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As for income one might look at MDRT statistics (mdrt.org). This is an organization where membership must be on validated production, meaning one's production is independently certified by your carriers, also meaning credibility and no b.s claims.
It's a worldwide organization with less than 1% of the world's life and financial services professionals. What is the minimum commission level for 2015 to be able to join? $92,000 in first-year commissions.
I was told long ago that in our industry we work very hard to be underpaid the first three years so that we are grossly overpaid the rest of our life for the work we do.
Nonetheless, as very difficult as this business is and in-line with the high-quality advice already given, anyone with determination, focus, and who can grind-it-out can make six figures in the first twelve months.
I believe that 80% of success in this business is prospecting. Yes you need product knowledge, yes you need to understand some case development. But it you are not talking to as many people as possible you will not succeed much less make six figures.
Prospecting must be your default use of time: Take phone lists with you and call when you're driving, call when you think you want a cup of coffee, call when you're waiting on your wife's shopping, call when you're in-between other tasks, call, call, call.
I once took an overweight, sloppy, uneducated 28 year-old out door-knocking who only knew term-life. We door-knocked all day and he sold two term policies. I beat on him day-after-day to knock, knock, knock because he couldn't afford any marketing and his wife earned money walking dogs.
The guy made over $50,000 in commissions simply because he kept trying to talk to people on a simple product. You can do that selling med supps, final expense, term/ul/wl, annuities, anything you want if you wake up early and start talking to people.
Learn one product, then just go sell the crap out of it. In the process you'll learn other products, other applications of life insurance, and gradually expand your product line and market until you learn enough to see where you want to go narrow and deep.
But that will come later. Right now, its seeing the people as if they won't be there tomorrow. An urgency, a mania, an insatiable need to see people and write applications.
Many of us got there because we didn't do that, began to fall behind on bills, became embarrassed at asking family and friends for a few bucks until we got the prospecting religion. And even then, after a few good months, we lose the religion and sin by not prospecting as much, thinking we're on a roll and it will continue to happen magically.
But the key to high income is selling people, and to sell people you have to present, and to present you have to find people to talk to.
Don't forget the lead-time either, which depends on the product you're selling. You might see someone 1, 2, 3 times before the application, then exams, underwriting, placement, and finally payday - maybe 3 or 4 months down the line (again depending on product). So its crucial to fill the pipeline with as many people as possible.
Beware working for big shops that claim to train, salesmanagers who were failures themselves, big-talkers who you never see on the phone or on appointments. There's a lot of bragging and happy talk from people who are amateurs, who've never really made big money.
The ones who will help you the most will also be tough on you, even hurt your feelings - because you need it. Your life and income and family are too important for happy-talkers, motivators, and negaholics to waste your time but those that tell you like it is and put you in your place do so to make your better. As the expression goes, its better to bleed in practice than to bleed in the field.
I'd suggest reviewing the MDRT website and if you can afford it, just pay to go to their annual meeting. You'll quickly see the habits of top producers and how different they are from mediocre amateurs in this industry.
Next to last, as you've already noticed, there are some excellent contributors to this forum with a wealth of knowledge and experience who make themselves available: Use them. (Frankly, I don't know how they have so much time to post but I appreciate them).
Lastly, develop a thick skin from the critiques you'll get in the forum, the rejection from prospects and even clients, the discouraging comments from friends and family who don't understand our business. None of these really mean what they say because they're ignorant of what you already know of this business, how important it is to people's lives.
It's a worldwide organization with less than 1% of the world's life and financial services professionals. What is the minimum commission level for 2015 to be able to join? $92,000 in first-year commissions.
I was told long ago that in our industry we work very hard to be underpaid the first three years so that we are grossly overpaid the rest of our life for the work we do.
Nonetheless, as very difficult as this business is and in-line with the high-quality advice already given, anyone with determination, focus, and who can grind-it-out can make six figures in the first twelve months.
I believe that 80% of success in this business is prospecting. Yes you need product knowledge, yes you need to understand some case development. But it you are not talking to as many people as possible you will not succeed much less make six figures.
Prospecting must be your default use of time: Take phone lists with you and call when you're driving, call when you think you want a cup of coffee, call when you're waiting on your wife's shopping, call when you're in-between other tasks, call, call, call.
I once took an overweight, sloppy, uneducated 28 year-old out door-knocking who only knew term-life. We door-knocked all day and he sold two term policies. I beat on him day-after-day to knock, knock, knock because he couldn't afford any marketing and his wife earned money walking dogs.
The guy made over $50,000 in commissions simply because he kept trying to talk to people on a simple product. You can do that selling med supps, final expense, term/ul/wl, annuities, anything you want if you wake up early and start talking to people.
Learn one product, then just go sell the crap out of it. In the process you'll learn other products, other applications of life insurance, and gradually expand your product line and market until you learn enough to see where you want to go narrow and deep.
But that will come later. Right now, its seeing the people as if they won't be there tomorrow. An urgency, a mania, an insatiable need to see people and write applications.
Many of us got there because we didn't do that, began to fall behind on bills, became embarrassed at asking family and friends for a few bucks until we got the prospecting religion. And even then, after a few good months, we lose the religion and sin by not prospecting as much, thinking we're on a roll and it will continue to happen magically.
But the key to high income is selling people, and to sell people you have to present, and to present you have to find people to talk to.
Don't forget the lead-time either, which depends on the product you're selling. You might see someone 1, 2, 3 times before the application, then exams, underwriting, placement, and finally payday - maybe 3 or 4 months down the line (again depending on product). So its crucial to fill the pipeline with as many people as possible.
Beware working for big shops that claim to train, salesmanagers who were failures themselves, big-talkers who you never see on the phone or on appointments. There's a lot of bragging and happy talk from people who are amateurs, who've never really made big money.
The ones who will help you the most will also be tough on you, even hurt your feelings - because you need it. Your life and income and family are too important for happy-talkers, motivators, and negaholics to waste your time but those that tell you like it is and put you in your place do so to make your better. As the expression goes, its better to bleed in practice than to bleed in the field.
I'd suggest reviewing the MDRT website and if you can afford it, just pay to go to their annual meeting. You'll quickly see the habits of top producers and how different they are from mediocre amateurs in this industry.
Next to last, as you've already noticed, there are some excellent contributors to this forum with a wealth of knowledge and experience who make themselves available: Use them. (Frankly, I don't know how they have so much time to post but I appreciate them).
Lastly, develop a thick skin from the critiques you'll get in the forum, the rejection from prospects and even clients, the discouraging comments from friends and family who don't understand our business. None of these really mean what they say because they're ignorant of what you already know of this business, how important it is to people's lives.
