I have been in the insurance biz now for 5 years. My income has been up and down over the years. Even on the "up" side, my income is not even close to what I made working in another career being paid salary and commission. I am sure the learning curve has affected me with my income potential.
There has been a lot to learn as I am a broker that represents several different lines of insurance. I have been more fortunate than others as I do work with my family's firm that has been around for some time.
I like what I do and feel that I can make it if I can just stick with it and keep charging. My networking and referral system is just now starting provide business. But when do you know that you need to cut your losses and move on?
It's a tough question I know and would appreciate any advice.
Last edited by insurehound : 11-15-2008 at 07:13 PM.
I have been in the insurance biz now for 5 years. My income has been up and down over the years. Even on the "up" side, my income is not even close to what I made working in another career being paid salary and commission. I am sure the learning curve has affected me with my income potential.
There has been a lot to learn as I am a broker that represents several different lines of insurance. I have been more fortunate than others as I do work with my family's firm that has been around for some time.
I like what I do and feel that I can make it if I can just stick with it and keep charging. My networking and referral system is just now starting provide business. But when do you know that you need to cut your losses and move on?
It's a tough question I know and would appreciate any advice.
At 211 degrees, water is hot.
At 212 degrees, it boils.
The difference is 1 degree.
Don't give up at 211 degrees. You might not relize that you are just 1 degree away from boiling.
Have you ever thought about the failures of A
Braham Lincoln? YEARFAILURES or SETBACKSSUCCESSES 1832 Lost job Defeated for state legislatureElected company captain of Illinois militia in Black Hawk War 1833Failed in business Appointed postmaster of New Salem, Illinois
Appointed deputy surveyor of Sangamon County 1834 Elected to Illinois state legislature 1835 Sweetheart died 1836Had nervous breakdownRe-elected to Illinois state legislature (running first in his district)
Received license to practice law in Illinois state courts 1837 Led Whig delegation in moving Illinois state capital from Vandalia to Springfield
Became law partner of John T. Stuart 1838Defeated for SpeakerNominated for Illinois House Speaker by Whig caucus
Re-elected to Illinois House (running first in his district)
Served as Whig floor leader 1839 Chosen presidential elector by first Whig convention
Admitted to practice law in U.S. Circuit Court 1840 Argues first case before Illinois Supreme Court
Re-elected to Illinois state legislature 1841 Established new law practice with Stephen T. Logan 1842 Admitted to practice law in U.S. District Court 1843Defeated for nomination for Congress 1844 Established own law practice with William H. Herndon as junior partner 1846 Elected to Congress 1848Lost renomination (Chose not to run for Congress, abiding by rule of rotation among Whigs.) 1849Rejected for land officer Admitted to practice law in U.S. Supreme Court
Declined appointment as secretary and then as governor of Oregon Territory 1854Defeated for U.S. Senate Elected to Illinois state legislature (but declined seat to run for U.S. Senate) 1856Defeated for nomination for Vice President 1858Again defeated for U.S. Senate 1860 Elected President
My point is don't give up. You may just need to come up with a new game plan.
There are tons of successful agents out there. Just find them and learn from them and copy what they are doing.
We all have bad years, and times when we want to give up. I'm telling you to get back in the game and don't give up. You may just need to change how you are selling insurance and come up with a new gameplan.
I would like to talk with you and let's see if I can help you. There was tons of times that I thought about giving up, but I'm glad that I didn't. I love what I do and I would not do anything else in the world. I get paid to help people.
------------------------------------
Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
Email me for my Free Prospecting MP3 Tapes.
Last edited by Markingriffin : 11-15-2008 at 07:55 PM.
From time to time I run into ex ins. agents I started in the business with back in 2001. All of these guys have floated from job to job that they hate working barely making ends meet. I glad I stuck it out I'm now making more money in renewals each month than these guys slaving 40 to 60 hrs. a week with no job security.
I guess what I'm looking for is how long it has taken many of you to "hit your stride". Some say the 5 year mark, 3 year mark, 8 year mark, etc. I know we're all different and progress differently but it's nice to hear what the number is from your experience.
