Considering getting my license to sell health and life insurance.

[Captain Caveman]

This is a very high turnover market with a ton of earning potential. There are agents right now making 500k to millions of dollars annually. I may just be arrogant, but I consider myself somewhat ahead of the curve when it comes to general comprehension of ideas and my ability to communicate with people. I've had several insurance companies, car lots and other sales groups try to hire me in the past when I applied just out of curiosity. Everybody I've talked to seems to think I'd be amazing at sales, but maybe they say that to everybody.

I love law enforcement type work, but the income cap is something I'm just not willing to settle for long term. Have any of you worked this or other commission sales jobs? Can you give me any insight or advice?

If you're asking peasants on a forum if you should dive into a certain self employed career, then it's not for you. If you think it is, just do it.

Edit : And ignore Yanks amazing knowledge on the UK health system, it doesn't even reach basic level.

 

[x chicago]

This is a very high turnover market with a ton of earning potential.

If it's so great, then why the turnover?

 

[Cougarbear]

This is a very high turnover market with a ton of earning potential. There are agents right now making 500k to millions of dollars annually. I may just be arrogant, but I consider myself somewhat ahead of the curve when it comes to general comprehension of ideas and my ability to communicate with people. I've had several insurance companies, car lots and other sales groups try to hire me in the past when I applied just out of curiosity. Everybody I've talked to seems to think I'd be amazing at sales, but maybe they say that to everybody.

I love law enforcement type work, but the income cap is something I'm just not willing to settle for long term. Have any of you worked this or other commission sales jobs? Can you give me any insight or advice?

I was a teacher for 20 years. But, I knew that at some point, I'd have to get out as my health was suffering and I was on a year to year contract. So, I picked up a part-time career in financial services. The company I worked for and still do has no quotas and no time clocks. It does what is right for consumers 100% of the time as they did for my life insurance. I also do investments as well. They pay for my licensing too. We even have the newest hottest tool for finances on the streets that in 5 minutes can take the complexed science of finance and simplify it for the consumer. We even have scripts for each product and service so you don't have to be a wiz at numbers or sales. If you want more information, send me a direct message.

 

[Cougarbear]

Insurance is a scam in a way. If one submits no claim ever ones rates increase.

Doesn't products of any type increase over time? How is that a scam? Insurance is simple. It's there to stop a loss in the event of a catastrophic event. And, the way it works is that you and millions of other people pool their money together to help out the few that need it. The fact is, we hope we never need it. Like mutual funds, it's a pool of money that has risks. It's not a scam if both parties don't try to do illegal things.
Now, there are type of policies that are sold by agents with intent to scam. Any Cash Value life insurance policy is a scam. Not because of the way it is set up. It's by the way it's explained with misleading sales practices and not giving the consumer the correct information. For instance, if you look at the cash charts, the first 2 -5 years, not a dime of the premium goes into the cash value savings account. The consumer literally loses every dime. A negative -100% return for that time. No one would knowingly do that. So, the salesman has to really good at hiding it. The answer is simple: Whole Life is decreasing term insurance with a huge monthly overcharge. Universal Life is annual renewable (increasing fees) term insurance with a huge monthly overcharge. That overcharge is what goes into the cash value. Except, the company pays out anywhere a front load of 70% to 130% of the first two to 5 years premiums commissions to the agent and agency uplines. Since the client only paid in for one month, the commissions are actually loans to the agents. The companies have to recoup their money they lent the agents and get that money from the clients. So, the agents hide the first years and only point to the future 20 years or 30 years or 40 years and so on. And, when you dig deeper, when a client dies, the company pays out the insurance but keeps the cash value.

 

[he just circle K]

Most insurance is bogus and simply preys on fear.

One time, this goof at the car rental tried to sell me insurance. He called it "pre-paid legal." I said, "you mean insurance." He said no and told me that I pay premium in case I ever need a lawyer. (my first lol)

I played along and asked why I would not just contact a lawyer by phone. He said you might need a lawyer in the middle of the night. "Why would I need that?" I continued to play along. He told me for being in jail for drunk driving. I said I don't do such things and laughed. He excused himself to the bathroom.

