How To Get Filthy Rich Selling Life Insurance

Alright, so I've been in the life insurance industry for the last four years and I've met with and studied some of the top earners in the industry. I'm talking about people that do a million dollars per month and more. And in this video I'm going to reveal the two commonalities between every single top income earner. All of the people that make the most money in this industry have done it in either one of two ways. And in this video I'm going to break it down for you so that you can decide if am I going to be this person or am I going to be this person? And you can start to model after the richest people in the industry. So every single top earner in the industry makes their money as either a farmer or a teacher. And so I'm going to explain to you what each of these are and what the lifestyle of each looks like, so you can decide which one you want to be. So first and foremost, let's start off with what is probably the most common and what a lot of people kind of already know about. And, and that is basically becoming a teacher. So the way that the insurance industry is set up is it's actually designed for people to do this in a very, very easy, simple way, right? So I've met a lot of people in like the coaching industry and in E commerce, right. Like I have a lot of different friends that are in, in different industries in business. And one of the most common ways that people scale, right, once they get to a certain point is they like to take equity in other people's businesses, right? So if you guys have ever heard of Alex Hormozi or seen him on YouTube, this is essentially what he does. So he will go out and buy somebody else's business and grow it and he'll get a percentage of that revenue. Now people do this in like E commerce where they'll grow, you know, I don't know, like a skincare brand or something like that. But the problem is whenever they go to do this, they have to actually organize and structure a deal in order to get equity in someone's business so they can participate whenever they grow the business. The beautiful thing about the insurance business, this is part of the reason I love it so much, is the business is structured in a way where you are going to earn a percentage of the sales of whoever is in your downline, right? That's how overrides work. So for example, let's say you're at like 100 point comp and let's say someone below you is at an 80, you're gonna make that 20 point spread every time that they sell. So you don't have to buy equity in their business or do anything. You're just making 20% to help them grow. And that fundamentally is what being a teacher is all about. You're basically taking a, you know, agent or an agency depending on what level you're at. You know, if you're, if you're a higher level teacher, then you're training agencies instead of agents, but you're taking that agent and teaching them what you know, holding them accountable and basically guiding them along the way and acting as a mentor to help them grow their business. And when they grow their business, you are earning a percentage of everything they sell. So, you know, for example, let's say you have that 20% override. If somebody sells 40k in a month.

That means you're earning 8 as an override, right? Which just for training and helping somebody, that's a massive amount of money. Now let's say they build an agency and they start bringing in other people. Now, you know, maybe they're doing 300k in a month.

