The Mindset You Need To Succeed As A Life Insurance Agent

Alright, guys, so in this video I'm going to be explaining the mindset that you need to succeed as a life insurance agent. So if you're just getting into the business, or maybe you've been into the business for a while, this video is going to break down the four key pillars and four beliefs that you need to have in order to see success, see massive success, and ultimately build wealth for yourself and your family inside of the life insurance business. And so, without any further ado, let's go ahead and jump right in. Now, ladies and gents, whenever it comes to building wealth in insurance or in any business, we need to first define what wealth is and what that actually means for you. We have to figure out where we're trying to go before we start trying to create a plan to get there. Right? So the first thing is actually getting clear on your vision. Right? So I'm going to write down vision right here. Okay? And this is something that more recently I've actually realized that this is something I'm not very clear on myself. And so this is something I'm actually working on personally. So you need to have a very clear vision. All right? Now when I say vision, I don't just mean like, oh, well, I want to be rich when I'm older or, you know, I want to have a nice house and a big yard and two dogs, right? Like a vision is very clearly defined and most people, myself included, are not extremely clear on their vision. And this really became clear to me. I was listening to a video from one of my mentors the other day. This is a guy who, his whole YouTube channel is based around helping businesses scale to a million dollars a month. And this guy broke down exactly how much money he wanted to be able to live off of of his investments at a certain age. The guy's 30 at the moment. And he knew down to the penny exactly how much money he would need to pull out of investments so that he could retire at age 45. Right down to the penny. And he had plotted this out and made this entire plan of how he was going to go from where he is now at 30 years old. And in 15 years he was going to be able to pull out multiple hundreds of thousands of dollars per month in order to fund his living expenses. And at that point, watching this video, I realized that the people who actually make really, really good money, and I mean like generational wealth in this business, or maybe you don't even want to make generational wealth, you just want to make, you know, a couple hundred Grand a year. The people that hit their goals are very clear on their goals and they're very clear on their vision, right? So you have to have that down. You have to have that in place before you can go out and start trying to achieve the vision. Because if you don't know what your vision is, you're going to turn around at the first sign of hardship. Right now, I will give myself credit. I do have an entire vision board that you guys can see right here. So my vision board is literally my computer desktop, right? But I can definitely get clear on this. And most people have absolutely no idea what their vision is, period. So the first thing is getting clear on your vision. Now this could be something you want to buy, right? Like a purchase. Maybe you want a nice car or you want to upgrade your house, or you want to send your kids to private school. It can be a purchase. But you should also figure out, you know, what age do you want to retire? And basically putting that into a compound interest calculator to figure out exactly how much you need to be investing each month so that you can retire at a certain age and pull off a certain amount of money to live on it. Right now this video is not going to be all about helping you create your vision. If you guys want a separate video on that, let me know. But essentially you have to be very clear about what you want to achieve and the dates on when you want to achieve it. So for example, let's say when you retire, you want to be able to pull out $500,000 a year. Well, $500,000 a year that breaks out, to look at the exact math on it, it's like 40 something thousand dollars a month, 500 divided by 12, that breaks out to about $41,600 a month. So if I need to retire on 500k a year, I need to figure out exactly how much I need to be investing per month now in order to be able to pull out $40,000 a month in retirement, right? And this is the thing, these are the things that you need to get clear on and something that I'm personally going to be taking action on, you know, probably this weekend and getting very clear on exactly what, what my vision is, what my goal is, and reverse engineering that to figure out what I need to be investing today to hit those goals. And when you figure that out, you know exactly how much you need to earn in commissions. So when you set your goal of, hey, I want to write 40k a month or 50k a month, or I want to build an agency and recruit X amount of agents. It's not just some arbitrary number, but it's based off of math, which is based off of your vision and what you want to achieve. Okay, so that's the first thing. You need to figure out what your actual vision is and what your goal is from being in this industry. You have to be intentional about that right? Now, the second thing. 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, if 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 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 a hundred dials, that means 20 people are answering. So I'm 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. This is. This is probably one of the most important things, and this is understanding something called the ripple effect. Okay? Now, the ripple effect is essentially what happens from your actions, right? That's a very basic explanation of it, but that's essentially what this is, right? So ignore my terrible drawing. You guys will. The value I'm going to spit on you will make up for it. Okay? So essentially, most agents, they kind of just go about their day and they jump on the phones, they call a few leads, you Know, they get hung up on whatever or, you know, maybe they do a few appointments and the deals don't go their way. Someone tells them they need to think about it. And you know, they don't really have, first of all, like we just talked about, they don't have any reason for why they're doing this. They don't have any goal or vision or intention. But also they don't understand the impact of what they're doing. They're kind of just going through the motions. And the problem is prospects can really sense that through the phone. And if you want to become effective as a salesperson, as an insurance agent, but also just as a human being, you have to be clear on what your actions are actually doing. So what do I mean by that? Well, basically, as an insurance agent, you are essentially a persuasion athlete. Okay? So what that means is you jump on the phone and your job is to basically have a very high belief in the product that you're selling. And the ripple effect, which I'll explain in just a moment, and then transfer that belief to the person that you are on the, that is on the other end of the phone. And that is how you get somebody to make a purchase, ultimately buy a insurance policy and become a client of yours. Right? So how does the ripple effect play into that? Well, basically, most people only see what one action does. So let's say this dot is you and then this is you selling somebody a policy, right? They only see this. The problem when you only see this is you just view your actions as transactional. But when we actually think about what we do as life insurance agents, think about the impact that this has not only on the person that you're helping, but on the entire, like the entire globe. All right, so I sell one policy to Ms. Jones. Now, for the sake of example, let's just say I'm selling a term policy. And let's say I sell a two million dollar term policy to this person.

