Become an Insurance Broker (step by step)
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- Опубліковано 5 жов 2024
- The insurance industry has created more millionaires than any other industry. In this video, we explore everything you need to know on how to become an insurance broker.
How to pass your life insurance exam in 3 days:
• Pass Your Life and Hea...
Jeez dude. I've been in the industry for decades. (Feels weird to say) You dropped a bomb here. Concise, accurate, easy to follow. Thank you on behalf of all of the noobies that you just helped.
Can someone breakdown world financial group ?
Man, this is exactly what I was looking for and I’m in Texas myself. I really want to get into the industry and get off this truck that I’m driving
hows it going
Should make video on imo and about how to find them
To become an Independent Broker, the step by step content in this video is exactly what I needed to know. Our senior community is very fragile. That also makes them high targets for agents and brokers. I have been researching what drives brokers and agents for a few years now. Working in the MAPD industry, I often see a strong disconnect between broker and beneficiary and this disconnect can lead to a disruption in a beneficiaries quality health care. This was a very well thought out and structured video. Thank you. You have saved me hours of frustration and research.
Cheers to the responsible brokers out there!
Great video! I'd love to see more details on the licensing process and how to navigate the different types of insurance products. Maybe you could also cover how to build a client base and market yourself as an insurance broker. Looking forward to your next video!
Thank you so much Conner. You my new friend for real
Most recommended MGA (hidden germ) is Horizon Agency System at Junction, CO.
Great video, Connor! Thank you. I am seriously looking into becoming an insurance broker. I speak multiple languages and there is no insurance agent in my area who can represent this non English-speaking community. I pretty much have a client base ready for me to get licensed. Will be checking out your other videos, too. Thanks a lot.🙏
😁..Jake from state farm...pretty good example..thanks for the information brother...its gold mine...keep it up
Thank you! I appreciate that.
Great video!! I have a lot to learn
Glad it was helpful!
Thanks for the video.
My main thing is that the commissions on solar are 5-10x higher what you’d get selling most insurance policies. The residuals on life insurance are only 3% too. I hear a lot of guys in the insurance space recommending commercial lines because the residual’s compound much quicker.
You're right about solar commissions being much higher! There are definitely pros and cons to both. For example, a pro to selling life insurance is that everyone is a potential client. They don't need to have a house or be willing to take out a $40K loan or anything like that so the sale is much easier. But the main reason why a lot of people get into insurance including myself is to build an agency. That's where you have the potential to make generational wealth.
In general the smaller the market the higher the commission. Reason being the brokers have to work harder to find clients for the insurers. I work in IPMO and commission is 20-30% with high premiums, but the market is pretty small as you imagine.
@@maximusprime98 solar is also so dependent on interest rates. People are starving now in that industry
Really helpful thank you just got my license you made me so much more confident thank you 🙏🏾
Glad I could help!
Hi Connor, Im taking the steps to becoming an insurance broker, I still have to get the broker/agent license, but for when I do can you please explain how you got appointed with the insurance companies you mentioned before? Thank you brother and this was an extremely informative video, you should definitely keep up the UA-cam grind on the side!
Thanks for the video. I have no clue how to become an agent/broker. Your video was helpful and you seem very knowledgeable and trustworthy! I am an educator but I would like to retire and work from home. Can I work part time (until I retire) for one of the bigger companies? I feel like I would need some support from a bigger company to learn the ropes. I’m interested in selling the medigap insurance policies.
Great video!!
Amazing love your video! As an insurance broker you did amazing!
Thank you!!!
Great video, Connor. Thank you. The compensation part threw me off. How do you earn 100% commission or higher? What's the benefit to the company whose policy you sold if they're giving you all of the premiums in year one?
@Michael Bryan The insurance company is betting on the policy holder keeping their policy and paying premiums for many years to come. So they’re willing to pay the sales agent a nice commission to help them acquire that customer. If the annual premium is $1000 and you have a 150% commission, then you’re compensated $1500. And if the customer keeps that policy for let’s say 10 years, that means the customer will pay $10,000 to the insurance company over those 10 years and the insurance company will profit $8,500 (because they paid you a $1,500 commission). There’s a lot more that goes into all of this, but that’s essentially how it works.
This tool is to useful. Thank you.
Thanks boss
Thank you for this informative video.
hey! from cali .. currently taking the course on XCEL .. wish me luck!
thanks for the vid btw is there any way you can make more? maybe even live calling ?
Which IMO are you contracted with and do they continue to be your number one choice.
