The Interest Sensitive Whole Life policy was for estate purposes.

[ Join discussion ]

Message Author
PostPosted: Mon Nov 03, 2008 1:58 am   Post subject:   

The value of their estate was in excess of $500M and her husband was uninsurable. I was not hired to ask questions, fact find, or make suggestions, just fill out and submit an application as per the son's instructions. I didn't put much work into that one at all. One of these days, I'll get a referral or two and life will be simpler.



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
InsInvestigator
Joined: 13 Oct 2007
Posts: 624

Location: Central California
32.89 Dollars($)

PostPosted: Mon Nov 03, 2008 11:38 am   Post subject:   

Quote:
I'll get a referral or two and life will be simpler.
i hope so Mark... Wink


_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Forum Expert
Lori
Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Mon Nov 03, 2008 5:48 pm   Post subject:   

Thanks Lori, you've certainly given my day a bright start. I hope yours is also going great. Razz



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
InsInvestigator
Joined: 13 Oct 2007
Posts: 624

Location: Central California
32.89 Dollars($)

PostPosted: Sun Nov 09, 2008 6:13 pm   Post subject: He is his architect  

The insurance agent can all the money he wants in alife time in one year if he want it that way. hence, it depends on his hard work of openning and closing of sale that makes him his commission.

Lawtech
New member

Joined: 07 Nov 2008
Posts: 5


3.85 Dollars($)

PostPosted: Tue Nov 11, 2008 10:40 pm   Post subject:   

Whaaaat?



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
InsInvestigator
Joined: 13 Oct 2007
Posts: 624

Location: Central California
32.89 Dollars($)

PostPosted: Wed Dec 17, 2008 8:29 am   Post subject: You earn what you keep.  

My agency generates about 250K in revenue, which I use to pay myself, the staff, and expenses. Sometimes, there's not enough for me.

Chandler
New member

Joined: 17 Dec 2008
Posts: 1


1.25 Dollars($)

PostPosted: Mon Dec 29, 2008 9:41 pm   Post subject:   

"only 6 months in= $265,000+

And thats not including the books of business I bought (an extra $320,000+)"



"Is that 265K premium dollars or gross paychecks you write yourself?"



"Pay checks. I have a few BIG BIG commercial accounts."





WOW. I have to call B.S. when I see it, and I see it everywhere. First of all, I'd bet the farm that the poster claiming to have made $265,000 in 6 months is full of sh*t.(not that i disagree, just need to clean it up for ya' hon--lori) I've been an independent agent for about 10 years and have a sizable book, but that amount is ridiculous. I could see that amount being earned premium, but for the first 6 months in the industry I call BS. I've insured auto dealerships that pay over $1,000,000 in premium, but accounts of that size are heavliy marketed and VERY tough to get. Even harder to keep.



Maybe if your daddy owns the dealership you could get it, otherwise the odds of getting accounts that size the first 6 months in are ZERO. Why? Because A) Unless you have years experience, you won't know WTF you are doing to land it B) Clients quickly will know you don't know WTF you are doing C) Someone who does know WTF they are doing will come along and steal it.


_________________
Register Now to have your Insurance queries solved.
CobbNero
Guest





1.00 Dollars($)

PostPosted: Tue Dec 30, 2008 12:19 pm   Post subject:   

CobbNero has thrown down the red flag!







Let's do some math:



$265,000 in commission in 6 months would require a minimum of $1,325,000 in premium IF the agent got 20% commission.



Somebody correct me if I'm wrong but isn't typical P & C agent commission in the 10% to 15% range on average?



Using 10% commission the premium requirement to earn $265,000 would be $2,650,000.



To Easy wrote:

Quote:
I have a few BIG BIG commercial accounts.




CobbNero wrote:

Quote:
I've insured auto dealerships that pay over $1,000,000 in premium, but accounts of that size are heavily marketed and VERY tough to get.




CobbNero I fail to see the bllsht. Seems to me if the guy specializes, say in auto dealerships, the agent only needs 3 or 4 to earn that kind of money. Granted a brand new agent with zero experience couldn't do that. But a brand new agent being trained by his Father who has owned an agency or owns the agency could.



A brand new agent with only 6 month experience probably wouldn't know about the "Agent of Record" thingy without guidance from an experienced agent or agency either.