 

[debbiedowner]

Doesn't products of any type increase over time? How is that a scam? Insurance is simple. It's there to stop a loss in the event of a catastrophic event. And, the way it works is that you and millions of other people pool their money together to help out the few that need it. The fact is, we hope we never need it. Like mutual funds, it's a pool of money that has risks. It's not a scam if both parties don't try to do illegal things.
Now, there are type of policies that are sold by agents with intent to scam. Any Cash Value life insurance policy is a scam. Not because of the way it is set up. It's by the way it's explained with misleading sales practices and not giving the consumer the correct information. For instance, if you look at the cash charts, the first 2 -5 years, not a dime of the premium goes into the cash value savings account. The consumer literally loses every dime. A negative -100% return for that time. No one would knowingly do that. So, the salesman has to really good at hiding it. The answer is simple: Whole Life is decreasing term insurance with a huge monthly overcharge. Universal Life is annual renewable (increasing fees) term insurance with a huge monthly overcharge. That overcharge is what goes into the cash value. Except, the company pays out anywhere a front load of 70% to 130% of the first two to 5 years premiums commissions to the agent and agency uplines. Since the client only paid in for one month, the commissions are actually loans to the agents. The companies have to recoup their money they lent the agents and get that money from the clients. So, the agents hide the first years and only point to the future 20 years or 30 years or 40 years and so on. And, when you dig deeper, when a client dies, the company pays out the insurance but keeps the cash value.

I see you're not up on life insurance. Whole life is not decreasing term insurance, whole life keeps same premium and face value for the life of the policy. Very few term policies have any cash value and you're buying just for a term because it's cheap. If you want to renew at the end of term you will pay much higher premium's.

 

[x chicago]

I see you're not up on life insurance. Whole life is not decreasing term insurance, whole life keeps same premium and face value for the life of the policy. Very few term policies have any cash value and you're buying just for a term because it's cheap. If you want to renew at the end of term you will pay much higher premium's.

Term insurance?! Whole life?! lol That's like saying I should spend my money on coke instead of heroin.

 

[Captain Caveman]

This is a very high turnover market with a ton of earning potential. There are agents right now making 500k to millions of dollars annually. I may just be arrogant, but I consider myself somewhat ahead of the curve when it comes to general comprehension of ideas and my ability to communicate with people. I've had several insurance companies, car lots and other sales groups try to hire me in the past when I applied just out of curiosity. Everybody I've talked to seems to think I'd be amazing at sales, but maybe they say that to everybody.

I love law enforcement type work, but the income cap is something I'm just not willing to settle for long term. Have any of you worked this or other commission sales jobs? Can you give me any insight or advice?

It's been 48 days. Did you apply?

 

[debbiedowner]

It's been 48 days. Did you apply?

He or She has their license now.

 

[Cougarbear]

I see you're not up on life insurance. Whole life is not decreasing term insurance, whole life keeps same premium and face value for the life of the policy. Very few term policies have any cash value and you're buying just for a term because it's cheap. If you want to renew at the end of term you will pay much higher premium's.

Oh no! you are like most insurance consumers. You don't know the terminology. See, all life insurance is based on Annual Renewable Term (ART). That's where the "FACE AMOUNT" stays the same and the premium goes up every year. (Premium has several components to it). The FACE AMOUNT (FA) and the DEATH BENEFIT (DB) are the SAME AMOUNT in ARTs. Decreasing Term (DT) is the opposite. The premium stays the same while the FACE AMOUNT decreases every year. So, the Death Benefit paid to the beneficiary is less each year. Whole Life (WL) is a combination of DT + (An Overcharge called Cash Value). Cash Value is the overcharge that goes into a savings-like account inside and controlled by the insurance company. For the first 2 years, the overcharge goes to pay back the company for the commissions paid to the agency force which includes the agent. The client receives a -100% return for 2 years. What a deal, right! After the 2 years, some of the overcharge begins to trickle into the CV. At that time, the FACE AMOUNT decreases by the amount of CV in the account. What is really happening is the insurance begins to kick into DT and the CV makes up for the loss of the FACE AMOUNT because it's decreasing term. So, the DEATH BENEFIT stays the same. If you try to explain it your way, then what happens at the death of the policy holder is the Insurance company pays the FACE AMOUNT but keeps the Cash Value. You can never get both. Say the original FA is $100,000 and the CV is $10,000. The beneficiary receives $100,000, $10,000 of it is the CV. This means the FA is $90,000 while the premiums were staying the same. Decreasing Term. Or, The FA stays $100,000 and the beneficiary receives it and the company keeps (steals is) the $10,000 CV. Not both. Hope this explains things a bit more. I've been a licensed insurance agent for 40 years now.