Now, their family is covered. Now let's say tragically, this person dies.

This policy is going to pay out to their kids and their wife, right? Let's say they have two kids and a wife. Now you're just going to have to bear with me and understand what I'm trying to say with the dots, okay? I'm not an artist here. I'm an insurance agent, a marketer. All right? So this policy pays out to the kids. Now think about what would happen if these kids did not get this policy. Right? What happens if you never talk to, let's Just call this guy Billy here. You never talk to Billy and Billy dies and doesn't have insurance. Well, think about what actually happens. Well, maybe Billy was the primary income earner. Let's just say he was. Billy was the breadwinner. He was making 250k a year. His wife was stay at home with the kids. They were spending most of the income, which is what most people in America do, especially if they have two kids. They were living a lifestyle, they were spending most of their money and they didn't have much money set aside. So the two kids were in private school. The wife didn't work and she took care of the kids. So what happens when Billy dies? Well, all of a sudden this lifestyle that they had now is completely gone. There's no income left, meaning the wife is gonna have to sell the house, the kids are gonna have to leave private school, which is gonna cause tons of frustration and, you know, trauma and anxiety for the kids. Then the kids are gonna have to go to public school. They're gonna have this, this extreme trauma of not only losing their dad, but now also losing all of their friends, losing their lifestyle, not being able to go to soccer practice, all these different things. The wife, you know, in all reality, she's probably going to go through a phase of depression. Maybe she picks up drinking, right? Let's just be real here. She's probably gonna pick up drinking. Maybe she's gonna get in with the wrong crowd.

Let's just say she doesn't really have a family to support her, right? Like, maybe shouldn't have like a good family to kind of take, take her under their wing and, and show her, you know, help her out through this trauma. She ends up drinking. The kids are around that now at this point, they're picking up these bad habits. They're seeing their mom go through all this terrible stuff. And let's say the mom gets a new boyfriend. This guy, not the best guy by any means. He's a big drinker too. Maybe he's abusive. Maybe he's abusive to the kids, right? Then the kids are taking this abuse at home. They're then carrying that into school. Now, now they become bullies and they're bullying other kids, right? Think about like all of these things are coming from this one action of Jimmy dying without a life insurance policy. Now let's say the kids, they ultimately just end up taking the wrong path, right? They've seen all this stuff with their mom, they lost their dad, their life completely changed. Now all of a sudden they start doing drugs. They start drinking a bunch and doing drugs. And let's say, you know, 15 years down the line, say these kids are now like 25 or 30. They're doing. They're drug addicts, they're alcoholics. And let's say, for example, they are driving down the road, they just got back from the bar, they didn't order an Uber because they're, they're making poor decisions and they end up getting, getting into an accident and killing five people. Right? Now, inside of that car of five people, there's one person that stands out. And this person was actually going to Harvard to study medicine. And that one person that died literally could have been the person that cured cancer for humanity.

