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Selling insurance policies and especially life insurance is growing more and more popular and for a 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 whose top players earn more than $1 million in annual income. One significant benefit of selling insurance is that it is time and cost-efficient, meaning you can do it on the side and still keep your day job. Also, the incomes are high and can make you a millionaire if you’re smart enough to put in the necessary effort. This article will show you what you need to do to start earning with insurance sales.
Is It Possible To Become A Millionaire Selling Insurance?
A big yes. But like any other job, it takes time to be good at what you do and attain such income levels. Top agents earn anywhere between $100,000 to one million dollars. Others make more than that, so yes, it’s very much possible. Still, it depends on your commitment, strategies, the type of products you sell, and patience.
How Much Money Can You Make Selling Insurance
There’s no limit to how much you can make selling insurance provided you have the passion and commitment to put in the extra work. However, insurance sale is a lucrative business that can earn you substantial profit margins once everything is up and running. Most industry experts report that they made between $1,000 to $20,000 when starting out and rapidly scaled up to six figures per month. One such expert 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 foot the bills. The payout ranges from $10,000 to $30,000, a venture currently earning Martin more than $1,000,000 in annual revenue. Martin’s story is just one of the 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 income.
Tips on How to Make More Money Selling Insurance
So you have created your new insurance marketing agency. You, like Anthony Martin above, have niched down to a specific service and have your target market in mind. The next step is launching your business and embarking on making your first dollar selling insurance. So how do you go about it? Here are the seven proven tips you can implement.
Start Selling Annuities
When you’re talking about high volume and high-income insurance sales, you can’t afford to exclude annuities. Most top industry players started by selling annuities and, in this case, bulk annuities. Above all, you must focus on selling more fixed index annuities.
There’s a reason why annuities are the real deal. For one, they offer a better solution to senior clients looking for safety that’s more than the stock markets provide and higher interests that’s more than the banks can offer. Even better are the commissions they generate, especially those earned from fixed index annuities (FIAs).
According to reports and statistics, insurance agents who start selling annuities have a higher chance of generating higher income. According to the Agent Report, most agents making more than $200,000 in annual revenue 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 revenue.
While annuities are essential avenues for generating high income with insurance, not all $1 million earning agents specialize in them; instead, they supplement their income from multiple streams by cross-selling various solutions such as final expenses, 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 client and maintaining a steady income stream. Here’s how to go about cross-selling:
Present Your Solutions
It’s so easy to focus on the figures you can possibly earn and forget that you first have to offer value. However, it would be best to focus on meeting the client’s needs before what you can gain from them. Only then will you be able to know what solution the client needs, offer it then boost sales. So, instead of focusing on how many insurance policies you can sell to a particular client, think of how those policies can help them and if they really need it. Once you’ve identified their needs, adopt an education-first strategy. InsurGrid offers training on how to cross-sell insurance to the senior market.
According to top industry players, you can pretty much handle more than 200 clients on your own. Even Anthony Martin mentioned earlier started Choice Mutual as a one-person no-employee agency 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’ll start feeling the weight of all that much work, and stress and burnout will begin setting in. An easy way to keep doing your job without hating it is by on-boarding virtual assistants. You can hire a secretary, a part-time virtual assistant, or you can even bring your spouse onboard. According to the 2021 Agent Report, most agents earning $1 million have at least 1-5 virtual assistants and other employees helping them. The idea is to start small then scale up as your business gets rolling.
Ask any insurance experts out there earning between $800,000 to $1 million, and they’ll tell you how 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 CRM, while those earning below $30,000 don’t use any. With an insurance CRM, managing your client data gets much more straightforward, and there are alot of agency CRM out there to choose from. Additionally, you can learn how to streamline your insurance sales with InsurGrid.”