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In fact, I just got off the phone with a new recruit, and he told me the guy that he knows, a couple neighborhoods over that sells annuities strictly, has a nice setup where he gets referred business from a couple of a Fortune companies. Now, is it easy to just flip the switch and drown in a pool of cash? It takes time, investment, and energy. Remember, many of the people who get to that point of success simply are here because they just never gave up on themselves.
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They kept going. There are a couple of different ways that you make commissions. First, there are some products are geared toward giving you a large, upfront commission. We call these first-year commission-driven products. Second, there are also products that divvy out the commission over a set period of time and incentivize the agent to keep business on the books.
I call these renewal-driven products.
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The majority of your total commission is made in the first year. In some cases, there are renewals, like for example, on final expense policies. You may make an average of five to seven percent in these cases. They do it because the first-year commissions are usually well in advance of percent or higher.
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The point is that products like these tend to be life insurance. The opposite of a first-year commission-driven product is a renewal-driven product. It depends on the product. Now, why would somebody be interested in a product where you get that money slower over time?
For example, say the first business you wrote on it has a price increase. It is, now, too high, so you switch your client over to Aetna or New Era. Now, you start that six-year renewal stream all over again! There is a long-term benefit to Medicare for doing that, and a lot of people really like that, which is one of the great things about the insurance business. Unlike a lot of other businesses, this is one of the first businesses that can really give you the passive-income lifestyle.
Regardless of that, certain insurance products allow for real passive income.
If you give enough time and focus to it, you can literally passively generate six figures in income. My conclusion here is a reminder. By no means am I suggesting that everybody reading this article will make it in the insurance business. Most of you reading this will fail. It takes a level of grit, pig-headed self-discipline, and determination to be successful selling insurance. Many of the top producers that make millions of dollars in this business simply survived.
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They started off with meter meager products. They work their way up.
The insurance business, again, is a slower process for most people who get started. Sure, there are those flashes in the pan. Sure, there are people who started out great. But, most of us take a long time to become successful. Get into the business market. Sell insurance to business owners. John Savage, another great businessman, just kind of went along in the business until he finally got married, and I think that was at least five years in.
There is a ladder. This is not a business where you can get rich overnight. This next section will be a basic overview of the different types of insurance products a new insurance agent or experienced agent can sell. I have decided to categorize the different insurance sales options by breaking them up into three different segments. In the insurance business, you need to decide what product is best for you and your personality and what kind of market and income you want to make.
There are a lot of considerations to make, and the goal of this particular section is to go into the pros and the cons of each product so you can have a better understanding of what directions you could go in as a new agent. Life insurance is an insurance product that pays money to a beneficiary when someone dies.
It may not be their life ending that causes the policy to pay off. It may be an event in their lives that forces the payment the benefit.
The most common life insurance products in terms of the markets you can sell are the following:. The clients appreciate how quick it is and the peace of mind that it gives. The great thing is many people in the final expense market act as brokers, shopping around to see which policy is going to have the best price and the best coverage. There are more and more people who are underinsured or not insured at all.
So, final expense remains a great sales opportunity. Mortgage protection is a cousin to final expense. Unlike final expense prospects who are mostly retired, mortgage protection prospects work and have blue-collar backgrounds. And our sales angle to sell mortgage protection life insurance is based on our prospect very recently buying a new home. With a new home purchase, they have a mortgage that they have to worry about. Our product effectively pays the mortgage off if the breadwinner or breadwinners pass away. This way, the surviving family can avoid eviction and foreclosure much more easily.
You can sell term insurance to all different kinds of markets. One of the biggest motivations for people to buy insurance is when they have obligations. Life insurance acts as liquidity. It will pay Uncle Sam and retain the business for the family. There are a lot of benefits you can provide in the environment of working with business owners to help them solve these problems. They need help with things like life insurance or retirement planning. I always recommend that if you like the idea of getting into this market, make sure you work with a solid mentor.
Disability insurance is a great market. You can go into employers, large and small, and sell group benefits to get employers benefit programs set up. These are great opportunities, as well. This market used to be hot back in the day before the affordable health care act came in.
Obamacare came in and frankly destroyed the business model. Healthcare agents made good renewals, just like with Medicare, and there was a great market for it. Medicare policies are sold to people who are 65 and older. There are two types of products Medicare recipients can select. You can sell both of these products, and the great thing about them is that they are renewal-based.
You can make great renewal income. He has thousands upon thousands of clients, makes millions of dollars a year. We have a program where we help agents learn how to sell annuities.
We walk them through the process, how to find them, and how to do it economically, as well.