How To Get FILTY Rich As A Life Insurance Agent (ONLY 2 Ways)

What is going on? Ladies and gentlemen, in this video I'm going to be showing you guys the two ways to build wealth in the life insurance industry. Now if we haven't met yet, my name is Tim Shooker, I run the life insurance sales channel and I also co funded a company called Advanced Agent Marketing where we help insurance agents launch marketing systems to generate their own leads and get pre booked appointments. Now I've been in the industry for the last three and a half years and I've talked to some of the top earners. I've also seen a lot of agents fail. And over the course of, you know, my time in the industry, I've realized that there's really two main ways that people actually make money, right? There's two different paths, so to speak, that you can go down to actually build wealth and not just, you know, maybe make 100 grand, but actually get rich, right? And so that's what I want to talk about in this video. So in today's video we're going to be talking about the two ways to build wealth as a life insurance agent, right? Now I call this one of these methods I call the farmer and the other one I call the teacher. Now you guys will understand why I call them the farmer and the teacher in just a second. But basically again, there's tons of people that get into this industry. A lot of them fail. But the biggest problem is people, sometimes they even start making money but then they just burn out over time. So if you're looking to like really build a career and build an asset and build something that can actually feed you and your family so that you're not having to work, you know, 50, 60 hours a week hitting the phones. These are your two paths out of that to actually, and I'll kind of explain how the growth track works to get to each of these two. But these are the two tracks, right? So the farmer and the teacher. We're going to start off with the farmer. Now ignore my terrible tree drawing. I'm not an artist, I'm a marketer and an insurance agent. So basically, you know, just ignore the terrible tree drawings. That's actually what they are supposed to be, right? So what is the farmer? So basically what happens when you get into this industry, right, is you start going out and you start making phone calls. And in the beginning you're basically doing this right here, you're going, going out and you're planting seeds, right? You're doing all of this manual labor, calling leads, doing dials and you're basically Just like you're sowing the field, right? What happens over time is when you start to make sales, you're building what's called a book of business, right? And in the insurance industry, the book of business is your biggest asset. That is ultimately your biggest asset is your book of business. And what happens is once you build that book of business, you don't have to pay to acquire those customers anymore. So let me show you guys how this works. You're going out, you're buying, or you're generating leads. I recommend generating them. You're. You're generating leads, and you're having to pay to go acquire these people, right? You're still profitable, but you're still paying to. To get customers. And you're having to make, you know, two to 400 dials every single day to make, you know, a sale or two a day, which is not a crazy amount, but it is time consuming, and it can be draining. But what happens over time is each time you make a sale, it's like planting a seed, right? You're putting one of these little saplings into the ground. And what happens is when you're good at this business and you treat your clients well and you build the relationship, you're watering that seed, right? You're watering that seed, right? And what happens is those little saplings, they start to grow and they start to sprout, and what happens is you start to get referrals, right? So let's say I get one referral here. Boom. That's a referral right there. You guys saw the little branch. Now all of a sudden, I made another sale. Let's say I sold this person's daughter. Now let's say I sold their daughter, but their daughter knows somebody else who also needs coverage. So now I got an extra little branch right there. And then that person also knows somebody else. And I'm just doing such a great job as an agent, and I'm just literally just asking that I start to get all of these little branches that just go out. And each of these little branches is a referral. And every person that I sell knows somebody else that I could sell insurance. And seniors know other seniors, right? They're oftentimes married to other seniors. So you get a husband and wife, and then those people have friends, and those people have families. And all of a sudden, from one sale, you paid to acquire this one person, right? You paid to get this one sale, but all of these other sales are completely free, and they're all profit, right? This is all profit, right? And the cool thing is too, on each of these sales, you can also get into cross selling so you can sell them other products. So you just sold all these people life insurance, but maybe they also need Medicare. So now you can add on Medicare, you can go out and you have a book of business of, you know, few hundred people just from these referrals that you can now call up and get them on Medicare. And then you're getting residual income every single month, right? Insane. Now check this out, because what happens is each of these little, you know, referrals, and again, not every single client is going to give you a referral, but if you do a really good job and you, you hone in and you figure out how to provide that like five star level of customer service, it's just gonna snowball. But in the beginning, you're having to build all of that momentum up. So you're having to manually hit the phones and manually do the dials and manually get the leads. But once you start to build the momentum up, it's not nearly as hard, right? So what happens is you have all these little relationships, all these trees, all these referral things sprouting, and eventually you just start having so many of these trees, so many of these relationships, so many of these referrals that are just coming in and coming in and coming in. You have all these trees and they're all sprouting into different relationships and referrals. And before you know it, you have like literally money trees, right? Like they say, money doesn't grow on trees, but with referral trees, money does grow on trees. And eventually when you just build up such a clientele base and you're farming these referrals, you have a hundred money trees in your backyard, just like handing you clients on a silver platter. And so the cool thing is I've done the math and realistically, let's say that you get.

