Can you make millions in the insurance sector?

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PostPosted: Tue Apr 28, 2009 2:33 pm   Post subject: Can you make millions in the insurance sector?  

I would like to get into the insurance field after my bachelors in accounting. I would like to know what my income potential could be the first if i where in a large and a hard worker. How much do insurance agents make in their first year? and how many life and health insurance policies that i could sell the first year.



Please help!

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PostPosted: Tue Apr 28, 2009 3:27 pm   Post subject:   

well it depends upon the kind of market and the commission rate....If you were a direct appointed agent with a captive company, you would get a guaranteed salary to start for anywhere between 15 weeks and three years, depending on production quotas.



If your statring salary was $600 per week, and you met quotas, $600 X 52 = $31,200. If you met and exceeded quotas, and earned bonuses, you could be looking at $50,000 your first year.



Remember that these captive companies also provide paid retirement, 401K, group life and health and disability income insurance for their employees. Also, these companies provide local and home office assistance, desk or office space, phone, training, and assistance in the field.



If you had a direct appointment with a life company as a General Agent, your first year commission could be as much as 100% or more.

In this scenario, you would be under an independent contract, and would work all your own leads.



Let's say that you wrote medium-size premium cases, ($2000 annualized premiums per week, for this example) and your commission was 100%. Lets say that you did this for 50 weeks, and your persistency rate was 80%:



$2000 X 50 = $100,000 X 80% persistency = $80,000. If all these premiums were paid annually, you FYC would be $80,000. But keep in mind that you pay your own 401K, Self Employment and Business Taxes, health and life insurance, phone and office expenses.



As an independent agent, you might have a quota of only $10,000 annualized premium per year, or less. This does'nt give you much of an incentive to produce. But in turn, you don't have as much pressure from upper management to produce........and about the no. of insurance ucan sell totally depends upon u and iamge of ur company in market.........hope the information that i provided satisfies....... well many other insurance axperts are there in this community...they'll throw some more light on it.......best of luck...

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PostPosted: Tue Apr 28, 2009 5:57 pm   Post subject:   

i WANT TO BE AN INDEPENDANT life and health AGENT! -for an agency

please give me a more simple explanation of how much i could make the first year please!


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PostPosted: Wed Apr 29, 2009 8:36 am   Post subject:   

First off, the career of an insurance agent won't make you rich over night. Even if you slog all day, earning 1 million in commission for the first year isn’t going to be an easy task.



Now, if you start off as an independent agent remember that you would be all your own to establish yourself in the industry of insurance. Further, There would be thousand other agents to give you a though time.



As an independent agent you would be responsible for generating enough business consistently to keep you floating since you would be required to bear the costs of running office, maintaining logs, generating leads and such.



~Jeremy

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PostPosted: Wed May 06, 2009 9:51 pm   Post subject:   

Quote:
please give me a more simple explanation of how much i could make the first year please!





The simple answer is that there is NO simple way to give you a number or a range. I have seen agents make six figures in their first year, and I have seen agents quit without making a single dime.



If you know that you are ambitious, motivated, and willing to learn...then you have the chance to be successful. HOWEVER, it is entirely up to you. If you have any more specific questions...we'd love to help you! GOOD LUCK!
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PostPosted: Thu May 07, 2009 6:51 am   Post subject:   

Quote:
If you know that you are ambitious, motivated, and willing to learn...then you have the chance to be successful. HOWEVER, it is entirely up to you.




Yeah, its true that no one can succeed in the business of insurance over night. Therefore, Rho, if you really want to become successful as an insurance agent, prepare yourself for hardwork. There is no shortcut to success which Chris has pointed it out quite correctly. In fact I have seen many aspiring agents to succumb under the pressure to meet targets. So stay focus on your goal and if you're dedicated you can make quite good money even in your first year. And, yeah, don't let the zeal die out even you face failure at the beginning.
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PostPosted: Fri Sep 25, 2009 9:54 am   Post subject: Insurance  

If you are looking for a quick fix, sell the product and move on environment, insurance is not for you. I'm a broker who has seen alot the last 20 years. We hired an auto finance person who was used to making fast 'deals' to sell insurance recently and he is so frustrated with how long it takes to bind coverage and then has to SERVICE his new accounts which takes up a lot more time. My first year producing made me a grand total of $25k. The trick is to renew those accounts and then to get referrals to build your pipeline. Good luck.


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PostPosted: Tue Sep 29, 2009 2:28 am   Post subject:   

Maybe over a lifetime. Only a select few clear seven figures on a yearly basis.



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PostPosted: Thu Oct 08, 2009 10:11 pm   Post subject:   

In my opinion, the money shouldn't be the focus at all. Sure, it is why we work, but one is much better served if the concentrate their efforts on being an asset clients. If they can provide value, the money will come....lots of it. However, if a client smells someone that is money hungry, whom tend to stink of it, then the client usually bails...as well they probably should..



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PostPosted: Mon Dec 14, 2009 4:35 am   Post subject:   

hello...anyone thought of passive income? irony is that to get more money you will have to clock more hours in insurance industry Very Happy


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PostPosted: Wed Dec 16, 2009 11:02 am   Post subject:   

Quote:
I would like to get into the insurance field after my bachelors in accounting. I would like to know what my income potential could be the first if i where in a large and a hard worker. How much do insurance agents make in their first year?




It will be great to have a person full of energy like you in the field of insurance like you at the earliest. During our college days for most of us Job, Business or any career means money (more and more money).



In the field of insurance, what really matters is your understanding of Insurance Business and how do you apply it to meet the requirements of the client. If you can win the trust of your prospects by selling them adequate insurance coverage, which they need (and not trying to sell everything under the sun available with you), the chances are you can grow faster. As I have experienced, initial growth is mostly linear, but with time it starts becoming exponential as you learn more about market and expectations of the client. In case you are a quick learner, and have the ability to withstand tough market of insurance you can make anything ranging from ZERO to INFINITY. But, please don't simply focus on money else you will lose the fun of this exciting field.



Wish you all the best for a wonderful career.



Regards,



Aryan
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PostPosted: Fri Mar 19, 2010 1:52 am   Post subject: independent agent  

i am working on 100% commision for an independent agency for the last 2 years. what should be my next move. i do P & C AND life.


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PostPosted: Mon Mar 29, 2010 6:08 pm   Post subject: Broker Commisions  

Does anyone know the percentage that health insurance companies pay brokers? I am just starting my business and can't seem to get a clear answer. Thanks!


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PostPosted: Wed Apr 21, 2010 11:58 am   Post subject:   

4%

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PostPosted: Tue Apr 27, 2010 12:15 am   Post subject:   

Quote:
the money shouldn't be the focus at all




ABSOLUTELY CORRECT! If you go to the kitchen table and the client looks into your face and sees this:

__ __

($) ($)



You'll never do any lasting business with that client.


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