I say that because To Easy also wrote:

Quote:
You can always be a dick and do an AOR (Agent of record). If you have that same company the person is currently with and you cannot find a cheaper rate, you can ask them if they would like YOU to be their agent, instead of the other one. All you would have to do is sell your personality and let them gain confidence in you.




That's "Experienced Agent" inside information there.


_________________

Gary Spicuzza, *SAFE

Copyright 1956.

No Rights Reserved.

*Self Appointed Financial Expert
GarySpicuzza
Forum Expert
Forum Expert

Joined: 03 Apr 2008
Posts: 965

Location: West Pasco County, FL
243.93 Dollars($)

PostPosted: Tue Dec 30, 2008 5:12 pm   Post subject:   

gary you are correct p&c pays around 10-15% depending on if it's Auto or Home.

lisar1208
Forum Expert
Forum Expert

Joined: 29 Mar 2008
Posts: 125


26.53 Dollars($)

PostPosted: Mon Jan 05, 2009 5:57 pm   Post subject: sell crazy somewhere else  

It's still BS and here's why: Any agent on the independent side would know about AOR's on Day 1. Also, most companies don't like doing AORs and it isn't as easy as the poster describes. Secondly, I challenge anyone to get into the large commercial insurance business within 6 months of being licensed, even with your daddy's help. Here's why: If I'm an agent that currently has some large commercial accounts, before renewal time I reopen quotes for this business with other commercial carriers. Most carriers only allow one agent to run the quote with the company, so "first come, first serve." Thereby, I have no just elimanted much of my competition, because even if someone wants to come in and grab it, they can't.



I also call BS because this person says they bought a book of business on his/her own, implying their dad isn't working with them. Now maybe their dad is the person they bought it from and is assisting on the large commercial cases, but that means the dad's book was only $250,000 - in which case I doubt he did hardly any large commercial or his renewals would have been much higher.



Sorry folks, but I've been in this business far too long and heard the dreamings of far too many NEW agents - and that post is almost exactly what they all sound like. Granted, an agent CAN have those accomplishments, but NOT in the first 6 months.



Get a pitchfork for that load of horse dung.


_________________
Register Now to have your Insurance queries solved.
CobbNero
Guest





1.00 Dollars($)

PostPosted: Mon Jan 05, 2009 6:00 pm   Post subject: correction  

Sorry - daddy's book should have been $320,000, not $250,000. Same difference. 99% of the time, the big fish are landed by large agencies, meaning $1,000,000 in commissions or more. You need to be that big to get some of the large carrier appointments as well, which is another reason I call BS.


_________________
Register Now to have your Insurance queries solved.
CobbNero
Guest





1.00 Dollars($)

PostPosted: Wed Jan 07, 2009 10:27 am   Post subject:   

Quote:
Sorry folks, but I've been in this business far too long and heard the dreamings of far too many NEW agents - and that post is almost exactly what they all sound like.


Yes,... but,... you have to admit,... $265,000 in commission,... 6 months into the business,... does sound good!



_________________

Gary Spicuzza, *SAFE

Copyright 1956.

No Rights Reserved.

*Self Appointed Financial Expert
GarySpicuzza
Forum Expert
Forum Expert

Joined: 03 Apr 2008
Posts: 965

Location: West Pasco County, FL
243.93 Dollars($)

PostPosted: Thu Mar 12, 2009 10:59 pm   Post subject:   

I made about 80,000 my first year selling life insurance and annuities, but I didn't start from scratch. I had my securities licenses and worked with a major bank (decent client base).

ChrisBantly
Senior member

Joined: 11 Mar 2009
Posts: 381

Location: Upstate SC
1.07 Dollars($)

PostPosted: Fri Mar 13, 2009 5:36 pm   Post subject:   

I made about 78,000 in my first year.


_________________
Register Now to have your Insurance queries solved.
Glenda Butler
Guest





1.00 Dollars($)

PostPosted: Sat Mar 14, 2009 3:52 am   Post subject:   

Hey Glenda, why not become a part of this community? You can surely add a lot to it. Smile



~Jeremy

JeremyHolter
Senior member
Jeremy Holter
Joined: 06 Jun 2007
Posts: 1185


210.40 Dollars($)

All times are GMT
 Previous  1, 2, 3, 4, ... 9, 10, 11  Next  
Page 3 of 11

 

Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused