General Question

RandomMrdan's avatar

Do you sell insurance, or do you know anyone who sells insurance?

Asked by RandomMrdan (7367 points ) August 14th, 2009

I’ve been thinking of starting to sell insurance as a way out of retail.

The way it works, is I get a “draw” which is a set amount of income for a period of 24 months to help me with my expenses until I have a solid client base. I would tell my boss how much I need to live, and that would then be my “draw”.

I’m curious as to what sort of income I can expect, once I’m in it for a few years.

Do you have any personal experience, or suggestions you might offer?

Thanks

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11 Answers

marinelife's avatar

My sister and her husband had an insurance agency. I can ask her about it. I am not sure what the reason was, but eventually he went back to work directly for an insurance company doing marketing rather than sales.

robmandu's avatar

I’m assuming you pay back the “draw” over time as your client base builds.

So I’m curious, what happens if you quit early before paying all/any of it back?

My dad used to sell insurance. He changed companies a lot. The thing about sales is your success is often used to punish you year over year. He had what was becoming a thriving office in Germany at one point… and then Chernobyl blew up and we all moved back to the U.S. to escape the fallout.

(Just in time, too… Reagan then devalued the dollar drastically and over there, it would’ve been like getting hit with a ⅔ pay cut.)

RandomMrdan's avatar

no the “draw” is not considered a loan…However, if I commission over the “draw” I only get half of my extra earned commission.

So if I made an extra 500 in commission, I would only see 250 of that. So if I’m continually exceeding my “draw” payment, I will be taken off the draw so I make more money.

Darwin's avatar

I know three people who sell insurance. All three have been with their starting companies for at least two years, 13 years, and up to 20 years, AFLAC, Farmer’s, and State Farm respectively. All three make a decent living out of it but the latter two have to do a lot of advertising.

My husband tried to sell insurance at one point as he has the skills to talk to lots of people, but he wasn’t meticulous enough.

RandomMrdan's avatar

@robmandu What do you mean by being punished year over year by success?

robmandu's avatar

Make your target one year, and they increase it the next to get the same commission.

Also, more personally, it’s tough to take vacation time when you know you’re behind on your target.

Just part of the job of sales.

RandomMrdan's avatar

@robmandu you wouldn’t happen to know how much money your father made, or how comfortable you guys were while he was working in insurance would you?

janbb's avatar

My husband has an agency. The producers work on a similar system. Depending on how hard you work and the kind of insurance you are selling – commercial or personal – you can certainly make a good living. Our top producer who works very hard and specializes in condo insurance makes a very good draw. You might want to take an aptitude test to see if you have the ability to succeed; sometimes an agency will offer one before hiring you.

RandomMrdan's avatar

The branch president I’m on a very friendly level with. I’ve sold him many things over the past couple years of working in Commission sales at micro center (retail chain). And he seems to be very fond of me, so I’m hoping he and others there can take me under their wing and show me the ropes.

The “draw” is suppose to last a period of no more than 24 months.

janbb's avatar

Why not try it? You will have to go for a license I’m sure.

robmandu's avatar

@RandomMrdan, early on there were some lean years. Unfortunately, when his agency really started to take off was right about when Chernobyl melted down.

Like anything, you can certainly do well. I just think that it’s a matter of getting the right territory, with the right product, and the right competition (that you can beat)... and then it’s just down to your personal sales ability.

Not trying to talk you out of it or anything. Best o’ luck!

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