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Should I accept an insurance sales position? (many concerns...)?

  • I've been offered a position from 2 life insurance companies as a sales representative/insurance representative, whatever the stupid title is. The 2 companies are pretty big and well known. Thankfully, I've been doing some research on glassdoor.com and read tons of reviews. From what I've gathered, the jobs are 100% commission based, and it appears there's an ~80% turnover rate, or at least a very high turnover rate. There is no base salary and there are generally no leads. You have to find your own, or sell to your family and friends (uh...yeah that might not work for me). Furthermore, many reviews recommended that I have 6 months to 1 year of cash on hand to support myself because I will have to pay the company monthly fees, such as using their office ($1,500 a month or something), which is just silly. I am a recent college graduate and I can tell you right now that I don't have 6 months - 1 year of cash on me. Should I just reject it? I know generally speaking, an entry level job is an entry level job and you just gotta suck it up, but this is just draconian. The fact that I have to pay $1,500 to keep my job with potentially no pay is horrifying. I could go into bankruptcy trying to keep my job, oh the irony.

  • Answer:

    Let's start out with a few basic points here: 1. They hire anyone over 18 who breathes. No skin off their back, if you fail. 2. 95% of new hires WILL fail, within six months. Turnover rate is way, way WAY higher than 80%. They're charging YOU? They're trying to lease you office space! They're going to be making money from YOU. That is NOT typical. Look, if you want to try your hand at insurance sales, you can get a straight commission job at just about any local agency, for a commission split, and no out of pocket costs besides your licensing fees. Plus, you'll get all the support and help you need to fill out applications and learn how insurance actually WORKS, from the business end. Sure, you'll still probably wash out, but it will cost you a hell of a lot less in the process. And maybe, just maybe, you'll make it, and be one of the 5% that drags home $50K the first year - working 60 to 80 hour weeks.

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Who would go to work at a place that would charge you $1500/month for fees? How much office space are you renting? Just work from your home and pay no fees. Also, instead of working at those companies as an agent, you can work WITH them as a broker, you'll likely make more money, not have to pay them anything, and if they're not the best fit when you price out a dozen different companies then you don't even sell them. Look into being a broker.

Insurance Pickle.com

I don't know where you got the 80% rate figure. 95% fail to last a year. You don't really need a year of cash on hand, because you have only a 1 in 20 chance of keeping the job that long. It's not really a job offer. It's an offer of an opportunity to work, but it's not really an offer of an opportunity to make money. You'll probably lose money. Reject it.

StephenWeinstein

Starting a commission sales job, in any industry, is very much like starting your own business. Insurance is especially difficult. It is very competitive, and requires a very intense level of prospecting, especially if you don't have a large professional network. Life insurance, in particular, can be a tough sell. And, the fact that this company wants to charge you $1500 monthly "rent" would suggest they are in the business of fleecing young would-be agents, rather than actually selling insurance. My advice is that, given your apparent age and relative lack of experience, you pass on his opportunity, and look for a position where you can get training, experience, and steady pay. There will be plenty of opportunity for risk taking and going for the brass ring later in life, when you are better prepared.

Dion J

Don't do it. YOU have to pay THEM to work in THEIR office? I know the job situation in this country is bad, but damn! Start off in a mailroom job or other entry level job where you get a steady paycheck and don't have to pay for the "luxury" of being employed.

Chickie

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