Now, that may seem like a big stretch, right? That may seem like a stretch, but it's really not, right? You don't understand. The ripple effect of every single action you take, every policy that you're putting in force is not only protecting a family and not only giving you a commission, but it's also preventing this massive ripple effect of what could happen. I've seen people that I grew up with that had trauma of their parents getting cancer, much less dying and much less losing their entire lifestyle, their entire friend group, and having to sell their home, turn to drugs and go down a bad path. You're telling me that you don't think if someone loses their parent, right? Their parent dies and then they lose their house, they have to go to a different school, their other, they see their other parent get into alcohol. You don't think that that could turn somebody into a drug addict and an alcoholic? If you don't, you're just completely delusional, right? 100% can happen. And you're telling me that that person could not end up getting in a car accident and killing other people, right?

Ripple effect. Now what's the ripple effect of that? And what's the ripple effect of that? And the person who died, what happens to their family, right? It's a chain reaction versus you place, this two million dollar life insurance policy. These kids are now protected. They're able to. Obviously, you know, they just lost their, their father, father, which is terrible, but they're able to live the same lifestyle. And now mom has enough money to put them into college, right? She has enough money to maybe go out and find somebody that's going to actually take care of her. It makes a much easier transition for the family, which ultimately can literally change the entire course of a bloodline from one freaking action that you made. One objection that you overcame on the over the phone could change the entire course of one family's bloodline and multiple families as well. Right? Most people are just looking at this. They don't see all of this, the ripple effect, what happens here and then there and then there. It's like all these small actions that you just view as insignificant, like, oh, yeah, I just sold a policy. And then you post it inside of, you know, a Facebook group, or you drop it inside of Slack to let your, you know, let other agents know. Like, you're not realizing how big of an impact you're actually having. And because you don't realize the impact, you're not willing to push as hard. You call these clients, you jump on the phone with them, they give you an objection, you say, hey, whatever, I'll just go call someone else. But when you understand the ripple effect of what's happening, you're not willing to let somebody off with some stupid objection about how they need to think about it. And they're going to get back to you in a week. They could literally die that week.

We've all seen it happen. It 100% happens. And so the second thing that you need to realize as an insurance agent is the ripple effect of what you're actually doing. Same thing goes with recruiting an agent and building a team. What's the ripple effect of you showing somebody this opportunity of being in the insurance business? What happens if they get in, they're able to leave a job that they hate where they were maybe, maybe carrying frustration home to their kids, Right? They were letting all this frustration of. Of working this job that they hate. They were letting it out on their spouse. Just by showing someone this opportunity, you could prevent a divorce, build. Help them build closer bonds with their children and their family and just overall create a better trajectory for that family's course of life by simply giving someone this opportunity or telling them about the industry. This is on both ends from selling as well as recruiting, Right? You need to understand the ripple effect of what you do. And when you have the vision and you understand the ripple effect of the actions you take, you're going to be much more intentional with those actions. Right? That's number two. All right, third thing you need to understand, right, We've talked about having a vision. We've talked about the ripple effect of your actions, which should make you push harder on sales and feel more convicted in what you're selling right now. The third thing, okay, is taking your own medicine. All right, I'm just going to say medicine.

I can't tell you how many insurance agents, myself included, okay? This is something that I'm personally doing and taking action on. Now, I can't tell you how many people that sell life insurance don't have life insurance. All right? It's utterly insane. Again, I am part of this too, which is a severe problem, and it's something that I'm changing. But how on earth are you going to convince somebody to buy a product that you don't even use or value yourself? Right? Why would anyone believe you if I recommend you to go to a specific restaurant, right? Let's say a steakhouse, and I've never eaten there, and I don't even like, like steak. And I'm like, yeah, you should go to the steakhouse. Why on earth would you listen to me? And also, it's going to come across in my tone again, as agents, we have to transfer belief. Our belief has to be high in what we're selling, and we have to transfer that belief to the person we're talking to. If you don't put own a the product that you sell.

Why should anyone buy from you? Right? So if you sell final expense, this doesn't necessarily mean that you have to have a final expense policy, but it does mean that you should have life insurance, right? If you sell Iuls and you don't have an iul, what does that say about you?

If the product was so good, wouldn't you have one? If annuities are so great, why don't you have one? Why don't your parents have one? Why don't your grandparents have an annuity? If it's so great, and I'm not saying it is or it isn't, but you have to take your own medicine. You have to. If you're a chef, you have to eat your own food, and if you're an insurance agent, you should have freaking insurance.