Let'S say you have 500 clients and this takes you about two years to get, maybe three if you're going a little slower. So if you have 500 clients.

Each of these clients will have a birthday, obviously, right? So if you have 500 clients, each of them is going to have one birthday a year. So one birthday.

These people are also going to have a policy anniversary. And this is actually like, this is a strategy I learned from somebody that does over a million dollars a year in this business.

One.

Policy anniversary, right?

So what happens is all of a sudden this is 1000 reach outs, 1000 reasons to contact my clients. So I call them on their birthday and then I call them on their policy anniversary to review their policy and see if they need to add anything more. Now on the birthday we have automations that are built out in our system that actually reaches out to the person a month before their birthday to see if they want to lock in any more coverage and add it on before they turn the extra age. Right. That's all automated inside of our system. So every time you sell somebody they're getting added into the automation. So you got to reach out on the birthday and then you reach out like one year, the day that they got their policy, every single year to look over their policy and see if they need to change anything. And what is going to happen is you're going to have the, all of these appointments, all of these reasons to reach out and eventually as your clientele base goes and let's say Instead of having 500 people, you have 2,500 people now that's 5,000 reach outs a year. That's roughly 10 a day. 10 a day. More than 10 a day. Right. More than 10 times a day that you are reaching out to a client about either their birthday or a policy anniversary. And that's going to find you more referrals, right. It's going to find you upsells where they need to add on coverage with inflation and it's also going to find you cross sells. If you end up selling like, you know, I don't know if I, I probably spoke cross sells wrong, whatever. If you end up selling like Medicare, right. Like let's say you start selling Medicare.

Let'S say you start selling hospital plans, dental plans, hospital, or let's say that you start selling annuities.

You'Re going to start to find all of these like crazy opportunities. You're going to find iuls and term literally just from talking to your clients, they already know you. So it's not like you're really selling them, you're just reaching back out. And again what happens over time is this just snowballs and snowballs and snowballs to where your book of business is so big that you have to hire other people to help you keep up with it. And at that point like if you can just go into your CRM, respond to a text that's automated where you reached out to a client on their birthday or their policy anniversary and set up an appointment with them and just call a person, talk to somebody that you already know and you're writing like you know, five policies a day at that point like money is not a problem and you've really built insane wealth. So hopefully you guys are seeing the power of the farmer method. That is something that I would recommend for people that don't identify with this next piece that I'm going to go over, right? So again, one path is the farmer. This is like the people that build success as a personal producer. This is what they do, right? So there's the people that build success as a personal producer, they all go the farmer route because that's the only way to build wealth sustainably. Otherwise you're going to have to make $400 a day for the rest of your life. Now the teacher route, this personally is where I identify with and this actually has a higher income ceiling, but it's not for everybody. So what the teacher basically is, is you learn the business, then you go and you teach it to other people so that they can see success, right? So at a certain point you're not selling insurance, you're teaching people how to sell insurance. Now the cool thing about our business is you actually get paid to teach people how to sell insurance. It's just built into the model. So whenever an agent, right, let's say this is an agent, when they make money.

You make money as the age teacher. So it's a win win situation. If your agent makes money, you make money. So basically what happens and the best way to do this, what I've seen is like nobody has built a sustainable team that actually like likes being there and trust them and wants to work with them. Nobody has done it this way, which is basically the go out and recruit a million people and throw them to the wall and hope that they stick. If you want to build a success sustainable team, you have to be this guy leading from the front, right? And the reason I say that is because with both of these paths, the former and the teacher, they both involve you getting in the trenches and actually selling for a period of time, right? Now once you've done that, if you're going to go the teacher route, and you've done that for six months to a year and you've learned the system and you understand how it works now, you can start replicating yourself and teaching other people how to do it. But the problem is what most people do when they try to be a teacher is they got into the business, they've been unsuccessful and then they go out and they teach somebody else how to do the business unsuccessfully. And then they just hope that they make money, which is it's not only recruiting, it's also A training business. And the problem is most people just get into it and they only recruit and then they don't do any of the training. So ultimately, if you guys are wanting to do the teacher route, here's kind of how it looks, right? So this, let's say this is you, right? And then you go out and you master selling insurance, you find a system that works, you are able to make money yourself. And let's say you do this for about 12 months, right?

So you've done this for about 12 months. Let's say in that 12 months you made 100k in profit, which is, you know, that's fantastic. Most people don't make that in America. And you're doing that sitting at home in your pajamas talking to people about life insurance. Congratulations, you've won. Now you're going to have people that want to learn how to do that same thing. Right? Now the way the world works is you make more money showing people how to make money than actually doing the thing. And the reason why is because you're able to have a bigger impact and you're able to have, you're able to add more value. If I can teach 10 people how to make $100,000, I'm going to make more than just making $100,000, right? That's just the way the world works. So once you know the skill and you're not just some charlatan recruiting people, now you can go out and you can teach people how to do it, right? So let's say I go out and I teach three people how to do exactly what I do.

