Can I Make 300k A Year In Insurance?

[kobe5050]

Hello Everyone -

I am a very successful real estate agent in the San Diego area (selling 30 homes a year) making around 250k annually. I want to relocate to the Atlanta area because housing prices are horrible here and I am never going to get ahead even making the money I do. If I stay in real estate, my income will drop when I leave as the housing prices in Atlanta are low. My theroy is that I will start selling insurance in Atlanta. My real estate business was built on cold calling. I have a triple auto-dialer and I prospect for 3 hours EACH AND EVERY day. I am VERY afraid that I will take a huge paycut selling insurance.

I am thinking I will sell Life and Annuities, but, are they easy to sell?

Do people really buy universal products in this market?

If I sell annuities and whole life products and prospect as much as I do, can I make 300k-500k annually?

Please help me out as I have 3 children and alot to loose.

Thanks again.

 

[STIBROKER]

Re: CAN I MAKE 300k A YEAR?

I am thinking I will sell Life and Annuities, but, are they easy to sell?

no.....................................................................

 

[VolAgent]

Re: CAN I MAKE 300k A YEAR?

Can you? Sure. Will you? Almost certainly not.

 

[Mark]

Re: CAN I MAKE 300k A YEAR?

Hello Everyone -

I am a very successful real estate agent in the San Diego area (selling 30 homes a year) making around 250k annually. I want to relocate to the Atlanta area because housing prices are horrible here and I am never going to get ahead even making the money I do. If I stay in real estate, my income will drop when I leave as the housing prices in Atlanta are low. My theroy is that I will start selling insurance in Atlanta. My real estate business was built on cold calling. I have a triple auto-dialer and I prospect for 3 hours EACH AND EVERY day. I am VERY afraid that I will take a huge paycut selling insurance.

I am thinking I will sell Life and Annuities, but, are they easy to sell?

Do people really buy universal products in this market?

If I sell annuities and whole life products and prospect as much as I do, can I make 300k-500k annually?

Please help me out as I have 3 children and alot to loose.

Thanks again.

Very few of my clients are buying U.L. these days.

Most agents wont make 300k to 500k a year selling insurance. I don't know you, and I guess it all depends on you. But the odds are against you. I guess it also depends on how much money you spend to make that kind of money.

When you get to Atlanta, drop by and I will give you a couple of my ideas and see if I can help you a little bit.

But this is no get rich quick type of a deal.

 

[LGilmore]

Re: CAN I MAKE 300k A YEAR?

Very few people can transfer their ability to sell things (homes) to selling intangibles (insurance) without a learning curve.

Anything's possible, but your chances aren't close to 50/50. Bigger commission sales usually take months to build trust and a relationship. While a big quick sale can happen, they are few and far between. With bigger sales you will also have to know your stuff as usually you are also sparring with accountants and lawyers who aren't there to help you.

Good luck. There's a lot to learn in this business. Not impossible, but pretty hard.

 

[GreenSky]

Re: CAN I MAKE 300k A YEAR?

The answer is 99.999% NO. You are selling a tangible product now. Insurance is really an intangible product.

You buy health insurance and hope you don't need it. You buy LTC and hope you die without needing it. It's rare that a person can collect on his own life insurance.

The only insurance product that benefits the policyowner is an annuity (and maybe cash value life insurance). You'd have to sell a TON of annuities to even come close to $150K a year commission.

Not meaning to pick on you, but everyone who sells mortgages, real estate, and cars think they can make a fortune selling insurance. Almost all of them fail.

Rick

 

[djs]

Re: CAN I MAKE 300k A YEAR?

Insurance, similar to real estate, takes a while to get rolling with. You have to learn your way around all of the potholes in the road to prosperity.

The number of agents that net over $200K per year is very, very small. Does it happen? Sure, same as in real estate. Most agents (real estate or insurance) don't come anywhere close to netting this type of income.

The biggest challenge for most is work ethic, which it seems you have. The second is the work/life balance, which if you've been a realtor for a while, you understand the balance is pretty imbalanced, and not in favor of the life side.

The bigger problem you have is the track record of realtors who succeed in insurance is abysmal. Not sure why this is, but it is a different sales cycle mentality. Doesn't mean it can't happen, in fact, I think there are a couple of members on here that were realtors at one point.

Then there is the other side of the story, the part you aren't telling (which is fine). Even in San Diego, if you are netting $250K, its a decent living. Maybe not great, and I'll admit, it goes a LOT further in Atlanta, but its still a decent living. My guess is there is something else motivating you to want to make this change. No doubt, real estate has gotten a LOT tougher over the last few years. I know a lot of realtors / mortgage brokers where the burn out factor is becoming a huge thing. If this is the case with you, it might be hard to get excited about a different but similar job.

Any insurance career, similar to real estate, will take at least a year to get rolling with any real money. You'll need savings to get you through that. Most people here would say several years.

Dan

 

[DS4]

Re: CAN I MAKE 300k A YEAR?

Hello Everyone -

I am a very successful real estate agent in the San Diego area (selling 30 homes a year) making around 250k annually. .....I am never going to get ahead even making the money I do.

How much does somebody need to live comfortably in San Diego???

 

[Mark]

Re: CAN I MAKE 300k A YEAR?

and don't try and get rich selling praying mantis also. I only cleared about $2200 this season.

On top of that, the weather is really making things bad for them. It is cold here in the south and not enough bugs are out for them to eat.

Now, I'm going to have to get back to selling insurance...

 

[Dave020]

Re: CAN I MAKE 300k A YEAR?

You buy health insurance and hope you don't need it.
Rick

Um, hmmm, not so sure about this one, Rick. Seems most people in CA try (want) to buy health insurance only WHEN they need it (unless they are getting it through work).