Selling Life Insurance from Home, Who to Use

Labman · 06-23-2009, 08:24 PM

I currently focus on individual health and group health through a local GA. It's a small office and very busy. I would like to venture out into the life insurance arena, where I can get quotes at home,have some support on apps, parameds etc.to supplement my health business. Here are my questions:

1. Can I do this as an individual from home?

2. If so, who are some "REPUTABLE" companies, with good rates I should look into?

Thanks!

Gulliver · 06-24-2009, 11:36 AM

Yes you can do this from home.

The companies that have worked good in the past are as follows:

Genworth
West Coast
Banner
Prudential
RBC
United of Omaha

And most of the others. With term you will need to focus on price. Price is the rule because term is considered a commodity.

Get licensed in serveral states via www.nipr.com and use a web based paramed that your GA recommends. EMSI works OK.

Good Luck:

Gulliver

Dave020 · 06-24-2009, 12:05 PM

www.brokersalliance.com

voliosclark · 06-24-2009, 04:40 PM

What line are you specifically targeting: Perm Coverage or Term?
If you're looking at term, I would reccomend Compulife as a quote engine. You can download a free trial version for 60 days from their website (compulife.com) and pay a minimal annual fee for full access after the trial.

As far as where to actually place business, you will probably get a far better commission deal if you contract through an IMO, FMO, etc... A direct carrier relationship may only give you "street" comp to start with premium requirements to make more.
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Also, a contract with an IMO will also give you support on apps, exams, etc...

Labman · 06-24-2009, 05:26 PM

I'd like to be able to quote term and permanent insuarance. If I use Comulife to get quotes how does that work? Will give guotes through various companies that I sign up with? Excuse my ignorance but this is something I just started thinking about and don't really have a clue where to begin. Thanks for the replies!

voliosclark · 06-24-2009, 05:30 PM

Compulife will actually quote term numbers for almost every carrier regardless of your contracting status. Carriers pay them to be part of their service, so pretty much every provider will be there. They also have a GUL calculator that will give you no lapse premiums for GUL products. You don't have to be contracted with a carrier to see their premiums.

It's a very effective tool - I use it daily.

Labman · 06-24-2009, 06:10 PM

Wow, that is pretty awesome, I'll check it out. Thanks!

ims01 · 06-25-2009, 08:36 AM

There are some IMO's that specialize is selling over the phone. They should have all the tools, support, products and training that you need.

Marker77 · 06-25-2009, 12:24 PM

Some of the things you should look for or need:

An IMO that specializes selling Life over the phone
Training (It is different selling over the phone than face to face)
Web Based Program- Populate leads, keep track of your calls, follow UW, paperless apps. & more
Discount Exclusive & Shared Leads
The obvious- 800 number and EFax
Support with UW & Follow-up
All the main carriers with annualization & under 1 roof

There is more but one point I believe will also help you- It is easy to write 1-3 cases a day but if you don't have the back office support that will include underwriting & follow-up, it will be hard to place a good portion of the business. Make sure you join an IMO that has that in place.

A web based life program will save you a ton of time and give you the ability to be much more productive. Treat it like a business and you will do very well!

I hope that helps!

Labman · 06-26-2009, 07:25 AM

Thanks fellas. I went to Brokers Alliance and just played around a bit. It surprised me to see that in order to sell for Principal one has to have been in the biz for three years. Is this the norm for most companies?

TRK3031962 · 06-27-2009, 12:03 PM

Originally Posted by Labman

Thanks fellas. I went to Brokers Alliance and just played around a bit. It surprised me to see that in order to sell for Principal one has to have been in the biz for three years. Is this the norm for most companies?

Nope, not normal at all. You may want to also check out NGFGLLC.com and then give me a call if you like. I can get you pretty high contracts if that's the sort of thing you're looking for.

Dave020 · 06-27-2009, 12:13 PM

I believe that is the requirement of the carrier, not the GA.

Chkndinner14 · 06-29-2009, 09:42 AM

Originally Posted by Marker77

All the main carriers with annualization & under 1 roof

Are their life companies that annualize, or is that something the IMO is doing? I was under the impression that indy life sales were paid "as earned".

R. Paul Aguirre · 06-29-2009, 01:42 PM

Originally Posted by Chkndinner14

Are their life companies that annualize, or is that something the IMO is doing? I was under the impression that indy life sales were paid "as earned".

