Is it financially rewarding to be an insurance agent?

[cants]

Need your thoughts guys!

Definitely not my fastlane vehicle, just planning to do it to raise more money for my fastlane business. I suck at programming so I need money to hire programmers to execute my idea.

I'm pretty good at getting leads online and I currently do it for a real estate company. It gives me decent income every month (decent, at least in my country) so I'm wondering what if i get insurance leads and use it myself instead of selling it to an insurance company.

You need to attend a 2 week seminar/class in order to become a licensed broker so It's not really a big deal for me since I have time during evenings.

Would appreciate any advice especially, I hope there are insurance agents here

Thanks!!!

 

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[Kak]

Well sure you can make money at it, but it is a job, not a business. If the plan is temporary its fine!

 

[treinjapan]

I was working with an agent in Los Angeles for a really great insurance company. It's possible to make tremendous amounts of money, but it also took a good year to get the clientele to support himself. In my first year, I brought in about $30K worth of sales, and the agent probably got to keep a nice chunk of that in yearly renewals. Don't work with a shady insurance company if you're just doing it for the money. Always do what's best for the customer; you'll be able to sleep well at night knowing you're really helping people, and your customer base will automatically grow when people see that your service is really quality. The world doesn't need more dishonest insurance people.

 

[DealMaker]

I have been licensed for over 10 years. and I was an active insurance for several years... I did very well, although not Fastlane, it can be a rewarding career financially.

What lines of insurance are you considering?

One of the best things about the insurance business is many products will pay lifetime renewal commissions. I'm not currently an active agent, but I make several hundred dollars each month in renewals from policies I sold years ago.

One of the big things to be mindful of is being careful what companies you get appointed with. If you're able to generate your own leads, you may consider going the independent route and contracting through a marketing company that provides training on products and/or direct to carriers that allow it. Generally, you'll be looking at a much better commission than going with a captive agent that requires you to only sell their products. Going captive also limits the options you can give you clients... in some cases, I personally feel like being captive is a bit unethical, and generally the agency owns your book of business... you leave, and you quit getting paid. Not good.

Lots of others advice/tips I can give you regarding carriers, negotiating commission contracts, leads, the sales process, getting E&O, recruiting sub-agents, etc once you let us know what lines you are looking at...

Also, you do not HAVE to go to a two week class to get licensed in most US states... Makes me wonder if you're looking at a captive opportunity if they are telling you this as most captive agencies put people through crash courses, get them licensed fast, get them to sell their friends and family while paying subpar commissions, then bill them for training when they leave the agency and keep all their renewals...

 

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