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Anybody ever sell insurance?

Discussion in 'General Entrepreneur Discussion' started by thinkandgrowrich, Jan 30, 2017.

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  1. thinkandgrowrich
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    thinkandgrowrich Bronze Contributor Speedway Pass

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    I was thinking about selling life insurance on the side as way to earn some extra income, but more importantly I feel that a lot of the skills and experiences can transfer to my fastlane/business venture.

    Any advice or thoughts?

    I don't wanna waste my time lol, I'd appreciate any input
     
  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Lemme guess.. Primerica?
     
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  3. thinkandgrowrich
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    thinkandgrowrich Bronze Contributor Speedway Pass

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    Nah, its another one lol.

    I'm just looking for a part-time job that can earn me some extra income and something where I could transfer the skills that I use towards my fastlane/business venture.

    I have no idea where to go on this one.
     
  4. G-Man
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    G-Man Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I have some friends that sell life insurance. From what I can observe, it would only be fastlane if you also did murder for hire :clench:

    If you just need it for a while to get some extra money, then, it is what it is. We've all had to do shit in the short term.
     
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    jlwilliams Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Symmetry?
     
  6. 458
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    458 Platinum Contributor Read Millionaire Fastlane Speedway Pass

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    Brah, come on. Seriously, come on.
     
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  7. Dark Water
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    Dark Water Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    I have my property and casualty license in about 18 states right now from when I used to sell home and auto insurance. This is a great sector to get into to learn sales if you are set up with the right company, with the right technology, and have the motivation. Auto/home insurance is great because technology is up to date, you can sell independently (read: still need to work for an appointed company but for example, you can sell your customer Progressive OR Travelers OR The General depending on their needs and your knowledge of what would be their best fit), and your target market is anyone over 16.

    I was on an auto dialer that would call tons of leads from vendors that other companies also had access to. AKA, I was selling to Harry but Harry was also getting calls from State Farm, Geico, etc. And this is the TRUE determining factor in how well you sell auto/home insurance. Customers have lots of options, and its not always about the best product or lowest price. Really depends how you frame it in the customers mind, paint the picture, etc and now we are getting into basic sales.

    So no, its not a waste of time, but you need to put in the time to get the rewards. Insurance is not quick cash - its actually probably the longest game for a slowlane job you can have. You put in the work up front, get denied, get rejected 100 more times, then eventually get a customer. That customer becomes your book of business. You do a good job, that customer might refer someone to you. That customer you sold to, you set them up with a 12 month policy. If its the correct one and you did your job right and gave the customer what they needed, they might renew it, which means you might get a renewal commission based on your company's pay structure.

    But before you do any of that, you need months of training, you need to know your product inside and out, your competitors, your clients you will be selling to and their culture - for example how will I treat an older couple on the phone where the man clearly has power but I'm talking to the wife, they own a small home in Tennessee, laid back; versus how do I sell to anyone in New Jersey. In regards to auto insurance, people from New Jersey are generally extremely brash and if you aren't confident, know what you're talking about, and prepared to give (some) attitude back you will be walked all over then hung up on. But if you take that same attitude to a chill guy in Colorado you will get hung up on the getgo.

    I think insurance is one of the best industries to learn sales in - but you're looking at 2-3 years hard work to get proficient and making decent money if you already have good people skills to start. I'd highly recommend it. Its no get rich quick scheme and neither is your fastlane so get ready to put in the work for whatever you want to do.
     
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    Why would anyone want to compete with state farm or Geico when they don't have to? There are tons of better margin niches out there with alot less competition.
     
  9. White Wolf
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    If you're going to sell insurance, be a legitimate insurance salesperson for a reputable company. Most, if not all, reputable companies won't hire anyone who doesn't either have an associate's or bachelor's degree in a commercial or mathematical discipline or a proven track record of exceptional success in sales.

    Primerica, World Financial Group, et al. are goofy "multi-level marketing" (pyramid scheme) companies that nobody with any real wealth, experience, or sense has any respect for. Their 'employees' are usually desperate people with no more than a high school education (not that I believe that is a bad thing) who couldn't get a well-paying job anywhere else. Most of them are snake oil salesmen trained to memorize and regurgitate just enough information to convince prospects that they know what they're doing and respond to the standard questions/objections that the average target consumer (low financial education) will put up.

    They'll lure you to their meetings with vague promises of "exciting business opportunities" that allow you to "work for yourself, build a team, and earn passive income". But they won't tell you what the exciting opportunity actually is until they get you into the meeting. They'll get you to pretty yourself up for them with your suit and tie and leather briefcase, as if they're some sort of prestigious firm. You'll sit down in a room full of "aspiring entrepreneurs" and be treated to an hour-long presentation where they explain how you can build a team and earn override from their sales in addition to compensation for your own sales. You'll receive a highly understated and simplified explanation of their products, specifically designed to make them look less complicated than they really are. You'll hear from a few well-dressed and seemingly successful individuals who will sing the company's praises and talk about how their lives were changed. When it's all said and done, the recruiters will pull aside their prospects and try to convince them to sign up right then and there for the license training program (which, when I attended a seminar five years ago, cost $500.00).