I'm gonna stop drawing the faces because it's gonna get too long. But you guys get the point. Now I top three people how to do the same thing. They're making 100k profit per year. Now I'm going to have even more people that want to come to me and learn how to do that. More people are going to come.

And ultimately every time that these people make a sale and make money, I get paid, right? And all I have to do is make sure that these people have support, that they have a system that's working. And I have to really like train them and show them how to do it. Because if you just bring a bunch of people in and then just throw them to the wolves, it's not going to work. Now where this gets really crazy and this is where people like, this is where you see people building these multi million dollar businesses and like selling for hundreds of millions of dollars is when you are teaching People how to teach other people, right? So at this point, you can make, you know, multiple hundreds of thousands. Like we're talking, you know, probably like 500k a year plus.

Okay, at this level. Now if you want to get crazy and you're looking at like, hey, I want to make a seven figure income. Now what you're looking at is teaching other people how to teach people, right? Now the thing is, in order to do that, this, you have to have done each of the steps yourself, right? So first you have to be be a personal producer and you have to know how to sell. Then you can teach other people how to be a personal producer, and then you can teach other people how to teach other people how to be a personal producer. And that is again where it gets crazy. So let's say all of these people have seen success with me and now I teach them how to build their own team. Because I know how to build a team. So now, boom, they go out and each of these people, you know, they get three people who are all seeing success. Again, this is contingent on people actually making money, not just recruiting people and selling them leads, which is what a lot of people do. But that is not a way to build sustainable wealth. Let's say each of these people now have their own team. Now I'm making a percentage of all of the money that these people make and then a percentage of that override. And so what happens is this just magnifies on itself. And if I'm teaching people how to teach other people and then those people are teaching other people how to teach other people, all of a sudden it started for me as just one person and now I can have a team of like 50 to 100, 100 people or even hundreds of people that are all selling insurance. And then I just make money on the override, supporting that team. So that if you do that and you start building a larger team with leaders who are inside of your team who each have their own teams, this is where you can start to get to like seven figures plus.

And if you go far enough, you can even get to the eight figure mark, right?

And that is ultimately how people build wealth in this industry. Now one other thing I want to touch on before we close down this video is the key is this all starts from you.

Being the personal producer.

Right? This all starts from you being the personal producer. So what happens is you go and let's say you're just getting into the industry right now and you're watching this video, you're like, oh my gosh that sounds amazing. I want to make all this money. You're going to have to eat shit for a while, right? And I hate to say that, but, like, it's just the truth. You're going to have to be the person, personal producer. That has to. You have to go through the mud to learn how to do it so that you can either teach other people how to do it or you can become the farmer. So it goes you being a personal producer, but not just being a personal producer, being a successful personal producer, which means that you have to dedicate yourself to the process, which means you have to make the dials, which means that you have to be disciplined. Because when you recruit other people or you build a team and they're asking you questions, you need to be able to speak from experience. Hey, when I did this, this is what I saw worked for me. And I've been in your shoes. And I know that it's hard, but if you keep sticking with it, you can get past that, right? So you have to be a successful personal producer. From there, you have the two routes, the farmer or the teacher, right? I recommend being a successful person or producer. Producer for six to 12 months before doing either of these things. If you are doing the farmer and you don't want to run a team and you don't want to teach people, literally, just build your book of business, right? Build your book of business, take care of your clients, and then you can start to get into cross sells.

Cross sells upsells and referrals. That's what you need to master if you're going to be a farmer, if you're going to be a teacher, you need to find a system.

You need to systemize your sales process. You need to find a lead source.

That you. I recommend. If you're going to build a team, you should either be able to generate leads for your agents or be able to teach them how to generate leads, right? Or be able to give them a way to learn to generate their own leads, because they're going to need a lead source. If you're just relying on, like the age leads from your CRM, your team is going to fall apart, which is what we're seeing with a lot of these big IMOs. So you have systemized sales, you have a lead source, and then you also have to be a leader, right? And those are basically the two paths for success. Now if you guys are watching this video and you're like, oh, my gosh, both of those sound amazing, I don't know which one I want to be. Or maybe you're leaning more towards farmer, you're leaning more towards teacher, whatever that is, let me know in the comments down below. But the biggest thing, right, the biggest thing is you have to see success yourself. I cannot stress that enough. Now if you're just getting into the industry and you want to learn how you can start seeing that success for yourself and then also how you can either go into the teacher route or go into the farmer route, our entire system is literally predicated on these two routes. So if you want to be a farmer or you want to be a teacher, we can help you with both of those. And if you guys want to learn more about working with us to have our entire team set up your marketing system, train you and help you so that you can start making sales and being profitable, then click the link down below to apply to join our coaching program where we'll literally set up all your ads for you, run them for you so that all you have to do is focus on selling, mastering the personal production and then using our automations to get those referrals, get those cross sells, get those upsells and then either become a farmer or becoming a teacher. Hopefully you guys got value from this video. If you did leave a like hit the subscribe button for more and I'll see you guys in the next one. Take care.