Now, Universal Life is interest sensitive and therefore, nothing is guaranteed because the insurance portion is Annual Renewable Term (ART). The policy starts off the same as Whole Life but can actually have a -100% return for as much as 5 years. What a deal! With ART the FACE AMOUNT stays the same while the Mortality Cost of Insurance goes up every year. It's in the Mortality Cost Table inside the policy. Easy to find. The premium stays the same. So, if the cost of insurance goes up every year, the amount of overcharge, Cash Value, will be less each year because the premium stays the same. Eventually, the Mortality Cost of Insurance exceeds the premium the client is paying and you begin to hear a big sucking machine sound of money being removed from the Cash Value in the policy. Eventually, that CV goes to $0.00 and the company sends a letter requiring you to pay a huge premium to keep it going and every year that premium will go up. And, it the client dies, the company again keeps the Cash Value unless the client is willing to pay a substantial more for the premium. That way, the premium will buy more life insurance FA each year equal to the value of the Cash Value. The client things their beneficiary will get both the insurance FA and the CV. But, it's just a smoke screen. As the policy states, they will receive an amount of the FA plus an amount equal to the CV. Misleading and legalized criminal.

There you go. Level Term without any CV, that includes Return of Premium Term (which is just like a WL policy in reality), is the way to go and invest outside the policy in a good Roth IRA.

 

[Cougarbear]

Term insurance?! Whole life?! lol That's like saying I should spend my money on coke instead of heroin.

Please explain Mr. Drug Addict

 

[JustAGuy1]

Well, seeing how the NHS cost a lot, LOT less than US healthcare (like the NHS costs less per person than the US federal govt is paying for healthcare, which is about 50% of US healthcare spending).

https://www.kingsfund.org.uk/insight-and-analysis/data-and-charts/nhs-budget-nutshell

In 2023/24 the NHS spent £195.7 billion. Which is $264.19 billion. (right now).

That's about $4,000 per person.

How has U.S. spending on healthcare changed over time? - Peterson-KFF Health System Tracker

This chart collection explores National Health Expenditure (NHE) data from the Centers for Medicare and Medicaid Services (CMS).

www.healthsystemtracker.org

In the US it's $4.870 billion in 2023. That's $14,000 per person.

That middle man is screwing you over, they're letting hospital spend whatever they want, charge you ridiculous prices "because you ain't pay it directly, so it don't matter", but it does. You end up paying it. Pharma companies screw you, everyone's screwing you because people don't realize it shouldn't be like this.

Healthcare funding has increased FOUR TIMES since the year 2000. All because the middleman has no breaks.

All HC Companies are required to pay 80 cents a Dollar on claims. That means they have to pay ALL company expenses on the remaining 20 cents. In my state once the ACA kicked Blue Cross Blue pays a commission of $15 per app.

 

[JustAGuy1]

Oh no! you are like most insurance consumers. You don't know the terminology. See, all life insurance is based on Annual Renewable Term (ART). That's where the "FACE AMOUNT" stays the same and the premium goes up every year. (Premium has several components to it). The FACE AMOUNT (FA) and the DEATH BENEFIT (DB) are the SAME AMOUNT in ARTs. Decreasing Term (DT) is the opposite. The premium stays the same while the FACE AMOUNT decreases every year. So, the Death Benefit paid to the beneficiary is less each year. Whole Life (WL) is a combination of DT + (An Overcharge called Cash Value). Cash Value is the overcharge that goes into a savings-like account inside and controlled by the insurance company. For the first 2 years, the overcharge goes to pay back the company for the commissions paid to the agency force which includes the agent. The client receives a -100% return for 2 years. What a deal, right! After the 2 years, some of the overcharge begins to trickle into the CV. At that time, the FACE AMOUNT decreases by the amount of CV in the account. What is really happening is the insurance begins to kick into DT and the CV makes up for the loss of the FACE AMOUNT because it's decreasing term. So, the DEATH BENEFIT stays the same. If you try to explain it your way, then what happens at the death of the policy holder is the Insurance company pays the FACE AMOUNT but keeps the Cash Value. You can never get both. Say the original FA is $100,000 and the CV is $10,000. The beneficiary receives $100,000, $10,000 of it is the CV. This means the FA is $90,000 while the premiums were staying the same. Decreasing Term. Or, The FA stays $100,000 and the beneficiary receives it and the company keeps (steals is) the $10,000 CV. Not both. Hope this explains things a bit more. I've been a licensed insurance agent for 40 years now.

