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Start off P/T or just quit day gig and do it?

Posted: Wed Jan 24, 2007 6:29 am
by Crazy Rick
Folks,

I've recently obtained my L&H license. I'm 37yrs old. I've been examining the choices on this site as to quitting my day-gig. I'm a presently a dispatcher and my day ends at 2:30pm which leaves me plenty of time for new prospects. My question is: Begin P/T out of my home office? Or quit and just do it? I'm familiar with of all the financial responsibilities both F/T and P/T. My monthly obligations now are $2200.

Can someone tell me an average amount of weekly or monthly appointments I should be closing? I need some kind of reference point if I'm going to quit this shitty day gig and dive right in. I'm only looking for an average appointment schedule please. I realize you don't know the commission schedule, neither do I as I haven't begun yet. Are there dry months I should be concerned about?

I also realize this site is geared towards P&C, been coming here for quite a while, but there must be licensed folks here that up and quit their day gig or at least worked at their craft p/t outta their home to begin that can advise me what to do, what not to do and how many appointments THEY had when they just started.
Thank you in advance.
-Crazy Rick

Re: Start off P/T or just quit day gig and do it?

Posted: Wed Jan 24, 2007 8:36 am
by etimer
I've been in the L&H/P&C/Securities business for over 20 years and I would say, don't quit your day job.

It is a sad statistic but 85% will not make it past their first 6 months. Who knows if you'll be the 15% that make it. You will need an income stream while you build a clientele.

If you have joined a multi level life marketing organization, look very closely at what they tell you. Ask for how many people are making those "fortunes" and what is the average amount people make in the business. Ask about non-compete clauses in your contract, ask who pays the E&O and ask to see the E&O cert.

Good luck and working hard may very well get you into the 15%.
Crazy Rick wrote:Folks,

I've recently obtained my L&H license. I'm 37yrs old. I've been examining the choices on this site as to quitting my day-gig. I'm a presently a dispatcher and my day ends at 2:30pm which leaves me plenty of time for new prospects. My question is: Begin P/T out of my home office? Or quit and just do it? I'm familiar with of all the financial responsibilities both F/T and P/T. My monthly obligations now are $2200.

Can someone tell me an average amount of weekly or monthly appointments I should be closing? I need some kind of reference point if I'm going to quit this shitty day gig and dive right in. I'm only looking for an average appointment schedule please. I realize you don't know the commission schedule, neither do I as I haven't begun yet. Are there dry months I should be concerned about?

I also realize this site is geared towards P&C, been coming here for quite a while, but there must be licensed folks here that up and quit their day gig or at least worked at their craft p/t outta their home to begin that can advise me what to do, what not to do and how many appointments THEY had when they just started.
Thank you in advance.
-Crazy Rick

L & H Agent

Posted: Wed Jan 24, 2007 12:54 pm
by wlunday
Dropping a good paying day job to launch a new career is a tough decision. If you want to be in the 15% "etimer" mentions I suggest that you contact your local chapter of NAIFA. This organization will have experienced agents and managers that will mentor you as you learn. They sponsor the LUTC / FSS "on-the-job" courses that not only lead to industry designations, but, more importantly, FORCE you to see the people and actually get off your butt and ask the questions that cause money to fill your wallet. I've been moderating these classes for 20 years and have never had a "student" that lost money by attending!

Find your NAIFA chapter at http://www.NAIFA.org or ask a local life agent to direct you to the local. If you want to be in the L & H business it's the best move you can make.

Swymmer

Posted: Wed Jan 24, 2007 3:31 pm
by Crazy Rick
Thanks for all of your advice folks; I learned some things today that I didn't know. I didn't think jumping in was going to work, I just needed to hear it from experienced people like yourselves. But now I gotta keep this crappy day gig for longer than I can handle. I'll be back. Thanks again.
Crazy Rick 8)

Part time L&H

Posted: Thu Jan 25, 2007 9:37 am
by d's insurance store
I'm not going to give you specific instructions or a detailed road map, but if you're truly interested in an L&H career, if you can get appointed with stable and competitive health carriers who have the ability to start apps on the web, then it's possible to spend a few bucks, set up a web page and 'open' for business with web leads/inquiries at hours that you want to work...maybe late afternoon to early evening.

Browse a few of the on line health agents sites for your state and see what they're doing insofar as rate displays, 'contact me now' and 'apply on line'.

Call a couple of sales reps for the health carriers and ask them how it can be done. Working evenings and late afternoons will give you a bit of a boost for the on line crowd and permit you to get started with a minimal investment and see if you like it.

Of course, I'm assuming you're licensed and have some carriers that offer individual and small group coverage in your state.

Good luck.

Your Day Job - Quit or Stay?

Posted: Thu Jan 25, 2007 12:47 pm
by mhutch69
Crazy Rick,

where are you located? What might assist you in jumping into this business with your L & H license would be working for an established operation without an L & H Dept. or just starting one.

If you are in Phx., I have work for you. Between my personal lines files and my business owner clients, you could launch a department within my operation which would be beneficial to both of us.

You could do this for any decent independent agent interested in expanding his/her P & C agency.

Good luck!

Hutch in AZ.

Posted: Thu Jan 25, 2007 4:21 pm
by Crazy Rick
Oh, Hi Hutch,

Wow Thanks for the offer! I live in Pa. In fact the woman just down the street from me (just a side note), inherited some money and bought into a franchise called "Brooke Agency". She advertised as being the first Insurance agency in my town. ..yeah, yeah....

Anyway, thanks for the new idea man, that's great! I never thought of that! Appreciate it greatly!

Ya see, I can't stand the day gig, but like everyone else, I have a mortgage. I make good money and I've been there for 6.5yrs but I got to get outta there like yesterday.

I needed some focus and I figured now I'll need a steady income of course while I build my clientele and join NAIFA and working at Lowes even @ 50hrs a week won't keep food on the table.

With all that said, thanks again for that great idea and the offer!
-Crazy Rick 8) (it's a musician thing)