You are now earning 60, 60 thousand dollars from being a well paid teacher. Now the name teacher. Most teachers only make about $60,000 a year. And, and this instance you're talking about making $60,000 a month. All right, so real quick, I need to interrupt the video because if you're a life insurance agent, chances are you're doing one of three things. You're either buying age leads, you're buying leads from your imo, or you're buying leads from a lead vendor. And chances are you are way overpaying for those leads. And not to mention the leads never even pick up the phone. Well, that sounds familiar. Then give me the next 15 seconds and I'm going to show you something that's going to completely change everything. We just launched Insurance agent Freedom School, which is an entire training platform and program that will show you how to fire your lead vendor and cut your lead cost to 110 of the prices that you're paying right now. This is a program that I used to sell for over $2,000. But right now you can get access for just 99 bucks a month and try for free for seven days. Inside, you'll learn everything that you need to know to fire your lead vendor and cut your lead costs. You can start generating way more profits in your business. Not only that, but whenever you join, I'm also going to give you access to A dialing software that has allowed us to see answer. It's as high as 20%. So if you make 100 dials, that means 20 people are answering. Going to include a link down below this video to get access to a free trial. All you need to do is click the link down below and start your free trial to fire your lead vendor, generate more profits, boost your answer rates, and start making more money in your insurance business. Now back to the video. So the income potential with the teacher is freaking massive, especially if you're coaching agency owners and helping them grow their business. Now we're talking about bigger and bigger checks. So with being a teacher, basically the, the, the, the bigger problems you solve, the bigger the checks are. So if you're helping individual agents, you're going to earn, you know, a very good portion of money. But if you're helping agencies, you're going to be earning a crazy amount of money. And if you're helping agencies build other agencies, that's when you start talking about basically being an IMO. And I mean, there's people that have sold IMOs for hundreds of millions of dollars, which is ultimately one of my goals is to sell an IMO for 100 million plus. Right. So the teacher model is infinitely scalable, right? It's infinitely scalable. The thing is, a lot of people will kind of get into being a teacher. They think that being a teacher just means like throwing out contracts and getting somebody to be under you and not giving them any support. But in order to be a effective teacher and effective leader, again, it, I mean, I kind of just said it in the name. You have to be a leader, not just like a. You can't be this person, okay? You can't be the guy sitting at a desk like, hey, you know, go write business and bring me overrides. You need to be leading from the front. You need to be supporting people, and you need to be a servant leader. Right? And you need to basically be teaching people on how to, how to do it. Right. Rockstar teachers are some of the highest earners in our industry. So that is the first way to get rich in the industry, also known as building an agency. The second way, this is a little bit less common and less well known. And this is you can actually make a crazy amount of money just being a personal producer. But if you want to get rich as a personal producer, you can't just personally produce like most people do. Right? And this will make sense in a second. So when you're first getting started as an agent, you're basically starting from scratch, right? You have no clients, you have no book of business or anything like that. And your only way to get business is basically from calling leads. Calling leads or selling to friends and family, right? But over time, what starts to happen, and you guys can see this from my little drawings here, is you start to build up a clientele base, right? You start to build up a clientele base. So you're essentially planting seeds. Whenever you make a sale or you have a relationship built with a client, you're planting seeds. And what happens is those seeds in the growing as you water them and kind of foster those relationships. And I use the analogy of a tree to kind of explain how this works. So let me move my face here, and I'm going to kind of draw it out. So you get one sale, you foster and you water that relationship, right? You do right by that person. And this person is going to give you referrals. So this is one referral. Now, let's say they give you a couple referrals. Now these people can give you more referrals and more referrals and more referrals. And what happens is this one sale ends up turning to all these different relationships that you're able to foster off of it, right? That turn into all these different sales. And if you look in your own life, you can just see this happening with friendships and relationships. Like a lot of the friends that I know, the people that I know, it starts from like, I meet one person and then that person introduces me to this person, who introduces me to this person, who introduces me to this person. And it just goes and goes like this. And if you can master the skills of doing this with, you know, insurance and getting sales, the exact same thing can happen, right? This is just. This is how human relationships work is like it branches off into trees. And if you can do that with referrals, I mean, you never have to buy leads again. And you can just infinitely. It's like an infinite money glitch at a certain point right? Now, what's really cool, and this is a strategy that I saw at agent, who this guy does a million bucks a year in personal production as a final expense agent, right? Which is a crazy amount of money for personally producing. And what he does is every single year on holidays, right? So he has holidays, he has policy anniversaries, and he has birthdays. And every single year he'll reach out to each lead on their birthday and. And their policy anniversary. And then obviously he'll send out mass texts and Emails to everyone on like Christmas and Thanksgiving or whatever. But he'll call his clients and wish them happy birthday and then call them all on their policy anniversary. And so just by the nature of that, everyone has a birthday every year, right? Fact. And everyone is going to have a policy anniversary. So he's reaching out to people and giving them a call two times a year. Now what happens is when you call those people, you know, it just starts off as a natural conversation. Hey, happy birthday, hope you're doing well. And then you start talking about, hey, checking up how you're doing. By the way, you know, I know we have this insurance policy together.

Do you feel like you have enough insurance? The conversation kind of naturally goes in that direction where you can, you can potentially add on more coverage for that client. Or you find out, hey, their grandkid is about to turn 21 and they actually need a life insurance policy or whatever it is, right? You're able to find and farm other business off of these existing relationships. Same thing with the policy anniversary. Hey, you know, it's been, it's time for our yearly, yearly checkup just to see how your policy is doing. Do you feel like you have enough? Do you feel like you need more? Do you feel like you need to change it? And it just lends itself to more and more business. Now if you have 300 clients that 600 birthday and policy anniversary calls every single year, which is two per day, right? A little less than two per day. Now imagine you do this for a while, you have a thousand clients, that's 2000 reach outs every single year, right? And if you combine that with getting those referrals, at a certain point, you don't even have to buy leads anymore because your book of business is just feeding itself, right? Like farmers, at a certain point they don't have to buy new seeds. Leads are just seeds, right? And at a certain point, your farm just replenishes itself. And those, ladies and gentlemen, are the two ways to get filthy rich as an insurance agent. You can either build an agency and live off of overrides and show other people how to do it, or you can become a master farmer who cross sells to their existing book, builds their book of business and works referrals. So if you guys got value from this video, leave a, like, hit the subscribe button for more and I'll see you in the next one. Take care.