Insurance Agent Forum

[elitensupreme]

Hello,
Hi everyone my name is Ty. I am here because I want to make yet another career move. I have a ton of sales experience. I have sold just about everything and currently I am selling cars. I have bounced around from job to job because I always feel like the grass is greener. Now I finally realize that I just don't enjoy working for other people. So I decided to start my own biz. After a ton of consideration I decided I want to sale insurance because it allows me to use my skills and there is no product I have to keep in stock. Nothing I have to buy up front and then sale. So now im here looking to do a little more research.

My idea is to use my home office to set up appointments and run everything through my social security number. This way I can keep overhead as low as possible. I will set up a website and office line as well as a P.O. Box. This would make me accessable to the public. To generate my own leads I figured I could use some of these websites like insure me etc... I was thinking of offering as many types of insurance as possible that way I can see more people. (Home, Auto, Boat, Health & Life) And ultamitly make more money.

As far as pay goes. I know if I sign some one up for a 12 month policy and they cancel 3 months in I owe money to the company right? So when I sign someone up could I let the insurance company deposit the comission into an account divide the total account balance by 12 and withdraw that amount each month as my income? I don't have any knowledge of residuals or when they start kicking in. I also don't really know how these contracts work or how much commission to expect? If some one is going to pay out 1200 bucks on a one year policy do I get 15%? 20%? Anything you can tell me about pay would be great.

I have no idea how to contact insurance companies so that I can write policy's for them. Will they contact me after I get licensed?I have not got licensed yet because I want to make sure I will be successfull by doing some research first. I know the best thing I can do is talk to you guys because you have already been where I am. Please tell me as much as you can, Where should I go from here? If I do the things I have talked about will I be set up for sucess? If anyone is willing to help me I am willing to talk on here on the phone or even in person.

P.S. I am in Central Illinois

[elitensupreme]

12 Views no responces...What can I do to get you guys to help me?

[David C]

I'll address a few of your questions.

With life insurance the commission rate varies greatly, from company to company, and product to product. Term 20 (twenty years) a decent commission is 80% of the first years premium, you may get up to 100+% with some companies. Renewals don't exist much anymore on term life, some companies still pay it, like Illinois Mutual at 5%. Whole life commissions are all over the board also, but they pay renewals, maybe 15% years 2-3, 7.5% years 4-6, and 5% thereafter.

It's a great business, but it's not get rich quick. I've heard it said many times that it's get rich slow.

I'd suggest getting your license while you're still selling cars. Get appointed to sell life insurance, start there, get your feet wet, and see if you like it.

Who to get licensed with? Illinois Mutual is in your back yard.

If you have specific questions you may email me at insuranceoffice@bellsouth.net.

[HomeService]

"I know if I sign some one up for a 12 month policy and they cancel 3 months in I owe money to the company right?"

Wrong. You can get an "as earned" contract with most life and health companies. Then if the commission is 50%, and you sell $100 a month premium, you will receive a check for $50 every month from the insurance co. For example.

[GIRLINBIZ]

Be prepared financially, emotionally and mentally for a tough first year.

[myinsurebiz]

I would sell cars 4 days a week and write Medicare Advantage 2 days a week until you get going. You can get preset appointments, begin the certification process and earn $100 to $200 on MA's. This is the entry level where you go out with another agent and you earn entry level commissions. 8 appointments a day - close 4 - make some decent cash while learning the ropes.

Or get certified, go it alone and knock down much more.

Although I am new to insurance as well, we are building an aggressive team and would welcome you with open arms on an independent basis. You can have a pre-nup so the sky is truly your limit . . .

We'll have agents appointed / certified in all areas. If our clients want a pink elephant - we'll find them a pink elephant.

Any questions - don't hesitate to call.

Tom