Become an Insurance Broker (step by step) 

Can someone breakdown world financial group ?

hows it going

You're right about solar commissions being much higher! There are definitely pros and cons to both. For example, a pro to selling life insurance is that everyone is a potential client. They don't need to have a house or be willing to take out a $40K loan or anything like that so the sale is much easier. But the main reason why a lot of people get into insurance including myself is to build an agency. That's where you have the potential to make generational wealth.

In general the smaller the market the higher the commission. Reason being the brokers have to work harder to find clients for the insurers. I work in IPMO and commission is 20-30% with high premiums, but the market is pretty small as you imagine.

@@maximusprime98 solar is also so dependent on interest rates. People are starving now in that industry

Thank you! I appreciate that.

Glad I could help!

Glad it was helpful!

I was with FFL and they are NOT my number one choice lol

Thank you!!!

@Michael Bryan The insurance company is betting on the policy holder keeping their policy and paying premiums for many years to come. So they’re willing to pay the sales agent a nice commission to help them acquire that customer. If the annual premium is $1000 and you have a 150% commission, then you’re compensated $1500. And if the customer keeps that policy for let’s say 10 years, that means the customer will pay $10,000 to the insurance company over those 10 years and the insurance company will profit $8,500 (because they paid you a $1,500 commission). There’s a lot more that goes into all of this, but that’s essentially how it works.

I'm glad it was helpful! Unfortunately I don't have any recommendations. I've since got out of the insurance industry

Ah one of the 92%

Ohh ok! I’d love to see a video of why you made that decision and what you think is a good business 😊

What industry did you go to? ​@@ConnorJaksik

thanks for the vid btw is there any way you can make more? maybe even live calling ?

Glad it was helpful! How was the interview?

Glad it was helpful!

Glad it was helpful!

I’m some cases maybe, but I know with the state of Texas, as long as you have passed the exam and you have your license, then all you need to do is apply to be able to sell or work in another state and you won’t have to retake

I can help you Omar

Send me a message on Instagram or leave your email and I'll send you a message.

Same here

I’m glad the video was helpful! My biggest piece of advice is to ask yourself how much of your life do you want this to take up? Independent brokers are ruthless and for the successful ones there’s no separation between work and life. If you’re looking more for a job or having any kind of a work life balance, definitely become an agent first. Maybe that’s not the case for everyone, but over 90% of brokers quit within their first year and I think if they looked at it like that before they started they would have a better idea of what to expect.

@@ConnorJaksik Thank you that makes a lot of sense and I have been a stay at home mom for over 3 years now and I’m ready to work and work a lot I have a great support system. If I worked for an agency to start , can I leave whenever ? Are there contracts involved , I hear a lot of people talking about agencies holding “contracts” and I don’t know what that means 🤷🏽‍♀️

@Kayla Griffin That’s correct. Most agents are under contract and are known as captive agents. Basically what that means is that the contracts have incentives for you not to leave that agency. Usually this means if you leave within the first 5 years or so, they’ll stop paying you the residual income from policies that renew. Brokers usually don’t have to worry about that, but they have other things to worry about like buying leads lol. Honestly, I would recommend looking into contracting directly with Medicare companies. Some Medicare companies such as Humana will supply leads to high producing brokers and they don’t make you sign captive contracts.

@@ConnorJaksik Thank you so much ! This was extremely helpful , hopefully it is okay to reach out if I have any other questions it’s hard to find people who will give you the truth about the industry but this is something I want to get into now .

@@KaySparza I know what you mean! I learned everything the hard way... that's why I'm happy to help. Feel free to reach out!

Interesting… I’m not sure why Texas wouldn’t be showing up on the excel site… You can search for IMOs on any job board. They’ll be posting insurance broker jobs, the ones that are W2 are captive agents and the 1099s are independents.

It's hard to say... They both have their pros and cons. I prefer the process of selling solar, but insurance seems to be more scalable as a business. No physical products and you also get residual income.

nope. just need the insurance license then you can start contracting.

@@ConnorJaksik For texas,Is the Produce License that an agent holds the same as a Broker?

It wouldn't hurt to give it a shot as an independent, you could always go back to captive agent. Dialers can range from $5-$50/hour depending on what country they live in and their skill level. I think it comes down to the leads you're working when choosing a dialer. You should have a higher quality dialer for higher quality leads.

we can get you good dialers and you can have a good number of leads for OEP

he can't he quit the industry

@@aloiswinzinger1160 wow seriously???

yes, I quit the industry. Was a great experience though!

I would recommend seeking out a mentor, someone who is doing what you want to be doing. Also, general sales books would be helpful. I've seen people sell crazy amounts of insurance who didn't know much about insurance, they were just really good with sales techniques.

I'm not sure about whole life, they only had a term life product available when I was using them.

No education requirements, just need a license

Yes, in my opinion, this is because the recruiters are often misleading about the role and people get themselves into something they weren't expecting.

I'm not sure about NJ, but in Texas you can apply immediately after the test

Correct I am a broker and set up my LLC I chose an imo but have a contract with them so I operate as my Own Business

Yeah that's right! I think it's the really big insurance carriers like State Farm and Allstate that tend to be W2.

yes, it's the same path. the only difference is in how you organize your business.

Yes it's the same! Just a question of if you want to be a captive agent or not. Both have their pros and cons.

My friend recruited me into life and health. I didn’t even consider P&C at the time. That’s the only reason.

Started as an independent with an IMO. I had previous solar sales experience.

I would recommend looking for a local insurance agency to work with. A lot of the big IMOs are undercover MLMs lol.

Connor your video has been so insightful, THANK YOU. I’d like to follow upto this question! When you say local agency, within that same agency can you potentially work as either W2 or 1099? I currently have a full time job & want to start this on the side as a broker (as I don’t think I could commit to being a W2 employee for another company on top of my job), but I’m not sure how to start? A friend has offered me to join a company that has good support/community/tech & you’re able to work & contract with many companies, as well as make money if ppl join you (although not the focus) & I like the idea of that support/guidance they offer, but also not sure if a local agency would be a good fit? I’m not sure what setting would work for me bc I would need to keep a very flexible schedule since I work 40+ hours

@@jenniferpena3858 You’ll almost always be 1099 unless working for a corporate State Farm or Allstate type agency. I would recommend trying to jump on one of the team sales calls with that company and feeling it out before committing. I’ve found that to be very helpful when trying to choose a sales organization to work with.

Remember that it's a long term game and be ready to make a lot of phone calls!

I was selling life insurance!

haha no. I've been selling everything. Roofs, solar, insurance, fiber internet, software.

For the most part. There are a few where you can contract directly with the carrier though.

haha America!

Connor Your volume is Low, can barely hear you!