Building A Business in a Trillion Dollar Industry

[Liberty09]

Hello there, I'm a 20-years-old college student new to this group. I’m currently majoring in neuroscience, but since I don’t think I wanna be a doctor anymore, I’m considering picking up an accounting major and graduating with 2 degrees (I have a scholarship, so I’m debt free). I am currently a life insurance agent in addition to going to school, and if you didn’t know, the life insurance industry is a trillion dollar industry. However, I’m not exactly sure if it’s the right industry for me.

Do you think building a life insurance agency (that sells life insurance) where we have to recruit people in order to truly build a business follows the CENTS commandments? Btw, in the U.S., most life insurance agencies are formed under a bigger organization called an IMO or FMO that helps agents get contracted with the right company. And what do you think about the life insurance business model? Also, what are your thoughts on getting a degree in accounting as a college student with the plan of building a tax firm that provides tax services and also sells cash value life insurance for its tax-benefits? I’m based in the U.S. btw.

 

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[Anon3x156]

Grade My Business Idea: Business Ideas and Opportunities Rated Fast

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[BizyDad]

Hello there, I'm a 20-years-old college student new to this group. I’m currently majoring in neuroscience, but since I don’t think I wanna be a doctor anymore, I’m considering picking up an accounting major and graduating with 2 degrees (I have a scholarship, so I’m debt free). I am currently a life insurance agent in addition to going to school, and if you didn’t know, the life insurance industry is a trillion dollar industry. However, I’m not exactly sure if it’s the right industry for me.

Do you think building a life insurance agency (that sells life insurance) where we have to recruit people in order to truly build a business follows the CENTS commandments? Btw, in the U.S., most life insurance agencies are formed under a bigger organization called an IMO or FMO that helps agents get contracted with the right company. And what do you think about the life insurance business model? Also, what are your thoughts on getting a degree in accounting as a college student with the plan of building a tax firm that provides tax services and also sells cash value life insurance for its tax-benefits? I’m based in the U.S. btw.

Please tell me this isn't a pitch for Primerica.

I also graduated and my first job was selling insurance. I lasted a year. I learned copywriting. Appointment setting. I learned that people didn't want to be educated, they'd rather pay somebody to do things for them.

I don't recommend a college student try to build a life insurance agency direct out of college unless you come from a wealthy background and your parents have some connections, or you at least live in a wealthy neighborhood and have a "warm market" to tap into.

Building up an accounting practice who happens to have life insurance offerings makes more sense to me. People will trust a kid fresh out of college to handle their taxes. Good accountants are often too busy to take on new clients anyway, so getting new clients will be a lot easier for the accounting side.

Once you've done their taxes, you can spot other opportunities, and maybe sell them some life insurance. That could be a decent value skew.

But at the end of the day, to answer your question, neither of these ideas is truly fitting within the CENTS framework. Your toughest challenges will probably be divorce yourself from time commitments, and then scale.

It can be done...

 

[Liberty09]

Please tell me this isn't a pitch for Primerica.

I also graduated and my first job was selling insurance. I lasted a year. I learned copywriting. Appointment setting. I learned that people didn't want to be educated, they'd rather pay somebody to do things for them.

I don't recommend a college student try to build a life insurance agency direct out of college unless you come from a wealthy background and your parents have some connections, or you at least live in a wealthy neighborhood and have a "warm market" to tap into.

Building up an accounting practice who happens to have life insurance offerings makes more sense to me. People will trust a kid fresh out of college to handle their taxes. Good accountants are often too busy to take on new clients anyway, so getting new clients will be a lot easier for the accounting side.

Once you've done their taxes, you can spot other opportunities, and maybe sell them some life insurance. That could be a decent value skew.

But at the end of the day, to answer your question, neither of these ideas is truly fitting within the CENTS framework. Your toughest challenges will probably be divorce yourself from time commitments, and then scale.

It can be done...

Thanks for your reply. It’s greatly appreciated. I was 19 when I first got my license, and I was recruited by a company called wfg, which is very similar to Primerica in that they place a lot of emphasis on recruiting. It’s like an MLM model. I left wfg to join FFL.

As lucrative as the life insurance business is, one of the main issues that I hate is people get recruited, but eventually fail out of the business. So, the up-line just makes money off of them for the short amount of time that they last, so it just feels like using people and dumping them. I did not come from a rich family at all nor do I live in a nice neighborhood. Selling insurance in todays age involves buying leads from marketing companies, and selling to those leads who showed interest in life insurance in the past. Also, I feel like with regards to CENTS, a lot of people sadly don’t see the need for life insurance except seniors who see death approaching (final expense market).

with regards to studying accounting, I know that there’s always going to be a need for tax services. So, having a tax firm that offers tax services and also helps businesses with becoming their own bank through the infinite banking concepts using whole life insurance may be a good idea. The only fear Concern I have from my research is that accountants may be replaced in the future by AI and technology. The barrier to entry is not too low, and I’m in full control of my business. The main commandment that I might struggle with would be the commitment of scale and time. In order to be able to scale such a business, I might have to hire other accountants under me as I build a bigger client base.

Also, I don’t know if you’ve heard of Alex Hormozi, a very savvy entrepreneur who makes business content on YouTube. His advice for people my age is to get a job to learn and not just to earn. So, I’ve spent money on getting some training in sales, and now, I’m currently looking for a sales job with a base pay and commission structure to better improve my sales skills even as I work towards the accounting degree.

 

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