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Should I sell Insurance?

March 10th, 2009 at 07:39 pm

I had another interview today. Another sales job. This time selling life/medical insurance. I got the whole dog & pony show presentation and left confused.

The company will fly me to a training center for a week where I am paid $30 a day for meals (they comp hotel/airfare). Then I come back and 'shadow' a rep for 4 weeks where I am paid the commissions they earn. Then I go into the field. I make phone calls 3 days a week trying to set appointments then go to the persons home the other 2 days a week to do a presentation at the appointments.

I wouldn't mind trying it out, but...there are a few drawbacks.

I have to pay $300 to get licensed.
It's a lot of time spent on training before you even find out if you are good at it.
It's a lot of wear on my new 2008 vehicle.
No part time work allowed.

It's the 'no part time work' that concerns me. I have worked in call centers, I have worked retail and it takes about a year before I am burned out. I am very good at sales but sometimes if I have the wrong attitude I just suck at my job. And when I feel "trapped" in a job- my attitude goes waaay down. I am really looking for a stress free job right now where it's not a lot of "taking your work home with you". Right now I am willing to sacrifice $$ for the less stress.

The presenter kept emphasizing that most insurance agents make $50k a year their first year, and I just wonder how many hours it takes for that 50k. I am really just looking for 30k a year in exchange for flexibility/freedom/and a secure job.

I feel very selfish. I have been in sales my whole life. I know I am a good seller. And I have been on 2 job interviews for sales...but I feel like I already "invested" in my future by spending 3 yrs getting a masters degree and I don't want to "invest" in a job that may make me large sums of money down the road, but also may not.

These commission only jobs require a lot of risk and upfront investment. Granted the commissions here are larger than the last interview job...but I need to pony up $300 for a license and spend so much time in training to possibly turn around and decide halfway through that this is not for me.

I have seen insurance salesmen and know it's a stressful, time consuming job. Does the reward merit the invested time calling to set appointments, driving around, and getting licensed? Or is this an industry for suckers or extremely motivated/ambitious people? Am I awful that I already know I am not ambitious or incredibly motivated?

10 Responses to “Should I sell Insurance?”

  1. Ima saver Says:
    1236714905

    I can't give you any advice, but I know I would not like trying to sell something to someone. Especially, whole life insurance.

  2. creditcardfree Says:
    1236715439

    Go with your gut! It sounds like your gut is saying "no" to this one, too. But only you know.

  3. momcents Says:
    1236721407


    DH sold insurance for about a year and a half, before returning to finance. His company covered all expenses for training and testing. He hated it, but made a lot of money. He isn't cut out for sales and took the rejection personally. Go with your gut - and if it is saying this isn't for you, then I wouldn't waste time doing this when you could be looking for the right job for you.

  4. tynana Says:
    1236722827

    You will annoy your friends and neighbors stress yourself out and wonder what you were thinking. Not it not all that bad but if you have other options go with them. Now with the economy most people aren't thinking about purchasing insurance.

    Lola

  5. whitestripe Says:
    1236723364

    personally i wouldn't do it, but that's me. if you are looking for a 30k a year job why not go for something in retail sales like a clothing store or something?

  6. zetta Says:
    1236725599

    You say you are good at sales, but do you LIKE sales?

    What did you get your master's degree in? Was it aimed toward a particular career? Why not look for jobs where the investment you made in getting that degree is applicable?

    One book that I found very helpful was I Don't Know What I Want, But I Know It's Not This, by Julie Jansen. It has some exercises that help you analyze why previous jobs weren't a good fit, and identify what kind of job would suit you better.

    For me, it really helped me identify that I didn't mind writing software, I just really hated the pressure to work late nights and weekends. It clarified for me that I didn't really want to start my own business, but that part-time contracting would provide a good balance for me.

  7. lizajane Says:
    1236741134

    Do you know anyone else that works for the company that can verify the "most make 50K" sales pitch? I always assume claims like that are only half right - meaning either that most make $25K, or half make $50K. After all, the people selling the job are in sales also. So, being the doubting person that I am, I wouldn't take the job. But, if you are good at sales, it may be fine for you.

  8. baselle Says:
    1236743998

    "most make 50K" ... in good times. Ultimately, these days you're selling something that most people feel that they can't afford. You might be making 30K, but only after 70K of time and stress.

  9. karen lee Says:
    1241928040

    Okay-Group----Watch out......I AM an insurance agent....and have been....for 27 years!!!

    Not only that....I have a degree in Bacteriology from the U of Wisconsin Madison. Why do I sell insurance? Because there's a lot of demand. Also, there's very little competition...did I say that? YES....most agents have no clue about the sales statistics involved. I sit my butt down and call for about 4 hours a day, make one appointment a day, and rake in about $80,000. Okay.....so it isn't a million or even $150,000....but I deduct so much stuff....my time is my own....I can't get fired. Example of sales statistics: Last month I dialed 4150 phone numbers, connected with 792 individuals, whether they were qualified or not, and made 21 appointments and 12 sales, each of which were worth $8280 of first year commissions. I get about $3000 of renewal commissions . Here's the key...learn the statistics. For my type of lead, it is 55% on average. I sit at the phone and for every 100 appointments I make I sell 55 leads. Makes no diff about my presentation. It is just industry statistics. For my telemarketed leads, which are telemarketed by me, I sell 55 out of 100 period. I sell one of three leads if they are mail-in leads.

    Each day I make my first call at around 10 am. I end at around 4 pm In the middle I have like one appointment per day. I make a presentation to each customer and try to ask what they are looking for. THEY WILL TELL YOU WHAT THEY WANT. I don't push...I don't worry....the numbers work out. I might sell zero out of 5 apppointments...but I sell the next 5 out of five.

    I love this business. I was lucky enough to have been told about the NUMBERS when I entered the business. Most of the time I just go out for a half hour and see what the people are looking for. If I am lucky, I will get a referral to a friend or family member. Oh....and I never "SELL" anybody....I am there to "facilitate things" should they decide to buy.......really.....that's all there is to it. Good Luck.

  10. Tom Says:
    1256009919

    OK,

    I'm also in the insurance business.

    Personally, I don't think anyone wants to sit on the darn phone for 4 hours a day. Why don't you try to make 2 appointments and cut back half the hours. Heck, you might double your money next year!

    The only real way to learn if insurance is right for you is to DO IT!!! Your young and have plenty of time to mess up some more before you fall flat on your face and pick yourself up again.

    Not that that is going to happen, but I'm just saying...

    The main thing is finding a good, solid company with a good product. Variety is also good. If you offer multiple products such as life, disability, accident, auto, home, 401(k), estate planning, long term care, annuities, etc. ... you are working for a good comapany and should have no reason not to succeed.

    The insurance biz is TOUGH!!! There's no getting around it. Some people may be able to call 5,000 people a day, but personally, I'm not a tele-marketer! I don't ever intend to be.

    A smarter option is NETWORK! Get involved with social clubs and chambers in your area. Meet people, instill value, get your name out there and GET REFERRED!!! It will make your life sooooooo much easier.

    HOPE THIS HELPS,


    Tom

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