How to make money as an insurance agent?
Hey, guys today I'm sharing my experience in insurance, so the main point is this you can definitely learn how you make money as an insurance agent with my experience. so let's get started 92% of insurance agents fail. Most of you won't make it. If you want to be sure that you make it and that you know how much money you can make, and keep reading this.
Alright, my name is Cody Haskins. I started in the insurance business about a decade ago when I was 19. I was an intern. I became a full-time insurance agent while I was in college taking core 21 credit hours a semester I was playing basketball as a college athlete, tournaments games, weekends, weeknights, practices every day,
And I made the decision to earn $100,000 My first year and using our six-figure self-system and some of the stuff I'ma share with you briefly and shortly I was able to earn $117,361 And you can't forget the 13 cents in my first eight months as an insurance agent. So how much money can you make?
I'm going to share with you right now how much money a new insurance agent can make. Okay, so stay with me. Alright, so I want to talk through some of the numbers behind this because I'm a numbers guy. Okay. 92% fail within three years Okay. Awful statistic.
We created a person nation because of that. That's the insurance world conference where we get agents like you together every single year we're going to Vegas, Okay this next year. How much money can you make though as an agent and you're wondering that K I said that I made $117,361.13 In my first eight months as a brand new insurance agent couldn't spell insurance, didn't know how to sell wasn't compromise ability, no product knowledge? etcetera. Right. And then maybe you're sitting there right now.
And you're thinking, Okay, how much money can I make? I'm going to walk you through it. Number one, the average is okay, because I always want to know what is average just so I don't freaking do that right? Do you want to be average?
Do out or be average either. Okay. So the average insurance agent makes about $50,000 per year. Some states, some areas, some different product types. It's higher, some it's lower K about 50k at Saks, right, that's horrible.
But I was trained a long time ago to not say the word but because it's kind of like an eraser word, but I will keep using it anyway. Okay. There are more millionaires in this industry. Insurance in financial services in any other industry in the world, and you say, well, Cody, how much money can I make? I know you want to make more than the average.
So I'm going to show you what you can expect to make your first year if you follow the six-figure sales formula, which I'm assuming that you're going to follow correctly you're committing now. You're going to follow what we share with you. Okay, so let's look at the six-figure sales system. That's a book I'm working on right now.
Six-Figure self-system and I believe that every insurance agent, this is a triple S (SSS) weekly system. I believe that every insurance agent should set 15 appointments per week. They should sit and ask 10 people to buy every single week, and that they should actually physically sell at least five policies applications every single week and if you do the math, and let's just say, for example, let's just say you're selling life insurance. Okay?
If you are Brand New Insurance Agent
Let's just say that you're selling life insurance unless you say that you are a brand new agent and you're on a 50% commission level. Okay, let's just say you average when you sell a life insurance policy, you should average at least $700 of annual premium per cell that's a premium the client pays over an entire year. Okay? And 50% commission that is $350 in commission. Okay, let's just say that you sell five of those every single week.
Okay, you can do the math pretty quick. That if you do five of those selling life insurance, you're at 17 150 bucks per week. Okay? So, take that. times 50 Okay, and you're at about here at about 80 to 90k. Right off the bat selling life insurance now.
Let's just say, let's just say that you're selling. Let's just say that you're selling health insurance or Medicare and let's just say that every time you sell a policy you make 200 bucks. Okay, just for easy math six for an example.
You can change the numbers for your own example. Okay. But you say you make a 200 bucks commission every time you sell a policy, bless you say that maybe it's residual. And maybe you get paid the same amount from the second year to the first year. Okay. And let's just say that you sell five policies per week. Okay, that's $1,000 per week. That is 50k per year.
But if you make the same amount the first year, the second year, and the third year because of residual income, then all you have to do is do this. Three years in a row. And guess what? Here's your first year. Here's your second year 100k Because you can double it so you don't lose any clients and you'll probably lose 10% Okay.
Third-year, you're up to $150,000 Okay, now let's say you're selling home Manado. Okay. And let's just say that the average customer you're typically going to make about I would say it's closer to this, but let's just say for easy math sake because I personally believe it every home and auto insurance agent should be selling 20 policies, policies on households, every single month.
Okay, let's say you average let's say average 100 bucks. Okay, that's two grand let's just say that you get it again the next year. That's four grand right? It takes time. I'm just, for example, it takes time to build a property and casualty business, home and auto business. The key is to this is how much money can I make? Well, these are early numbers.
These are specific examples. The average is this, I believe. I've got another article previously that talks about how I believe you could make a million dollars a year selling insurance plus more minor centers around the world and why not?
When I was a new agent. I focused on getting in front of people every single week. The secret to you making money early, often, and consistently. And keeping this thing sexy is by following this.
How would you make a lot of money as an Insurance Agent?
The whole key to this is you need a prospecting system. The only reason that insurance agents that this happens are that 90% fail and the reason the average is this and the reason that most people fail and you may be willing to hopefully not for reading this article.
The only reason why the number one reason why insurance agents fail is the number one thing they struggle with number one thing you probably struggle with is what it's getting in front of people. That's the toughest part of this business.
Nobody ever does this. Nobody ever does this. Nobody ever does this. Because if you don't start with this you can't get this. If you don't get this you can't get this right you can't sit with three people a week.
Two people a week like most of you are right now and expect to sell pipe losses every single week and ain't gonna happen. Okay, the number one reason people fail is a store with a prospecting system getting in front of people. That's why I have a six-figure sales system that teaches you every step of the way, I believe, I believe Okay, for this. I believe you should be working your warm market.
I believe that you should be working about 20 to 30 leads per week. And I believe that you should have a third activity. Maybe it's door knocking maybe it's something else that you can go out and specifically go make money right now. Now the question was how much money can I make? There is no specific answer.
You can make as much money as you would like to make you set the target cake because the whole trick to this is okay. If there even is one is that good putting the steps okay if you wanted to leave with specific steps from this article.
All right, and I'm running out of whiteboard as you can see because I get a little crazy. All right. Number one you need to target the first year I said at Target I said I will make $100,000 The first year I committed.
I wrote it down. I told everyone I made it public and if I didn't do it, I was going to be embarrassed right in your target and everyone needs to know about publicly holding yourself accountable. Okay, step one in the target.
When I spend more money, I make more money.
Step two. You have to know your numbers so that you can actually go and hit step one finally, how that works. And then step three, you have to actually go execute on those numbers. Most insurance agents. They struggle with this because they don't spend enough money. Okay, we have five different companies here.
Maybe a six pretty soon. We will spend 5 million bucks a year on a personation agency security and lead security marketing Cody Gaskins Brown, things will spin 5 million bucks a year operating this thing. When I spend more money, I make more money. Maybe you should start spending more money. So when we say how much money can you make?
How would you make a lot of money I want to be successful. I promise you it's possible I believe in you own and motivates you. I want to challenge you. But just remember you got to get in front of people. So when you make 100k Think back on this article.
When you make a quarter-million dollars, half a million dollars, a million bucks $10 million, whatever it is. The answer is you can make as much money as you would like. But you got to believe in yourself, get a system and you got to go execute Hey if you love this article, so share it with your friends!