Tuesday, March 23, 2010
Old job makes a comeback--insurance salesperson
Leslie Scism, WSJ, Mar 19, 2010, says the old has become new again—selling life insurance.
New York Life added 3,610 agents, Northwestern 2,340.
Wasn’t Robert Young a life insurance guy on Father Knows Best?
Companies used to consider these agents too expensive to train and subsidize—then they began to rely on stockbrokers and the internet to sell insurance..
Now—whole life is a better investment (whole life means paying more in than the fave value and accruing cash value).
It’s a sun-up to sundown existence of hustling, according to one source in the story. Most agents earn less than $35K. Fewer than 20% last more than 4 yrs. You can make north of $100,000 if you stick, though.
There were some scandals with whole life a while back—and new agents must sell harder to overcome the stigma.
Whole life—which no longer is pitched saying interest on the savings part would pay to upgrade the coverage (it didn’t happen and people were upset).
At first, new agents can sell to friends and family, but eventually those people must refer other customers. That’s where a sales mentality comes in.
One agent carriers brochures whevever she goes. You have to be willing to get out of your comfort zone, she says.
Some people have a selling skill, though—it’s kind of a talent. If you do—they are hiring.