One of the nice things about a forum is that we have some anonymity so that hopefully the "BS" factor is kept to a minimum.
When I have asked this to the few agents I know, I always seem to get unrealistic time lines that I know to be false.
I.e. don't tell me you're making good money in one year when you drive a beat up 1992 Chevy Malibu and are living with your folks on a permanent basis.
[quote=Markingriffin;114148]
I would like to talk with you and let's see if I can help you. There was tons of times that I thought about giving up, but I'm glad that I didn't. I love what I do and I would not do anything else in the world. I get paid to help people.
Mark Rosenthal
Oh boy, here we go.... this place is all about self profit now... shoe, shoe... go away
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Originally Posted by insurehound
I guess what I'm looking for is how long it has taken many of you to "hit your stride". Some say the 5 year mark, 3 year mark, 8 year mark, etc. I know we're all different and progress differently but it's nice to hear what the number is from your experience.
One of the nice things about a forum is that we have some anonymity so that hopefully the "BS" factor is kept to a minimum.
When I have asked this to the few agents I know, I always seem to get unrealistic time lines that I know to be false.
I.e. don't tell me you're making good money in one year when you drive a beat up 1992 Chevy Malibu and are living with your folks on a permanent basis.
It will take 3-4 years of busting your ass with an advanced pay business plan, after you break ot in about 3-4 years go as earned... by the time the renewals run out on the advanced block, and the ones u rolled to another carrier u should have almost doubled the break out income. so now you are at about 4-5 years and if u are a good producer be at about 11K a month. u should have made it by now. if u cant seem to break out or build up a monthly account to 5 k in 3 years, get out.... this aint for u
And wrong buddie... some people on here will puke more BS than a car salesman on a note lote in front of the check cashing joint... they will con u into anything just to get u to sign up with them on something
Oh, i dont live wit my parents..lol
Last edited by Peelerinsurance2 : 11-16-2008 at 01:05 AM.
Reason: Automerged Doublepost
I starting making decent money the year after I gave up on P&C and concentrated on Life & Fixed Index Annuities. I never made much with my securities licenses either, and once I started concentrating on the Senior Market I haven't used my securities licenses much.
Sooo. Years 3, 4, & 5 have been ok to good. This last year which is year 6, I gave up my office, moved it to my home, have concentrated on referral business and servicing existing clients, and have had my best year ever in terms of net income. I made about every marketing blunder you can make, but learned something valuable from each one. I have thought of going captive and/or leaving insurance many times, but a better opportunity never came up that suited me. Now I can't imagine doing anything else.
I work hard this time of year, but many months I barely work and still make a decent living. Perhaps the family agency itself is a drain to you financially? Perhaps going totally independent is an option? Are you splitting commissions with the agency? When I went totally independent, gave up the overhead of the brick & mortar, and concentrated on less expensive marketing and referrals my business blossomed.
Perhaps you are ready for a change, but don't throw away your experience and knowledge. Look for new ways to use them.
------------------------------------
Chuck
If you think your boss is stupid, remember: you wouldn't have a job if he was any smarter.”
I would like to talk with you and let's see if I can help you. There was tons of times that I thought about giving up, but I'm glad that I didn't. I love what I do and I would not do anything else in the world. I get paid to help people.
Mark Rosenthal
Oh boy, here we go.... this place is all about self profit now... shoe, shoe... go away
- - - - - - - - - - - - - - - - - -
It will take 3-4 years of busting your ass with an advanced pay business plan, after you break ot in about 3-4 years go as earned... by the time the renewals run out on the advanced block, and the ones u rolled to another carrier u should have almost doubled the break out income. so now you are at about 4-5 years and if u are a good producer be at about 11K a month. u should have made it by now. if u cant seem to break out or build up a monthly account to 5 k in 3 years, get out.... this aint for u
And wrong buddie... some people on here will puke more BS than a car salesman on a note lote in front of the check cashing joint... they will con u into anything just to get u to sign up with them on something
Oh, i dont live wit my parents..lol
Where do you think a person should be monthly income wise if they go paid as earned from the start, in say 2 years?