I was with FFL and they are NOT my number one choice lol
This video was exactly what I needed! Very informative thank you! Do you have any recommendations for IMO’s?
I'm glad it was helpful! Unfortunately I don't have any recommendations. I've since got out of the insurance industry
Ah one of the 92%
Ohh ok! I’d love to see a video of why you made that decision and what you think is a good business 😊
What industry did you go to? @@ConnorJaksik
Which IMO is good to get started?
Thanks Connor, I needed this video. I have an upcoming interview with a broker from Family First Life. Got any tips for the interview?
Glad it was helpful! How was the interview?
This is great - thanks for breaking it down..
Glad it was helpful!
Could you add the links to the products you used in the video?
Thank you, great information for me
Glad it was helpful!
Hi Connor, I am also an insurance broker based in South Africa, just wanted to find out is the best way source leads for telesales ?
Please up the Video Volume,
What do you like better Solar or insurance?
It's hard to say... They both have their pros and cons. I prefer the process of selling solar, but insurance seems to be more scalable as a business. No physical products and you also get residual income.
Nice video Connor, Thank you! if we need to get licensed in multiple states, do we have to re-take the exams in those states too?
I’m some cases maybe, but I know with the state of Texas, as long as you have passed the exam and you have your license, then all you need to do is apply to be able to sell or work in another state and you won’t have to retake
God bless you and yours…
Hi Connor !
Great video and very informative. I’m looking to get into the business to sell Medicare and Life. Do you have any tips for someone completely new ? I have a medical background and am pretty familiar with plans and such as I know it’s constant learning and soaking in information. I am wondering do you recommend going straight to broker or becoming an agent first. In the medical field it’s more hit the ground running and learn as you go and grind . I’m comfortable doing that but would like some advice.
Thanks for this video ❤
I’m glad the video was helpful! My biggest piece of advice is to ask yourself how much of your life do you want this to take up? Independent brokers are ruthless and for the successful ones there’s no separation between work and life. If you’re looking more for a job or having any kind of a work life balance, definitely become an agent first. Maybe that’s not the case for everyone, but over 90% of brokers quit within their first year and I think if they looked at it like that before they started they would have a better idea of what to expect.
@@ConnorJaksik Thank you that makes a lot of sense and I have been a stay at home mom for over 3 years now and I’m ready to work and work a lot I have a great support system. If I worked for an agency to start , can I leave whenever ? Are there contracts involved , I hear a lot of people talking about agencies holding “contracts” and I don’t know what that means 🤷🏽♀️
@Kayla Griffin That’s correct. Most agents are under contract and are known as captive agents. Basically what that means is that the contracts have incentives for you not to leave that agency. Usually this means if you leave within the first 5 years or so, they’ll stop paying you the residual income from policies that renew. Brokers usually don’t have to worry about that, but they have other things to worry about like buying leads lol. Honestly, I would recommend looking into contracting directly with Medicare companies. Some Medicare companies such as Humana will supply leads to high producing brokers and they don’t make you sign captive contracts.
@@ConnorJaksik Thank you so much ! This was extremely helpful , hopefully it is okay to reach out if I have any other questions it’s hard to find people who will give you the truth about the industry but this is something I want to get into now .
@@KaySparza I know what you mean! I learned everything the hard way... that's why I'm happy to help. Feel free to reach out!
Hi Connor. I went on the ecel site and didn’t see Texas. Am I missing something? Thanks for the video. And where do we go to search IMOs?
Interesting… I’m not sure why Texas wouldn’t be showing up on the excel site… You can search for IMOs on any job board. They’ll be posting insurance broker jobs, the ones that are W2 are captive agents and the 1099s are independents.
I’m looking to get more into the sales and looking for mentor through it if you could possibly find the time in your schedule that would be amazing
Send me a message on Instagram or leave your email and I'll send you a message.
Same here
I’m looking for a good imo in Michigan any ideas or recommendations? Great channel btw
he can't he quit the industry
@@aloiswinzinger1160 wow seriously???
yes, I quit the industry. Was a great experience though!
Connor! great video!!! my biggest concern is the dialer. what can a good dialer cost and with AEP coming up would it be worth it to give it a shot going independent?
It wouldn't hurt to give it a shot as an independent, you could always go back to captive agent. Dialers can range from $5-$50/hour depending on what country they live in and their skill level. I think it comes down to the leads you're working when choosing a dialer. You should have a higher quality dialer for higher quality leads.
we can get you good dialers and you can have a good number of leads for OEP
Hello, I’m a beginner to insurance industry. I recently got my LLQP license and about to get hired in an insurance broker, but I will be on my own and they don’t have a proper training. Do you guys know where can I get training for selling insurance? I want to know what questions usually clients ask in meetings and how can I answer them?