There are several carriers that annualize commissions however the GA or IMO will be held accountable if the agent receives a charge back and does not pay it. So it helps to have a good relationship with your GA/IMO. We have some agents that we will not allow to annualize and some that we do.

SalemInsuranceGuy · 06-29-2009, 02:00 PM

Originally Posted by Gulliver

Yes you can do this from home.

The companies that have worked good in the past are as follows:

Genworth
West Coast
Banner
Prudential
RBC
United of Omaha

And most of the others. With term you will need to focus on price. Price is the rule because term is considered a commodity.

Get licensed in serveral states via www.nipr.com and use a web based paramed that your GA recommends. EMSI works OK.

Good Luck:

Gulliver

I think it's only focused on price if the agent makes it focused on price. I tend to focus on getting them a fair price with as little hassle as possible. I find a lot of people don't mind paying a higher price to get a non med policy. Many of the people have higher weight, take blood and cholesterol meds, depression, etc. They just want something without an exam. Also some people don't like needles or just want a quick issue without waiting around 1 to 3 months. Of course always give the client the choice and don't assume. So I'd also add some non med companies to the mix like Fidelity, Liberty/RBC, and Assurity. ING is a good one to add on the term side also, and even AIG.
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Originally Posted by Marker77

Some of the things you should look for or need:
An IMO that specializes selling Life over the phone

Training (It is different selling over the phone than face to face)

Web Based Program- Populate leads, keep track of your calls, follow UW, paperless apps. & more

Discount Exclusive & Shared Leads

The obvious- 800 number and EFax

Support with UW & Follow-up

All the main carriers with annualization & under 1 roof

There is more but one point I believe will also help you- It is easy to write 1-3 cases a day but if you don't have the back office support that will include underwriting & follow-up, it will be hard to place a good portion of the business. Make sure you join an IMO that has that in place.

A web based life program will save you a ton of time and give you the ability to be much more productive. Treat it like a business and you will do very well!

I hope that helps!

Makes sense to me Mark. It's not always about the highest commission, it's about the whole process.

Sell Life Ins in ur PJs · 06-30-2009, 09:30 AM

I only sell over the phone, I have already placed over $80K in premium this year and we are only through the first 6 months! I write
ING, WCL, PRU, TRANS, RBC, GENWORTH, AM GEN, Fidelity, Assurity Etc. Etc.

If you want to learn to sell life insurance in your PJ's email me @ osjllc@gmail.com

TNAgent · 07-08-2009, 01:15 PM

I am just getting into the BIZ, but I know 2 agent friends of mine that both operate out of their homes. 1 started with Liberty National and worked there for 3 years, the other just started out on his own. The first says go work for a company and learn the ropes, and then go out on your own... the second says just start off on your own and make more money.

In my research (tell me if I am wrong) those who cannot manage their time well and are not disciplined should probably go to work for someone and have them over you... and those who may be more entrepreneurial and do not need fire under their butts to perform and wont be wrestling everyday with the couch and tv or the pc and the leads... they could be better off on their own?

Is that a pretty good summation?

insuranceexec · 08-01-2009, 01:22 AM

Originally Posted by janice

Individual health insurance is available in many states to individuals and families who either do not have access to an employer sponsored plan, prefer to have their own plan with the individual carrier of their choice, or for those who wish to supplement the employer sponsored plan of a spouse for example to broaden the coverage for themselves or their dependents.

You can see some credible insurance companies by the reviews which their clients had made or base on your own experience in this field

How does this post fit into the conversation?

Are you actually trying to show us how _ _ _ _ _ _ you are?

scotty · 08-01-2009, 04:43 PM

Depends on what your selling, Whole, term, UL?

mousidd · 10-16-2009, 07:17 PM

Originally Posted by TNAgent

I am just getting into the BIZ, but I know 2 agent friends of mine that both operate out of their homes. 1 started with Liberty National and worked there for 3 years, the other just started out on his own. The first says go work for a company and learn the ropes, and then go out on your own... the second says just start off on your own and make more money.

In my research (tell me if I am wrong) those who cannot manage their time well and are not disciplined should probably go to work for someone and have them over you... and those who may be more entrepreneurial and do not need fire under their butts to perform and wont be wrestling everyday with the couch and tv or the pc and the leads... they could be better off on their own?

Is that a pretty good summation?

I totally agree. Otherwise there isn't much of a difference except the fact that you'll be your own boss and make the big bucks for yourself.