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Aug 1, 2007 2:10 am

Bobby, I’m 22. I haven’t failed or succeeded. I don’t want to be an “insurance salesman” for a “life insurance company”.

1 - There really is a stigma. It’s not correct, but there is one. Everyone dreads getting called by a life insurance salesman.

2 - What about old people who already have LI. What about young people without a family. What about my rich, divorced uncle who couldn’t give a s**t about anyone other than himself. What about my parents who do have the maximum amount.

Basically, the point of my topic was on moving to a wirehouse.

We all agree that as long as you have a pulse a life insurance company will hire you. Just how hard is it to get in with a wirehouse? Which are the best ones to work for?



Anon, you really love life insurance don’t you. Do you sell it?

Aug 1, 2007 2:58 am

[quote=Closer]Bobby, I'm 22. I haven't failed or succeeded. I don't want to be an "insurance salesman" for a "life insurance company".

1 - There really is a stigma. It's not correct, but there is one. Everyone dreads getting called by a life insurance salesman.

By this statement, you do not understand LEAP.  Granted, nobody likes to talk about early death, but it happens.  When you start to understand LEAP better, you'll realize that having WHOLE LIFE insurance gives you more options for retirement than not having insurance.  I suggest sitting down with a senior agent who is fluent in the LEAP process before proceeding.  It may save your career.

2 - What about old people who already have LI. What about young people without a family. What about my rich, divorced uncle who couldn't give a s**t about anyone other than himself. What about my parents who do have the maximum amount.

Older people may need life insurance to pay for estate taxes/leave an inheritance/pay off debts.  Even if they had enough insurance and/or didn't want to buy it, LEAP is a great tool to help put their overall financial plan on one sheet of paper. 

Young people without a family can appreciate what having WL as part of a retirement plan can do.  I've seen it.  Plus, insurability is a fragile thing.  If they ever plan on having a family, why not lock it in now?

Your rich uncle may not care about anybody, but he'll be astounded when you and your mentor show him how LEAP can help him recover lost taxes when he pulls money out of his retirement plans.

Your parents really have the maximum amount of coverage?  What kind of coverage?  There may come a time in the future where they need coverage in retirement.  Assuming you'll get hit with estate taxes when they pass, would you be forced to sell something to pay the taxes?  Something they may not want you to have to sell? 

Basically, the point of my topic was on moving to a wirehouse.

So, how many people with $250k + of investable assets will just hand it over to a 22 year old?  I'm not trying to be a jerk, but it helps to have some grey hairs.  I'm not saying it can't be done, but it's extremely difficult.

We all agree that as long as you have a pulse a life insurance company will hire you.

What does that say about you?  FTR, I disagree.  We've got plenty of big swinging richards that would rival any wirehouse. 

 Just how hard is it to get in with a wirehouse? Which are the best ones to work for?

It'll be alot harder for YOU to get into a wirehouse.  BOM's who are worth their weight don't like quitters.  Ultimately, the local branch culture has alot to do with which is the best one.  Find the one you're comfortable with and who you feel will give you the best support.

Anon, you really love life insurance don't you. Do you sell it?

Anon sells alot of it.  I hope to be at his/her level soon.  If you really understood how life insurance works, you'd love it too.
[/quote]

Aug 1, 2007 6:39 am

[quote=Bobby Hull]

[quote=Closer]Yep. Also.

1 - There is always a stigma associated with life insurance.

2 - Life insurance isn't suitable for everyone, investing almost always is.
[/quote]

No wonder you're failing.

[/quote]

I can't believe I'm saying this but I gotta agree with Bobby

Aug 1, 2007 10:21 am

Closer, one thing that all employers would like to see is a track record of success.  You are going to have a hard time moving to a wirehouse if you fail with the insurance company.  So far, you are failing.

What about old people who already have LI.

Having it and having the proper amount properly structured are very different things.

What about young people without a family.

Do they ever plan on having a family or do they want to leave money behind?  If the answer is "yes" to either one of these, they need to purchase life insurance today.  Insurability is very fragile.  (Deekay, you took a good line of mine to steal.  Keep using it!)  Closer, do you own life insurance.  If not, buy the maximum amount that you can buy immediately.  It can all be term, but make sure that it is convertable term.  Every week, I talk to someone who wants to buy insurance, but can't qualify at affordable rates.  The one thing that all of these people have in common is that they were insurable in their 20's.

What about my rich, divorced uncle who couldn't give a s**t about anyone other than himself.

Uncaring people are not prospects.  Who wants this type of person as a client?

What about my parents who do have the maximum amount.

Often, people are covered and it is the proper amount.  Many of these people don't have the proper type.  I can't tell you how many times I've run into people with UL or VUL that was going to implode at some point.  Also, the more coverage that somebody has, the more likely that they will buy more. 

We tend to work with people in our same age group.  From the insurance end of the business, we can make a comfortable living helping those in their 20's.  On the investment end, we'll starve.

Want to go to a wirehouse?  Succeed at the insurance company first.  By the way, if you succeed at the insurance company, you'll have no desire to go to the wirehouse.