I really appreciate your help
I would recommend seeking out a mentor, someone who is doing what you want to be doing. Also, general sales books would be helpful. I've seen people sell crazy amounts of insurance who didn't know much about insurance, they were just really good with sales techniques.
90% brokers quit their first year wow😮
Yes, in my opinion, this is because the recruiters are often misleading about the role and people get themselves into something they weren't expecting.
I live in Georgia how ever I’m licensed in SC anyone know a good imo to partner with ?
I can help you Omar
Hi Connor - I just got my P&C license in Texas. Was curious how difficult it is to be able to sell the major carriers products as an independent. I was told you need to have a significant book of business to even be considered which would mean likely years of working at an AllState or State Farm before being able to go off on my own. Is this accurate? Or do you recommend a different path?
Hi Connor !
thank you for your video
I have a license in life already, do i need to take another exam to become broker?
Thank you Connor! Question: Once you get an insurance license, do you have to get a specific 2nd license to get a "brokers" license?
nope. just need the insurance license then you can start contracting.
@@ConnorJaksik For texas,Is the Produce License that an agent holds the same as a Broker?
So can I use the license to be either a agent or or broker? Is the license the same for both?
Yes it's the same! Just a question of if you want to be a captive agent or not. Both have their pros and cons.
Does John Hancock have whole life insurance? The insurance plan that has dividends.
I'm not sure about whole life, they only had a term life product available when I was using them.
Is there a higher education requirement to become a broker? Other than high school
No education requirements, just need a license
I am looking to work as a broker any recommendations? I have my Health Insurance license.
Remember that it's a long term game and be ready to make a lot of phone calls!
Any ideas for a good IMO in California?
When you become a broker that essential means you are starting your own business/company correct? So I would assume you set up and operate as an LLC?
Correct I am a broker and set up my
LLC I chose an imo but have a contract with them so I operate as my
Own
Business
Do you work from home?
Some agents actually are 1099. I guess it depends on the carrier.
Yeah that's right! I think it's the really big insurance carriers like State Farm and Allstate that tend to be W2.
Hi Conor, thanks for the info. I have a question.
Can you become an agent right after getting your license in nj? I looked online couldn’t find anything.
I'm not sure about NJ, but in Texas you can apply immediately after the test
JUst passes my state exam, looking to go fully independent and work for myself! Any good IMO recommendations?
I would recommend looking for a local insurance agency to work with. A lot of the big IMOs are undercover MLMs lol.
Connor your video has been so insightful, THANK YOU. I’d like to follow upto this question! When you say local agency, within that same agency can you potentially work as either W2 or 1099?
I currently have a full time job & want to start this on the side as a broker (as I don’t think I could commit to being a W2 employee for another company on top of my job), but I’m not sure how to start?
A friend has offered me to join a company that has good support/community/tech & you’re able to work & contract with many companies, as well as make money if ppl join you (although not the focus) & I like the idea of that support/guidance they offer, but also not sure if a local agency would be a good fit? I’m not sure what setting would work for me bc I would need to keep a very flexible schedule since I work 40+ hours
@@jenniferpena3858 You’ll almost always be 1099 unless working for a corporate State Farm or Allstate type agency. I would recommend trying to jump on one of the team sales calls with that company and feeling it out before committing. I’ve found that to be very helpful when trying to choose a sales organization to work with.
So the educational path is relatively the same as a standard insurance sales rep?
yes, it's the same path. the only difference is in how you organize your business.
Any reason you went with Life & Health vs P&C? Why not both?
My friend recruited me into life and health. I didn’t even consider P&C at the time. That’s the only reason.
Did you go independent right out of the gate or did you have some insurance experience?
Started as an independent with an IMO. I had previous solar sales experience.
No more solar man ?
haha no. I've been selling everything. Roofs, solar, insurance, fiber internet, software.
Are you selling life ,health ,and P&C ins just not sure what insurance you are saying to become a broker
I was selling life insurance!
Hi! Is the exam for broker and agent the same in Oklahoma? And do you need to pay a bond to be a health insurance broker? If yes, how much?
Hey I have the same question did you ever find out the answer?
Do you always have to have an upline?
For the most part. There are a few where you can contract directly with the carrier though.
i can barely hear your video compared to others
😮
I wonder where this guy lives? Canada? U.S?
haha America!
Com
Connor Your volume is Low, can barely hear you!
False we’re all 1099. The days of w2 is over