So, I've been out of work for 3 months now...received a call from a local All State agent trying to quote me a policy...he was a little bit higher than my existing policy, so I didn't convert. The only reason he couldn't touch my pricing was because I'm getting a great deal through a group rate offered to my previous employer. As long as I keep having the premium withdrawn from my checking account on a monthly basis, I have no fear of losing that rate.

Anyway, after some talking, I mentioned something about being out of work and he asked if I ever had interest in going into sales. I interviewed for a different company a few years ago, but decided I didn't like what they were selling me as a career. This would be for home/auto/life and I think they're very competitive as far as their rates go. There's no way I'd ever leave a job to do it, but in a position of having nothing at the moment, it would be the best time for me to do it.

Any advice you'd like to share?

Thanks!!!
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It's a decent living. You'll have to get licensed, don't know if they will pay for that for you or not so that's something to consider. Heck, it's like any other customer service industry, some people want your services and appreciate the job you do, others would prefer you find a corner and die in it. I enjoy doing it as I feel like I do some good by some good people.
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Thanks...Is there a good way of comparing pros/cons from one name brand to another, such as All State, State Farm, Liberty Mutual, etc, etc? The All State agent said he was previously with State Farm, but if and when you leave there, you lose everything. On the other hand with All State, he can hand over the business to the kids or sell it off to someone else. To me, if you retired as an insurance agent, you walk away from a LOT if it's just handed over to another agent.
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Well, not an agent but very familiar with the job and very familiar with the company he represents.
It is a great company to work for. Has great values. Truly attempts to do the right thing for the customer.
May not be what all agree with depending on what part of the fence you were that day.
Only one thing he may have failed to mention or may have. Agents for this company are NOT employees directly. They are independent business men.
They have to "buy" their location once set up and ready to go. Costs big bucks. Inquire into that.
Other than that aspect, many, many agents for this company retire quite well to do but not without ethics and hard work. You need this to survive in the industry that is quite competitive.

As has been said, you will require some studying and licenses to write insurance. The company will address that for you/with you.
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Not really unless you know and trust an agent or two from those companies and just get their opinions. They all go in cycles anyway, some years it's great to work for Farm Bureau, others State Farm is where it's at. That whole leaving your book of business behind when you go is actually pretty common, so that All State deal sounds pretty good if that's legit.
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The reason being what I already mentioned.
With State Farm, you are an employee of the company, as such, the book of business belongs to them.
With Allstate, you own your business (which start up costs are around $50K last I checked) and are not an employee. As such, you can sell your book or you can pass it on to a son/daughter, etc.
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My State Farm agent took over the business from her father, my previous State Farm agent, so the part he told you about "losing everything" at SF must be BS, Duane.
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Tom,
May be right.
They may allow transferring of books.
Why not. If the agent retires, the book will be redistributed/reassigned anyhow.
Not sure of State Farm.
I can only speak for Allstate.
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I actually listened to the "become an agent" call the other night. As stated you can start your own agency if you have $50k liquid and your series 6 and 63 licenses. You can also buy out someone else's business for whatever they want for it, but you still need the 50K on top of it. Seems like a hefty investment to only retain 10% of policy premiums. It must be worth it though or people wouldn't do it.
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The business can be transferred within the company so in that situation, the father was allowed to give the book to his daughter because she was appointed by State Farm. I'll say this for the industry, it could be a good opportunity, but it is a sales position. If you're not into the sales aspect of it, making calls, booking appts, etc, it might not be for you. There are very rewarding aspects to it though as well.
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Here's the deal...within the next month, I'll be auctioning off some farm ground and would expect to have plenty of cash to make an investment into something like this ($50k would be no problem in addition to having no personal debt for a mortgage, student loans, car payments, etc). I would prefer to start up my own company than ever having to go to work for someone else again if I could. One of the things I considered doing with this money was looking into a franchise of some sort, but I wasn't sure of the industry to get into.

Is the 10% the only amount retained for the entire office? Just curious in case I ever got to the point of having a salesman and a secretary.
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You are expected to hire your own staff. Don't know the particulars of the current contract so don't want to mislead you.
I can tell you this, sales agents for Allstate are in high demand. So much so, there is a handsome reward for this agent or anyone that ultimately gets you hired if they referred you.
You are going to get a commission on new business and a different compensation on renewals.
You will have to adhere to specific guidelines that will result in measuring your loss ratio. That will be an indicator of the quality of business you bring in. You just can't write anyone or anything to make money because if your loss ratio goes to high or above the limit, you are literally shut down from being able to write anything and have to survive on renewals.
Talk to them at length if genuinely interested. See what the new contract entails. See if you qualify based on criteria you must meet to proceed forward.
See what is in your area in terms of agencies. See if your location to be is convenient. See if a book is currently for sale or expected to be by the time you secure your licensing.
Most agents with a will to do well and eagerness to work hard do in fact do very, very well for themselves.
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If you're doing the home/auto and life gig, you can expect between 7% to possibly 15% commision. You will only be getting comissions paid in as far as your income. Say you have a single auto policy that's netting the company it's placed with $800 annually, you will see $80 depending on that company's commission rate. I'll leave you to do the math from there, but it's gonna take a sizeable book of business to start hiring help.
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Also bears mentioning, some companies will give you decent bonuses depending on loss ratios. So, if you have a good year, no massive hail losses, no large liability claims, you can make some hay with the year end bonuses. It's really all about getting more business (good business) on the books.
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No doubt.
Will also take a sizeable book of business to live large. The agents that do well have in excess of 3,000 book of business.
However, you do as most do. Start small and as you grow, you can add staff, specially solicitors that can do the legwork for you.
The ones that do very well have great solicitors lining up all the future business.
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The trips for top level performers are amazing!
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This is undoubtably true.
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I will say this-I've been in purchasing for nearly 10 years, so I've been around virtually every sales tactic out there. I do know that while the product/price is somewhat important, it's all for not if the customer things you're a complete jackarse.

While sales hasn't been my background, I've always wanted the opportunity to go into business for myself. I'm tired of working for others because of lost jobs in the past because I've worked for people that couldn't even do my job and prefer to let me go in order to save their behind.

I'm looking for something that I can be my own boss-someone accountable to myself for my performance. I've been through too much in the past to realize that I can do more than everything asked of me and it's still not good enough.
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