I'm personally working on setting up a overfunded cat cash value whole life insurance policy for myself. I just got engaged, so now I have somebody that's a beneficiary that I need to take care of. But again, you have to buy your own product. If you sell life insurance, you should own life insurance. And you can use that on the phone, right? Yeah. I have this exact type of policy on myself. I 100% believe on it, believe in it. That's why I have five policies. I've met people who have like five policies on themselves. You think they're able to convince somebody else that this is something they should have 100%? It comes across in Your tone of voice, if you believe in the product that you're selling. Right? Like, for example, our lead generation service that we offer agents where we basically set up all their ads and run their marketing for them. I've literally done that for my own agency. I know the product is freaking good. So you hear it in my voice. You hear the conviction in my voice when I talk about the product because I know that it's good and I've personally used it myself. Right? For an example, same thing with life insurance. So own.

A.

Policy. All right? That is the third thing, is the third mindset shift you need to have or action you need to take. But in reality, this is kind of a mindset shift. Now, the fourth thing is you have to understand the game that you're playing, all right? And so I'm going to kind of map out for you guys how you actually build wealth in the industry. Okay? You have to understand the game. I've recently posted a video about this, but I want to break it down as well in a little bit more depth. Okay? Understand the game.

And most people honestly don't. They don't want to tell you guys this because they make their money by you being a foot soldier, essentially, and just like, selling one product and just pushing it and then eventually churning out of the business. And they keep your book. That's how a lot of people play this game. I personally don't believe in that. I believe that you can make money as an agency owner doing that, but I don't believe that's the ethical thing to do just because, like, the opportunity we have in this industry is so great. And I want more people to understand how to play the game properly. And by no means am I like, the foremost expert in building wealth and insurance, but I am taking actions to build, you know, generational wealth for myself and my family in this industry. And I want to share with you guys how that game is played, you know, as I'm playing it. So this is kind of the thing. There's a couple different paths that you can go, all right? And I refer to this as farmer or teacher. I'm going to explain both, but I really want to talk about the farmer. And then most people kind of understand how the teacher route works, but I want to explain both. So a farmer is basically somebody that is a individual, personal producer. Right? A teacher is somebody that essentially recruits agents and shows other agents how to sell and make money in the business. Right? So let me explain how each of these games are played, because a lot of people Try to play them the same way, right? So as a farmer, everyone tells you, well let me just, let me reverse a little bit. So when you first get into the business, everyone tells you, at least they're smart people, they tell you to sell one product and pick one product, right? Now this is the right advice, but it's only the right advice for a certain period of time, alright? And what a farmer basically does is a farmer essentially is somebody that gets into the business, they go out and they build a book of business. So if you're going to be a farmer, you're going to be cultivating and building a book of business. Now at a certain point that book of business gets big enough where you can essentially run and pay all of your bills and generate a very, very solid income for yourself without even buying leads just by working referrals and upsells to your book, right? So let's say for the sake of example, I'm a final expense agent, okay? Just for example.

So if I sell final expense, well, I'm going to go out and final expense. And honestly, any life insurance sales is a very, it's very labor intensive, right? It's not like, again, it's not like we're, you know, building, building buildings or like linemen hanging power lines or like hanging sheetrock or like building bridges. It's not hard work like that. If you like, if you really put into perspective, if you're complaining about making dials, you're kind of just soft, okay? Like you have the opportunity to make tons of, tons of money sitting in your house with air conditioning making phone calls. But that's besides the point. It is time intensive and is labor intensive, at least in the, in the way that we're describing, right? So in order for me to sell a bunch of final expense policies, I am going to have to go and make phone calls and talk to people and work. And it's very, it's not passive by any means. It's very active way of doing business. So I'm going to go out and I'm going to sell a policy. Sell a policy, sell a policy, sell a policy and I'm going to keep selling all these policies. Now if you're a farmer, you're going to realize that in order to build something that feeds itself, you need to get referrals, right? So you're going to start getting referrals and this is essentially going to branch out your business, which means that instead of only selling policies off of leads, you're going to be able to get Referrals, and your business is essentially going to go viral within somebody's social circle. So I go And I sell Ms. Jones a policy. She recommends me to her daughter, her daughter recommends me to her friend, her friend recommends me to her mom, her mom recommends me to her other friend who recommends me to their kid and their kids. Like, it just keeps going. And from one lead, right, you only have to buy one lead. If you sell policies to other people here, you're able to make tons of money from literally just one lead that you, you bought, right? And that's essentially how this game is played. So you get really good at referrals and also selling more policies to your existing clients. Now, what happens at a certain point, and this usually depends on how much you're selling and how hard you're working, but usually after about a year or two, you should have about five or 600 clients. Okay, 500 to 600 clients.

