously another important factor) and focusing on being the best prospecting machine I could be, I was able to write over 120 individual life insurance policies in my first 12 months. I do not say that to boast whatsoever, it is just a testimate to the power of building your network through good quality referrals. If I were you I would completely ignore that 5 lives goal that has been set in front of you. I've seen college interns with the personality of a wall write three times that many lives in three months while going to college full-time. Bill Cates is a master of the art of referral based business. Look him up and buy one of his videos, books, or audiotapes.
My other piece of advice for you as you get started is to simply focus on selling life insurance in your first year and understanding the product inside and out. Don't try to be the "jack of all trades master of none" in the beginning. You need to learn this business, and if you can't sell life insurance you won't be in it for long. Also, people in your age bracket in their 20's and 30's should be your focus, BUT they must have a need for life insurance!!! It will be an utter waste of your time trying to sell young single guys and gals on why they needs life insurance...again....you can do it, and they do need it, but a good rule of thumb for the life insurance business is "If you don't love someone or owe someone you don't need the stuff". Focus on young couples because whether it's their spouse or a young child they will buy coverage based on the desire to make the unselfish decision to protect someone else they care about.
Keep us posted my man on how things take off for you......and don't leave a single meeting without getting at least 3 prospects!
I don't know about the others on this board, but it takes me longer than an hour to plan the people to call/walk. Also, if you're going to have a day like that, you might as well have a 20 minute lunch in between to keep your energy high for your prospects.
May I suggest that you not forgo eating. Although I assume that you have breakfast before starting your schedule at 9AM, Skipping lunch not making any time for dinner until after 9PM can be harmful to your health!!!
Some thoughts from eighteen years in the business...
CFP83 gave you some excellent advice.
Your "schedule" tells me that you don't have a good handle yet on what it will take to be successful in the Mass Mutual game.
Hard work and "want-to", while necessary - are not sufficient. You've got to be doing the right activity! There's a reason that the failure rate is 90%+ in this business.
The type of client they target isn't found by phone cold calling and walking and talking!
Originally Posted by Swift685
No Lunch - Lunch is for wimps unless I'm doing a lunch and learn!
You better re-think this.
Taking someone to lunch that can help you see people on a favorable basis is the most important activity you can have. One or two lunches are more valuable than six months of cold calling or walking and talking!
Northwestern Mutual used to collect breakfast and lunch receipts to measure a new agent's activity (don't know if they still do).
Forget the "cold" activity. It hasn't worked for tens of thousands of new agents, and you're no different.
Spend your time working with people who can help you see people warm. That's what it's gonna take for you not to become another statistic.
Good luck.
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[COLOR=blue]Don't steal - the government hates competition.[/COLOR]
MY FAST START: First 5 and 2500
unless I'm doing a lunch and learn!
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