    They'll push you to provide them with long lists of any and all potential customers within your social circle, which, as far as they're concerned, will include anyone and everyone - since everyone needs insurance and financial planning - down to your 86 year-old grandmother. If it all goes right, they'll have your $500.00 and a new list of prospects (your friends and family). But since you're not licensed yet, they'll go ahead and call all of your prospects and get the sales for themselves. Then, if you do actually get your license, you'll have nobody left to sell within your own circle and you'll have to go cold-calling and door-to-door. But most people don't even get that far - the $500.00 just gets you the book, access to a series of classes to compliment your studies and prepare you to take the exam, and an opportunity to sit for the exam once you've completed the classes. Most people realize at some point along the way that it's not that easy to internalize the concepts and pass the exam, and they don't have the discipline to spend 2-3 months studying while earning no income. Make no mistake - this is how the company makes the majority of its money, not through sales of its products.

    One of the things that I've learned is that, if you aspire to make any real money out of a business venture, it's very hard to run it "on the side". If you studied full-time, you'd probably be ready to write the exam within a month - if part-time, maybe two or three. You'll realize quite quickly that the average prospect will shut you down brutally, so you'll have to increase the number of cold-calls/sales pitches you make to get anywhere (which will require even more of your time). Building a team takes even more time, since you'll have to manage your team.

    I had a young family friend who was recruited by Primerica and started trying to pitch my relatives on the advice of his recruiter. He had no financial experience - barely even enough money to take the licensing exam - and he was trying to be their financial advisor. I ripped him a new one. Most of the insurance salespeople for MLM companies are just like this.

    Finally, to reiterate what Choate has said, selling insurance is not easy. Insurance and financial products are among the most sensitive products to sell to consumers. Many people won't buy from anyone they don't know and trust very well. There is quite a large base of knowledge required to be even substantially competent at selling insurance products to consumers with any dollars and sense. There is also quite a bit of competition, especially with more and more companies getting into the insurance and finance business.

    That being said, it is possible to earn very good money selling insurance, even for Primerica or a company like it, if you work very hard and don't cut any corners, as is the case with virtually any other business. However, if you don't have a lot of prior experience in sales and prior experience in the insurance/personal finance industries, I wouldn't recommend it.
     
    Last edited: Jan 31, 2017
  10. Dark Water
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    Dark Water Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    Its not hard to compete with them. Some people just arent a good fit for them. If someone was with State Farm for 20 years and had a perfect driving record, I could easily switch them to a more preferree company like Travelers or Hartford, who only take the lowest risk applicants therefore offer the lowest rates.

    But this isnt about insurance - OP wants to learn the ins and outs of sales to apply to his fastlane business and make some money as well. Working sales in a competitive industry like insurance, where there are hundreds of people you can call all day, is what forges you into a strong salesman.

    Theres two problems with better margin niches with less competition. One, they dont forge a strong salesman out of nothing like a highly competitive niche with tons of potential clients. More calls is more practice. Second, better margin niches like pharma sales would be impossible for someone like OP to get into with no sales experience.
     
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  11. jilla82
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    jilla82 Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I would only get into it if you have plans of opening your own agency.

    for example...I know a few guys that worked at a P&C agency for 2 years.
    Once they learned what they wanted to learn...they left and opened up their own agency.

    Unless that is your long term plan...I would just avoid it.

    It can be fastlane if you want to go indie.
    After a few years (of very hard work) you'll have a book of business bringing in $XXX,XXX...hire a few CSR reps, and bring on a producer or two.
    and if youre selling commercial P&C lines the money can be 7 figures and better.

    But its hard work...and not something you can do part time.
     
    Last edited: Feb 1, 2017
  12. jlwilliams
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    jlwilliams Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Like a lot of threads recently, this has taken a tone along the lines of its either "fastlane" or a fool's game.

    If insurance is your vehicle then that's fine. All the advice from the book applies. Figure your angle and work it. On the other hand, that doesn't sound like what the op asked. He asked if selling insurance would teach him skills that he could cross over to his venture. In that context, insurance is no v better or worse than any other product with the HUGE caveat that you need a license to sell it. The time and effort you put into getting that license could be time spent prospecting, qualifying, getting told "no!" and trying again.....If you sell a less regulated product.

    If you want to sell insurance, go for it. If you want the experience of selling then there are other jobs you can take to gain the experience.
     

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