Timothy Schucker shares three lessons from selling life insurance: chargebacks and replacements happen when policies aren't placed right, you need to interview multiple IMOs instead of taking the first recruiter, and captive agents don't own their clients or keep their book if they leave.
Here's three things I wish I knew before I started selling life insurance. Number one is how bad chargebacks can be. There are enough agents out there nowadays that if you don't do the work on the front end to put your client in the best spot, somebody will come behind you and replace that policy. Number two is how many IMOs there are. Do your research and don't just go with the first IMO that sends you a DM on LinkedIn. Do your due diligence and conduct interviews with multiple agencies to find out who will give you the best blend of comp training and culture. Number three Never ever ever become a captive insurance agent. Captive agents can only have their contracts through one agency and oftentimes you don't even own your clients. Meaning if you ever decide to leave or part ways with the IMO you're working at, they keep your whole book of business. Meaning you can't contact any of your clients. The company owns them. Make sure to go with a non captive agency from the start and avoid a lot of pain and suffering.
