Selling insurance policies and especially life insurance is becoming more and more popular and for good reason. A report shows that there were more than a million insurance agents, service employees, and brokers in the United States as of 2020. This is one of the largest industries with top players earning more than $1 million in annual revenue. A major benefit of selling insurance is that it’s cost-effective and time-saving, meaning you can do it on the side and still keep your day job. Furthermore, the income is high and can make you a millionaire if you are smart enough to make the necessary effort. This article will show you what you need to do to start earning from insurance sales.
Is it possible to become a millionaire selling insurance?
a big yes. But like any other job, it takes time to get good at what you do and reach such levels of income. the best agents earn between $100,000 and one million dollars. others earn more than that, so yes, it is very possible. still, it depends on your commitment, strategies, the type of products you sell, and patience.
Reading: How to make money selling insurance
how much money can you make selling insurance
There is no limit to how much you can earn selling insurance, as long as you have the passion and commitment to do the extra work. however, selling insurance is a lucrative business that can generate substantial profit margins once everything is up and running. Most industry experts report that they made between $1,000 and $20,000 when they started and quickly rose to six figures a month. One of those experts is Anthony Martin, who established his financial independence eight years ago as an insurance sales agent. Martin founded Choice Mutual, a one-person insurance agency specializing in aftercare insurance expenses. Choice Mutual covers funeral and burial expenses, so families don’t have to pay the bills. Pay ranges from $10,000 to $30,000, a business that currently brings Martin more than $1,000,000 in annual revenue. Martin’s story is just one of many living proofs that the insurance business pays and pays big. With the right marketing approach, patience, and dedication, you can earn up to a million dollars in revenue.
tips on how to make more money selling insurance
So you’ve created your new insurance marketing agency. You, like Anthony Martin above, have zeroed in on a specific service and have your target market in mind. The next step is to launch your business and embark on making your first dollar selling insurance. So how are you doing about this? Here are seven proven tips you can implement.
start selling annuities
When you talk about high-volume, high-income insurance sales, you can’t afford to exclude annuities. Most of the major players in the industry started out selling annuities, and in this case, bulk annuities. Above all, you should focus on selling more fixed-rate annuities.
There’s a reason why annuities are the real deal. On the one hand, they offer a better solution to senior clients who are looking for greater security than that offered by the stock markets and higher interest rates than those that banks can offer. Even better are the commissions they generate, especially those obtained from fixed rate annuities (fias).
According to reports and statistics, insurance agents who start selling annuities are more likely to generate higher income. According to the agent’s report, most agents earning more than $200,000 in annual income sell annuities. While selling annuities can be intimidating at first, once you get started and master the trade, it can be a great source of income.
Although annuities are essential avenues to generate high income with insurance, not all agents earning $1 million specialize in them; Instead, they supplement their multi-stream income by cross-selling various solutions, such as final expense, cancer insurance, or Medicare supplement production. You can still earn your $1 million without selling annuities. cross-selling is the art of selling multiple insurance solutions to a single customer and maintaining a steady stream of income. This is how cross-selling is done:
present your solutions
It’s so easy to focus on the numbers you can possibly earn and forget that you have to deliver value first. however, it would be better to focus on satisfying the customer’s needs rather than what you can get out of them. Only then will you be able to know what solution the client needs, offer it and boost sales. So instead of focusing on how many insurance policies you can sell to a particular customer, think about how those policies can help them and if they really need it. Once you have identified your needs, adopt an education strategy first. insurgrid offers training on insurance cross-selling to the senior market.
according to the major players in the industry, you can practically manage more than 200 clients on your own. Even Anthony Martin, mentioned above, started Choice Mutual as a sole proprietorship with no employees and became a millionaire running the agency single-handedly. while some people can handle more, 250 is the recommended limit if you want to maintain efficiency, professionalism, and excellent service without feeling bogged down. beyond that, you will begin to feel the weight of all that work, and stress and burnout will begin to set in. An easy way to keep doing your job without hating it is by bringing in virtual assistants. You can hire a secretary, a part-time virtual assistant, or you can even bring your spouse on board. According to the 2021 Agent Report, the majority of agents earning $1 million have at least 1-5 virtual assistants and other employees helping them. the idea is to start small and then scale as your business gets going.
Ask any insurance expert earning between $800,000 and $1 million and they’ll tell you they can’t imagine working without an insurance crm. According to industry statistics, seven out of ten top earners in the $200,000 to $800,000 range use insurance CRMs, while those earning less than $30,000 use none. With an insurance CRM, managing your customer data becomes much easier, and there are many agency CRMs to choose from. Plus, you can learn how to streamline your insurance sales with insurgrid.”