Now, there's a book called Ready, Fire, Aim. And essentially what this book is, is it talks about how to scale a business to 100 million. Now, that's not what I'm telling you to do here, but the principles in the book are applicable at any level. And so in the first stage of business, you're selling one product, right? In this example, final expense to one avatar, right? Seniors on one channel. Most of, most of what I recommend is Facebook leads, right? So you're selling final expense to seniors via Facebook leads. That is stage one, the next stage, once you have a group of, it's called qualified customers. So If I have 500 to 600 clients, these are people that are paying their bill every month, and, and they know like, and trust me, the next step is now I need to find multiple products to sell to my list of qualified customers. If I have 500 to 600 people that already know like, and trust me, instead of only going out and getting new business, I should then find other ways to monetize my existing customers. Does that make sense? So what I could do, for example.

Final expense prospects usually will also buy Medicare. So I could sell Medicare, okay? Could also sell dental.

Could also sell hospital indemnity plans, could also sell annuities, right? And simply by going to these 500 clients, if I call them all up and make them an offer, hey, by the way, I just got into Medicare.

Hey, by the way, I offered dental plans, right? Now, obviously you're gonna make a better pitch than that, but to these customers, you're now cross selling all these different products, which means every single client you get is worth 10 times more. And when you combine this with the referrals, that is where you see these people that have been in the business for a couple decades. Because usually people don't realize this because nobody tells them. Usually people don't realize this until a few years in and then they start playing the game. But this is why you see people that have been in the business for a few decades and it's like they're writing all this business and they're barely even working. And you're wondering how, how on earth are they doing it? And this is how. Okay, they first go deep on one product to penetrate a market, right? And then once they have a list of qualified customers, usually between 5 or 600, they can now cross sell other products. But in the very beginning, it makes sense to focus and just do one so you can learn it and really get a lot of customers. And then you can start offering multiple. Hopefully that makes sense. So that is the farmer game. If you're playing the farmer game, you don't have to build a team. You can at a certain point, but you're essentially building a book of business and you're able to live off of your book of business. Now, if you're in the teacher game, you have to understand that the game is in bringing and recruiting people into the business and giving them an opportunity.

To succeed, right? So as a teacher, let's say this is you. I don't know why I did a triangle, but we'll just say we'll make it a dot. This is you. And you go out and you recruit one person right? Now, in order to be a teacher, I personally believe that you should have already been able to sell successfully, right? You already know how to sell insurance, because otherwise, how on earth are you going to teach this other person out? And then you start bringing other people into the business and showing them this opportunity. Boom, boom, boom, right? Let's just say three people, for example. Now, I think where a lot of people get tripped up, and this is something that's really hard to grasp, and it was hard for me when I first got into the business, is you have to realize that not everybody is going to take advantage of the opportunity and not everybody is going to succeed. And when I used to have a free lead program, the problem was.

I only made money and was profitable if every single agent was successful, right? So I would do all of this work to recruit, interview, hire, onboard train, and the only way that I made money was when that agent would come in and actually start selling and Selling profitable. I was paying for everything. And the thing is, when you're doing this teacher game, the goal when you recruit is to not lose money, okay? Because overrides every dollar you make on overrides is essentially pure profit. If you have little to no cost. But if you're paying for everyone's leads and you're paying for everyone's CRM and you're paying for everyone's dialer, you have really high costs. And you have to understand the stat is still true. 8% of agents succeed, right? So when you're playing this game of being a teacher, you need to reduce your downside risk and increase your upside risk. It's essentially investing. But instead of investing in companies, you're investing in people. Now, this doesn't mean that you treat agents like a number, but what it means is you have to play it like. Like an investment, okay? And you don't try to put a bunch of money into a stock that is falling. Right? It's not the way that game is played. So, ladies and gentlemen, those are the four mindset shifts that you need to have in order to build massive wealth in the insurance industry. As I continue to learn more and more from building my own agency and scaling up my business, I will be sure to pass that knowledge to you guys through this channel. And without any further ado, I will see you guys in the next one. Take care of.