I’m an insurance salesman and I think most of the business sucks. This is what I mean.
Every day, if not almost every hour, I am approached by someone new who wants me to sell their products. The tone is always the same. Commissions and service.
If I sell your products I will get higher commissions. Experience has taught me that this is nothing more than a lie. Almost all the commissions that insurance companies pay are the same. The difference is how much these marketing companies are taking off. They all want me to sell their products so they can make more money from my hard work and personal investment in marketing.
It’s a good deal they have, I work and they get paid.
Think of an insurance product as a three-legged stool. One leg is the interest of the customer, one leg is the interest of the company and the other is the interest of the marketer. Each time more is added to one leg than the other, the stool becomes crooked. All three legs must be the same or someone will take advantage. So when a marketing company offers me a commission “out of control”, I know where it comes from … the company, NO! It comes from the customer. Have to!
All aspects must be fair and if one is more than the others the stool falls.
Then there’s his other tone … service.
I always replace the word of service with the word GREED. I mean exactly how much service do I need. I handle my own applications, transfer my own money, and submit my own policies. What kind of service do you offer? You’re right, nothing. For what a marketing company gets from my sales, it can do a lot more than a service as far as I’m 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 does not give me two things:
1. A pre-release so I can move at any time without your permission
2. Full disclosure of how much they earn from my sales
Get them to tell you and always demand full disclosure. Disclosure is not their favorite topic and very few will share their contracts. Hold your position because eventually they will show you. What if they are giving too much importance to an annulment? Is it ever fair? The answer is yes! There are some marketing companies that do a great job and provide enough profit to get you overrides. Look for them; 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 source of annuities … Seattle, Washington
o Brokers International … Iowa
To be honest, I really like selling insurance. It gives me a good income and full time management. Select the best marketing partners for you, but always demand disclosure. The best will be happy to share.