I am an insurance salesman and I think that most of the business sucks. Here is what I mean.
Daily if not almost hourly I am approached by someone new who wants me to sell their products for them. The pitch is always the same. Commissions and service.
If I sell their products I will get higher commissions. Experience has taught me that this is nothing but a lie. Almost all commissions paid by insurance companies are the same. The difference is how much are these marketing companies taking off the top. They all want me to sell their products so they can make more money off my hard work and my personal investment in marketing.
It is nice deal they have, I work and they get paid.
Think of an insurance product like a three legged stool. One leg is the client’s interest, one leg is the company’s interest and the other leg is the marketer’s interest. Anytime more is added to one leg than the other the stool is lopsided. All three legs need to be equal or someone is taken advantage of. So when a marketing company offers me an “out of whack” commission I know where it is coming from…the company, NO! It is coming from the customer. It has to!
All aspects need to be fair and if one is more than the others the stool falls over.
Then there is their other pitch….service.
I always substitute the service word with the GREED word. I mean exactly how much service do I need? I handle my own applications, I transfer my own money and I deliver my own policies. What sort of service do they offer? You are correct, nothing. For what a marketing company makes off my sales they can do a lot more than service as far as I am concerned. What could they do?
o Pay for marketing and
o Pay bonuses
Then there is this that always stops them in their tracks. I will never do business with anyone who doesn’t give me two things:
1. A pre-release so I can move anytime without their permission
2. Full disclosure of how much they make on my sales
Make them tell you and always demand full disclosure. Disclosure is not their favorite subject and very few will actually share their contracts. Hold your ground because they will eventually show you. What if they are making too much of an override, is it ever fair? The answer is yes! There are a few marketing companies out there who do a great job and provide enough benefits to actually earn the overrides. Search them out; they are the ones to do business with. Here are my favorites:
o Financial Independence Group (FIG Marketing)…North Carolina
o Northwest Planning…Spokane, Washington
o The Annuity Source…Seattle, Washington
o Brokers International…Iowa
To be honest I really like selling insurance. It provides me with a nice income as well as total management of my time. Select the best marketing partners for you, but always demand disclosure. The best ones will be happy to share.