Do you have a realistic timeline for the good average Joe? I can't really advise people, because I worked like my pants were on fire from the start.
If you haven't made what you need to make in 5 years one of two things need to happen.
First, you need to find something you are good at and focus on that. Spreading yourself thin will dig a hole that you will never be able to crawl out of.
95% of my income is health. The other 5% comes from selling life, dental, drugs . . .
I focus on health because that is what I know, that is what I have a passion for, and that is where I do my best work. Few can match my abilities in the health business so I really don't have competition.
Not bragging, just fact.
When I get distracted and think I need to write more life or disability or LTCi my income drops.
Life, Health, LTC and Annuities are my primary sources of income.
Wrong.
You don't have a primary source.
Each is a different kind of sale. Each is a different market.
Trying to be effective in all 4 of those markets means you are effective in none of them.
So what is the second thing?
Get out.
If you can't find your passion you need to move on.
Your spread to thin... You need to find something your passonaite about and run with it... let me give you an example.
Like Bob about 95% of my income comes from one niche, mine happends to be Medicare Supps/Advantages.
The people who you find successful in this feild are the people who position themselves as "experts".
Underage health, or medicare, or life insurance, or annuities, or dental, or whatever is too difficult to concentrate on a number of them... pick one and become an expert.
I have a friend here in Ohio who ONLY sells LTC. I tell him all the time, cross sell Medicare products, its easy, he never did and I couldnt understand. I road around with him one day to see how he is closing LTC.
The guy was an expert, by the end of his presentation I WAS READY TO BUY!
When you can say to a client, LTC is all I do ALLDAY EVERYDAY, the client is at ease.
When you say to the client, ok we got you a LTC policy how bout that house we need to protect this house and how bout your car insurance I can beat that rate and how bout dem grandkids lets get some insurance on them and this and that... you loose your expertise.
Bottom line, ANYONE working 40 hours a week at this "job" should be making at least bare minimum $40,000, once renewals pick up and you build a book of business your make some passive income but continue to work your 40 hours... by year 3 or 4 your should be making a substantial income just on your book of business.
Your spread to thin... You need to find something your passonaite about and run with it... let me give you an example.
The best thing I did was quit being a financial advisor (whatever that means) and run like hell with health insurance. With a clear focus, I became an expert in that one area, my business became systemized, and I just had to get out and sell.
You are getting good advice on here. The problem for so many of us is we try to do everything and don't get really good at anything. Find one product and become an expert on it. Commit youself to whatever it takes to become successful. If necessary work Saturday mornings, make an extra 10 calls per week, etc. You know what it is you need to to. Maybe for you it is year 6 or year 7. Ben Feldman with NYL was the greatest life insurance salesman of all time but it was not until his fourth (4th) year that he qualified for the MDRT. I think it took John Savage about 9 years to really become successful.
xrac, so how long did it take you to "hit your stride"???
I haven't yet. I am a newby at insurance who has a lot of business experience elsewhere. I have started a couple of other businesses and still own 50% of one.
Trying to be effective in all 4 of those markets means you are effective in none of them.
This is very true, but a difficult rule to follow. If you focus on health, you are still going to be asked to work on projects that you may not really want to add.
Right now, at the height of health insurance season, I have 5 life and 3 DI cases that have just come in the last week and they are all complicated. The Life are within my realm of expertise, but the DI are not, and I'm spending valuable time getting up to speed. These were all client requests, and when I tried to side step on the DI, I got called on it and basically, you do it or else.
However, I agree with you whole heartedly. Focus on one and then do what the client asks. I'm very grateful to have the cases and do appreciate the clients, but I've had a headache for 3 days.
Bill, how long has it taken you to hit your stride? Anyone else that cares to give me their "hit your stride" number?
I've been at this for 5 years. I don't know if I've "hit my stride" seems like I'm constantly striving.
There is literally no end to this job for me now. Its really just gotten this way in the last year, and most likely due to the time that I've put into it, which has a cumulative effect. I put in around 50 - 55 hours per week.
If they make selling health and life insurance unprofitable, I'm going to sell jewelry out of the trunk of my car as a back up plan.
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