Now, Universal Life is interest sensitive and therefore, nothing is guaranteed because the insurance portion is Annual Renewable Term (ART). The policy starts off the same as Whole Life but can actually have a -100% return for as much as 5 years. What a deal! With ART the FACE AMOUNT stays the same while the Mortality Cost of Insurance goes up every year. It's in the Mortality Cost Table inside the policy. Easy to find. The premium stays the same. So, if the cost of insurance goes up every year, the amount of overcharge, Cash Value, will be less each year because the premium stays the same. Eventually, the Mortality Cost of Insurance exceeds the premium the client is paying and you begin to hear a big sucking machine sound of money being removed from the Cash Value in the policy. Eventually, that CV goes to $0.00 and the company sends a letter requiring you to pay a huge premium to keep it going and every year that premium will go up. And, it the client dies, the company again keeps the Cash Value unless the client is willing to pay a substantial more for the premium. That way, the premium will buy more life insurance FA each year equal to the value of the Cash Value. The client things their beneficiary will get both the insurance FA and the CV. But, it's just a smoke screen. As the policy states, they will receive an amount of the FA plus an amount equal to the CV. Misleading and legalized criminal.

There you go. Level Term without any CV, that includes Return of Premium Term (which is just like a WL policy in reality), is the way to go and invest outside the policy in a good Roth IRA.

Well done.

 

[x chicago]

Please explain Mr. Drug Addict

Mr. Drug Addict??

 

[Cougarbear]

Mr. Drug Addict??

You want to spend money on heroin. So, explain your post. Why are you equating life insurance with heroin? Have you ever met a widow who was left alone without the funds to raise her children except the proceeds from a sufficient amount of life insurance money? I have! In 40 years, I've seen this multiple times. So, what is wrong with life insurance?

 

[x chicago]

You want to spend money on heroin. So, explain your post. Why are you equating life insurance with heroin? Have you ever met a widow who was left alone without the funds to raise her children except the proceeds from a sufficient amount of life insurance money? I have! In 40 years, I've seen this multiple times. So, what is wrong with life insurance?

I'm comparing wasted money to other wasted money. It's past your nappy time, pops.

 

[Cougarbear]

I'm comparing wasted money to other wasted money. It's past your nappy time, pops.

Wasted money? Why do you say that? Do you think of your family like they are trash and if you die they have to live on the streets? God will provide or something?
Yes, all insurance is a gamble. It works like this: If you live, the insurance company doesn't have to pay out. If you die, they do. It's a bet. The insurance company is betting you won't die while you are betting you will die. The question is, do you want to pool a small amount of money together with a few million other people or just hope you don't die? Let me ask you a question, do you know the date of your death?

 

[x chicago]

Wasted money? Why do you say that? Do you think of your family like they are trash and if you die they have to live on the streets? God will provide or something?
Yes, all insurance is a gamble. It works like this: If you live, the insurance company doesn't have to pay out. If you die, they do. It's a bet. The insurance company is betting you won't die while you are betting you will die. The question is, do you want to pool a small amount of money together with a few million other people or just hope you don't die? Let me ask you a question, do you know the date of your death?

Good gawd. Is this even serious? First you call me a drug addict because you don't get a simple analogy. Now I should buy a product because I'm putting money on my death.

You're nap was not long enough.

 

[JustAGuy1]

Good gawd. Is this even serious? First you call me a drug addict because you don't get a simple analogy. Now I should buy a product because I'm putting money on my death.

You're nap was not long enough.

Life Insurance isn't about dip wad, it's about your family.

 

[Cougarbear]

Good gawd. Is this even serious? First you call me a drug addict because you don't get a simple analogy. Now I should buy a product because I'm putting money on my death.

You're nap was not long enough.

It's all about you. I've met many men who don't care about their families. The main reason is that they, like you, don't want "New Dad" to get rich off your death. Selfish, selfish and, did I say selfish... Instead, you should think of it as giving your wife a chance to vent a "New Dad" so she doesn't bring in an abusive person to your children. I've seen this over and over with jerk husbands who die and the wife has to marry the first jerk that comes along and is abusive. See, Life Insurance is really paycheck insurance. If you die, your paycheck dies with you. It takes about 8 to 10 years for a family to transition from life with you to life without you financially. If you earn $6,000/mo. That's 60 one hundred dollar bills. Doesn't it make sense to take one of those 60 to protect the other 59 in the event of your death?