Life Insurance Potential

[Delta76]

Your son must be writing simplified issue policies. Fully UW policies can take 4 to 6 weeks to get issued. I'm not sure I believe he is doing 2000 commission a week only having been in the business 2 months, if he is he is extraordinary.

I know of at least one major mutual company that pays out the commission for each app submitted with cash before underwriting, so it's certainly possible (although I wouldn't spend it yet!). It doesn't count until the policy is underwritten, placed, and paid for at least three months.

 

[Tomfromtheshade]

$2000 a week is an attainable goal if you have the proper target market and you have a good game plan on how to get in front of these people.

If you are selling just two policies a week at $1000 a year premium you are making your $2000 a week.

It is all about the numbers. If you can see enough people that have the need and the ability to pay for what you are offering you will make the money.

 

[IvyLane]

Wow, he is my inspiration!!

 

[Guest]

From everything I have read there is much more potential in selling Life Insurance rather than Property & Casualty. Would this be a fair statement. My son has been selling life insurance for about 2 months now and averages a gross of $2,000.00 per week. Is this normal and if so should he be making more?

Like a couple of people have already said, its all about the numbers. How many people do you need to see to get 2 apps a week? probably varies from person to person but sounds like your son is doing great!

Making $2,000 a week is a pretty good goal. Of course it depends on the life product and commission schedule.

I know NYL will pay 50%-55% FYC for most life products. That means he would have to do 2 apps at about $2000 annual premium to make $2,000 a week. or 4 apps for $1000 = $2,000

 

[WinoBlues]

my 2 cents.
I tend to target how much in Monthly Premium I need per week. Such as, $250 of MP, is one app for $250 or 5 for $50.00. $250 just seems easier than $3,000 of annual per week.
App count helps my motivation, when I am looking at my pending book for the month. I like to try to fill the page. So if I hit the my premium number early I have another target.
App count helps, But Premium pays the bills.

 

[DHK]

Like a couple of people have already said, its all about the numbers. How many people do you need to see to get 2 apps a week? probably varies from person to person but sounds like your son is doing great!

Making $2,000 a week is a pretty good goal. Of course it depends on the life product and commission schedule.

I know NYL will pay 50%-55% FYC for most life products. That means he would have to do 2 apps at about $2000 annual premium to make $2,000 a week. or 4 apps for $1000 = $2,000

Let's not forget that if someone is BRAND NEW to insurance sales and a career shop, they'll likely get a "bonus" on top of the 55% for their first 3 years with that career shop.

But don't spend that money. Invest it wisely in your career and save it for the rough months.

 

[Guest]

Let's not forget that if someone is BRAND NEW to insurance sales and a career shop, they'll likely get a "bonus" on top of the 55% for their first 3 years with that career shop.

But don't spend that money. Invest it wisely in your career and save it for the rough months.

Very true! obviously if you can average $2000 in weekly commission you are in good shape AND you would get an additional % on top in the first couple of years if you are with a "career shop".

Just don't blow it all on crack!!

 

[jimsthename]

I would guess that the newbie making $2000 a week has not gone through the whole cycle yet. No doubt this amount will diminish when clients gets rated up, doesn't follow through, etc.

Still he's off to a good start

 

[theinsuranceman]

If he's getting advances, and chargebacks are deducted from advances, then things will change downward in the next few months, assuming this is FE sales.

Of course if charge backs are NOT deducted from advances then he's ok.