by Guest » Tue Aug 17, 2010 08:53 pm
Hey All,
I got an offer to sell life insurance to goverment employees. They claim the average commission is $1200 per policy and they provide pre-set appointments. This seems a little too good to be true, can anyone tell me if this kind of commission is even feasible, or if they're just blowing smoke...
Thanks a bunch.
I got an offer to sell life insurance to goverment employees. They claim the average commission is $1200 per policy and they provide pre-set appointments. This seems a little too good to be true, can anyone tell me if this kind of commission is even feasible, or if they're just blowing smoke...
Thanks a bunch.
Posted: Wed Aug 18, 2010 03:43 am Post Subject:
Ask them what the average premium size is (check consistency), and who owns the business (that question should end in a great conversation).
Posted: Wed Aug 18, 2010 10:20 am Post Subject:
Yes, you have to be absolutely sure of any offer before you accept it. BTW, you haven't mentioned anything about the kind of experience that you have till date. How long are you selling life insurance?
Posted: Wed Aug 18, 2010 01:37 pm Post Subject: RE
I have no exp. selling insurance, but gobs of sales/management and company building exp. They claim the average annual premium is $2400, of which I'll receive 50%. The didn't mention anything about residuals or about who owns the business. From what I've read here, it seems that the hardest part of the business is obtaining quality leads. If I'm receiving pre set appointments, that SEEMS like it would be like shooting fish in a barrel...
Posted: Wed Aug 18, 2010 04:41 pm Post Subject:
If I'm receiving pre set appointments, that SEEMS like it would be like shooting fish in a barrel...
Neophyte, the above quote is what's too good to be true.
If they are setting appointments for you the vast majority will be "no call, no shows" or very poor quality appoinments/leads.
You'll be doing well to get one (1) actual sale per month with their system.
The only way to assure you are seeing qualified and quality suspects/prospects is to set your own appointments/do your own prospecting and therein lies the WORK in the insurance business.
Selling insurance is simple, but it's not EASY.
Posted: Wed Aug 18, 2010 04:44 pm Post Subject:
:oops: I hate when I forget to log-in. :roll:
:D I'm the "guest" who wrote the opinion above. 8)
Posted: Wed Aug 18, 2010 07:04 pm Post Subject: hmmm
They claim that all appoitments are set with people who filled out paperwork and sent it in, specifically requesting a rep to come out and look at their current package to make sure it was enough....bullshit?
Posted: Wed Aug 18, 2010 10:53 pm Post Subject:
Neophyte, go for it and report back.
I was recruited 13 years ago by a very large agency and their hook was you get 3 preset appointments per day. If you do the math you figure you'll close 1 out of 3 per day for 5 sales per week.
Using your numbers that would be $6,000 per week income. Okay, that sounds a little too good so let's cut it in half....certainly with 15 appointments per week you’d make at least $3,000 per week.
So I went for it....
Only to find out after about 2 months of going on wild goose chases that they really never SET REAL APPOINMENTS. The jackassterisk phone gals would tell someone on the phone you'd be there at 10:00 AM and hang up then give that to the agent as an appointment.
Let me quote your words again:
I'm receiving pre set appointments, that SEEMS like it would be like shooting fish in a barrel...
You’re gut instinct is telling you this is too good to be true and you are correct. But don’t take it from me….
Go for it and report back.
By the way, do you even have your license yet?
Posted: Thu Aug 19, 2010 04:13 am Post Subject:
Garry is right :shock: (holy crap I said it :lol: )
The work in this industry is prospecting. Sitting down and selling something to someone is only difficult if you did a crappy job prospecting them. We hate the approach process, but trust me, if you go on one solid appointment per week because you made the effort to qualify the h e double hockey stick out of that prospect, it'll be worth much more than driving all over town and God's green earth to get stood up, or meet with people who thought you were just there to drop something off.
Posted: Thu Aug 19, 2010 03:23 pm Post Subject:
:P
Garry is right
8):D Thank you! Thank you.... :wink:
After 25 years in the business if selling insurance was like shooting fish in a barrel the insurance companies would hire high school kids to do it and pay them minimum wage.
Selling insurance is SIMPLE, but it's not EASY.
Posted: Thu Aug 19, 2010 08:41 pm Post Subject: Thanks, and More
First, thanks to everyone who replied, I REALLY appreciate the feedback. I'm a little hesitant to take this position because it involves leaving a salaried position to go back to commission.
Let me go into just a little more detail, and see if it makes any difference.
The "pre set appointments" are supposedly with government employees, in groups, at their place of employment. If I write a policy, the premiums will be auto deducted from their paycheck. This sounds a different from some of the horror stories I've heard/read about pre set appts...
Second, I was hired as an RM, and supposedly they'll be putting a team of agents under me, on which I'll earn an override on everything they write. They'll run the same appointments.
Last, I do not have a license yet, but my state has no pre-ed requirements, so a simple online course before I sit for the exam is all I need. I understand the product, being in finance for the last decade, just need to learn certain laws and whatnot. As it is, I review health/life/auto and home policies for family and friends because I understand all of the verbage. I know I don't know as much as most of you, but I'll get there, I'm sure.
So, at the risk of leaning too much on you guys/gals, does the above even sound reasonable, or is this just a bs scam?
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