How To ACTUALLY Get Rich Selling Insurance… Your IMO Won’t Tell You!

In this video, I'm going to show you five industry secrets that no one else is going to tell you. And in fact, number five is the reason why 92% of agents fail and that the most successful agents are able to build six or even seven figure income. Secret number one, agents are losing hundreds of thousands of dollars a year by doing this. And I'm not even exaggerating. If you're selling final expense, more than likely your client needs a Medicare plan. Now, for each Medicare plan, you'll make about 300 bucks on average per client that you have on the book. So if you have a thousand clients, about $300,000. And while this commission isn't massive, it's kind of like having a rental. It's an asset that keeps paying you over and over again, except you don't have to pay for repairs. I know several friends of mine in the business that are doing six and seven figures just in renewals alone. But there is a catch. I would never recommend this to a brand new agent because if you haven't nailed down selling life insurance yet and you're trying to add another stepping stone or building block onto what you already have, but you don't even have your foundation yet, you will fall apart. First, master what you got going on and then add to it. Let's think about it. If you only wrote two of these and took half a year off just about and only work 200 days out of the year, you wrote two a day. You'd be looking at about $120,000 in income single year. And that just compounds secret number two. If you're selling general life or term life insurance, then your client probably needs ACA or some type of health coverage. You can start earning renewals once you get people signed up and you can even get bonuses. And the best thing about insurance is that everybody needs it. So even if the person that you're signing up for life insurance currently doesn't have or doesn't need health insurance, then you can ask about friends and family or anybody else might actually need this stuff. A friend of mine in the business that is actually contracted the same IMO that I am, actually made about 130 grand in bonuses last year alone. What's crazy is this guy actually spends the entire open enrollment in his camper outside of his office and just get zeroed in and focused on what he's doing. Secret number three, this is like the eight wonder of the world. Nobody writes this business. And according to a carrier that I used to work very closely with only 3% of market share is actually taken up with this product. Secret number three is ancillary health product. Think like dental, vision or cancer plan, or home health care plans or hospital indemnity plan. In fact, I know a guy who used a door knock in New Mexico only selling high ticket cancer insurance. And it worked. Why? Well, because everybody knows who had cancer, has cancer or they have had cancer. It's just that nobody thinks to sell this type of product. They pay about half of what a life insurance policy will pay, maybe less. I mean I've seen it oftentimes around 40% ish. And if you're selling this, there's a higher renewal than life insurance, but a lower commission than life insurance. It's kind of like the redheaded stepchild. Between getting the Medicare or the ACA or like getting a life insurance. Let's say that you were to write one of these a day, five days a week for 1000 AP at 40% commission. If you're working five days a week, 50 weeks out of the year, that right there is another six figure race. This is actually one of my favorite ways in the industry to make a lot of extra cash because it's just about in every single house you go to. And if they end up buying that from you, they'll typically end up buying something else from you too. Because now you have credibility. Secret number four. This one is not as big as secret number five, but it is really important. One thing that people do psychologically is they want the big app. They want to get the big win, the home run, the grand slam, the touchdown. And like, who doesn't, right? I mean, yeah, of course we all do. It means there's a big commission coming. But if you break down the compensation plan and you actually look at how you get paid, you can master a concept called upsell. Because what you have to realize is that the percentage of what you're getting paid is the percentage of a dollar, not of the full app. When you shift that mindset to change, to look at, I'm getting, let's say I'm at a 100% compens and they spend a dollar, I get a dollar, I'm at 40% compensation. I get 40 cent for every dollar that I sell. If you master upselling, then your income skyrockets because you're getting an extra dollar every single dollar that you tack on to the monthly premium. So example, let's say that I'm a master upseller and you're not and I upsell every time. Let's Say that my only upsell is a $12 a month rider, which, let's be honest, if I'm out there upselling, I promise you it's not only 12 bucks, but let's say that it's only 12 bucks a month extra, right? And we each write one policy a day by the end of the week. One, it's close. After all, it's only a $12 upsell, right? But I've already made an extra 720 bucks. But you see, by the end of the year, I totaling out by doing the same amount of business, only $12 a pop, I've come out to $34,560 extra in income. We both did the same exact thing every single day. But I asked one extra question before I left. Secret number five. The secret you guys have all been waiting for, and the biggest secret in the industry that I've seen take people from average Joe's, college dropouts, so on and so forth to six and seven figure producers. This is owning a book of business. Now, everyone talks about having a book of business, building a book of business, owning a book of business, but nobody actually tells you what that means. What you' is, you're building a pipeline of qualified buyers who are willing to purchase more than one product from you. The key here is to get their information, keep in contact with them regularly build a relationship with them. You can use automation. You don't have to call them every day or every holiday and then leverage that relationship. Do steps one through four that I've just talked about as the client's needs and their income will change. So if I find somebody that I sell a term policy when they're 55 and they tell me that they have a retirement account, they're not ready to do anything with it yet because they still want that match. Means I have an annuity in 10 years. Most people are only thinking about signing somebody up for that life insurance policy today. If I find someone that I meet in the field, they aren't eligible for Medicare for five years, but I sign them up. Online insurance. Guess who's keeping in touch with them for five years? Me. And after you do this for an extended period of time, the crazy part is, is you don't have to call leads anymore. You can just work off of an asset that you created for yourself. And it's insane. What's even crazier is that instead of only doing steps one through four, you can actually use your book to start generating referral for yourself. You can build the relationships with those clients so that now you only ever work off of referral. You can take phone calls from anywhere in the world. I know guys that are doing selling life insurance, Medicare ancillary products and annuities in the same book of business over and over and over again that are making 500k plus a year on 60 and 70 point commission splits at a captive agency. So if you're tired of working with shady IMOs and sketchy lead vendors that are unwilling to share secrets like this with you, you can click the link down below to join Insurance Agent Freedom where we'll actually give you secrets like this and even more in depth things like my secret sales script, the Skeleton Key sales script, or our free mini course on how to run your own Facebook ads. You can start generating your own leads and employing the tactics that I've talked about in today's video. But that's all for now and we'll see in the next one.