Community Chat

[NativeJax]

I am in the process of job searching and recently obtained my insurance license. I do not have any college and thought any specialized licenses would help me, which I feel is helping get interviews scheduled. The problem is most companies do not offer any salary. I have 20 years sales experience and only 1 year experience where I was full commission. I did well but at the time my son was only 7 and I was fearful of no base income and went to a company with a more stable income. I just wonder how hard it is to sell life insurance? I believe it's a good product but also know slot of people wait till it's too late sometimes to get insurance. I am hopeful though that I can work for a good company with great training and at least a salary or draw.

[lolakimono]

@NativeJax

This is an interesting read RE cancellations-

http://www.bankrate.com/finance/insurance/life-insurance-agent-make-1.aspx

[NativeJax]

@lolakimono!

Great read:-) I do think insurance is a good investment and I know it will take sometime to build clients.

[sweetee2]

                                      When my husband and I were first married we bought a life                       insurance policy. It wasn't much but our thoughts were that it could pay                     for our funeral.  We cash in a few years ago because we can pay for our                      own now, but  if you can afford it it's a good idea. I'm would be enter-esed to know if the younger generation even thinks that way.

[Mary Bailey]

My Dad made a great living selling life insurance.  That was many, many years ago. He was retired about 15 years. It was a lot of hours, office in the morning, appointments at night.  He send out birthday cards, retirement cards etc.  

I don't know how it is now.

He belived in whole life insurance.  We all have it.  Mom was left quite a lot of money, when he passed away. 

[nomless]

IMO, life insurance isn't something one believes in or doesn't believe in.  It's not a matter of faith.  Instead, it's something and individual needs (because others are dependent on that individual's income) or doesn't need.  It's simply a product that my right or might not fill a need.  

Good luck to you as you pursue your new career.

[mima]

Yes, I believe in it.  It seems those that believe in it already have it and it's hard to sell to those that either don't want it or feel they can't afford it.  

I have something to throw out there though.  Our life insurance salesman is trying to get us to cancel our policy.  It is $115 per month total for both of us and we have $150,000 each.  It is a very old policy.  We are ages 60 and 61.  Even if we live to be 100 years old (40 more years), the policy will cost us way less than what we one of us will get back if we keep the policy.  You can do the math.  Wouldn't it be dumb to cancel?  It's kind of like a savings account.  I know that is rude to put it that way, but it is sort of like money in the bank (for someone). I think that is why they are trying to get us to cancel it while we are still alive!  LOL  The salesman said with term, you usually drop it later.  

My husband is diabetic, has high blood pressure and high cholesterol and does not take proper care of himself no matter how much I harp.  We got the insurance when we were young and his health wasn't bad.

Wouldn't it be smarter to keep the insurance?

[Mary Bailey]

@mima  Is your insurance policy "paid up"? meaning you wouldn't owe premiums, but you would get a paid "death benefit" when the time comes. 

My Mom had 2 policies that are paid up.  I still have check to see if any of our policies are paid up.

[Mominohio]

One of the first things you will need to get a good grasp on if selling life insurance, is that different people have different needs, but most everyone can find life insurance beneficial, and for most people it is crucial at certain points in their lives, to be adequately insured.

The problem I have found with many agents is that they don't understand what types and how much an individual needs at various stages of their lives. It does vary greatly depending on what stage of life you are in, your financial obligations, how many people are dependent on your income, projected health issues etc.

Many people claim to find no value in life insurance, and for some, there may not be any, if they have no one depending on their financial support or physical care and have sufficient funds for end of life arrangements. But most people do have others dependent on them at most stages of life, and do have need of the product you will be selling.

The commission only route in any field is not an easy  one, especially at the beginning. But I do know a number of insurance agents who make a very good living. They seem to understand the world of finance in general and do more with investing etc. is my guess, than just living 'paycheck to paychek' from their commissions, though.

[mima]

@Mary Bailey  No, we would pay premiums til we die.  Over time we have paid a bunch, but if we cancel now I think that would be dumb.  I think that is why they are trying to get us to cancel.  I think it is strange.  Why would an agent try to get someone to cancel now?