Can you make millions in the insurance sector?

Submitted by rhosummer on Tue, 04/28/2009 - 14:33

I would like to get into the insurance field after my bachelors in accounting. I would like to know what my income potential could be the first if i where in a large and a hard worker. How much do insurance agents make in their first year? and how many life and health insurance policies that i could sell the first year.

Please help!

Posted: 28 Apr 2009 03:27 Post Subject:

well it depends upon the kind of market and the commission rate....If you were a direct appointed agent with a captive company, you would get a guaranteed salary to start for anywhere between 15 weeks and three years, depending on production quotas.

If your statring salary was $600 per week, and you met quotas, $600 X 52 = $31,200. If you met and exceeded quotas, and earned bonuses, you could be looking at $50,000 your first year.

Remember that these captive companies also provide paid retirement, 401K, group life and health and disability income insurance for their employees. Also, these companies provide local and home office assistance, desk or office space, phone, training, and assistance in the field.

If you had a direct appointment with a life company as a General Agent, your first year commission could be as much as 100% or more.
In this scenario, you would be under an independent contract, and would work all your own leads.

Let's say that you wrote medium-size premium cases, ($2000 annualized premiums per week, for this example) and your commission was 100%. Lets say that you did this for 50 weeks, and your persistency rate was 80%:

$2000 X 50 = $100,000 X 80% persistency = $80,000. If all these premiums were paid annually, you FYC would be $80,000. But keep in mind that you pay your own 401K, Self Employment and Business Taxes, health and life insurance, phone and office expenses.

As an independent agent, you might have a quota of only $10,000 annualized premium per year, or less. This does'nt give you much of an incentive to produce. But in turn, you don't have as much pressure from upper management to produce........and about the no. of insurance ucan sell totally depends upon u and iamge of ur company in market.........hope the information that i provided satisfies....... well many other insurance axperts are there in this community...they'll throw some more light on it.......best of luck...

Posted: 28 Apr 2009 05:57 Post Subject:

i WANT TO BE AN INDEPENDANT life and health AGENT! -for an agency
please give me a more simple explanation of how much i could make the first year please!

Posted: 29 Apr 2009 08:36 Post Subject:

First off, the career of an insurance agent won't make you rich over night. Even if you slog all day, earning 1 million in commission for the first year isn’t going to be an easy task.

Now, if you start off as an independent agent remember that you would be all your own to establish yourself in the industry of insurance. Further, There would be thousand other agents to give you a though time.

As an independent agent you would be responsible for generating enough business consistently to keep you floating since you would be required to bear the costs of running office, maintaining logs, generating leads and such.

~Jeremy

Posted: 06 May 2009 09:51 Post Subject:

please give me a more simple explanation of how much i could make the first year please!



The simple answer is that there is NO simple way to give you a number or a range. I have seen agents make six figures in their first year, and I have seen agents quit without making a single dime.

If you know that you are ambitious, motivated, and willing to learn...then you have the chance to be successful. HOWEVER, it is entirely up to you. If you have any more specific questions...we'd love to help you! GOOD LUCK!

Posted: 07 May 2009 06:51 Post Subject:

If you know that you are ambitious, motivated, and willing to learn...then you have the chance to be successful. HOWEVER, it is entirely up to you.



Yeah, its true that no one can succeed in the business of insurance over night. Therefore, Rho, if you really want to become successful as an insurance agent, prepare yourself for hardwork. There is no shortcut to success which Chris has pointed it out quite correctly. In fact I have seen many aspiring agents to succumb under the pressure to meet targets. So stay focus on your goal and if you're dedicated you can make quite good money even in your first year. And, yeah, don't let the zeal die out even you face failure at the beginning.

Posted: 25 Sep 2009 09:54 Post Subject: Insurance

If you are looking for a quick fix, sell the product and move on environment, insurance is not for you. I'm a broker who has seen alot the last 20 years. We hired an auto finance person who was used to making fast 'deals' to sell insurance recently and he is so frustrated with how long it takes to bind coverage and then has to SERVICE his new accounts which takes up a lot more time. My first year producing made me a grand total of $25k. The trick is to renew those accounts and then to get referrals to build your pipeline. Good luck.

Posted: 29 Sep 2009 02:28 Post Subject:

Maybe over a lifetime. Only a select few clear seven figures on a yearly basis.

Posted: 08 Oct 2009 10:11 Post Subject:

In my opinion, the money shouldn't be the focus at all. Sure, it is why we work, but one is much better served if the concentrate their efforts on being an asset clients. If they can provide value, the money will come....lots of it. However, if a client smells someone that is money hungry, whom tend to stink of it, then the client usually bails...as well they probably should..

Posted: 14 Dec 2009 04:35 Post Subject:

hello...anyone thought of passive income? irony is that to get more money you will have to clock more hours in insurance industry :D

Posted: 16 Dec 2009 11:02 Post Subject:

I would like to get into the insurance field after my bachelors in accounting. I would like to know what my income potential could be the first if i where in a large and a hard worker. How much do insurance agents make in their first year?



It will be great to have a person full of energy like you in the field of insurance like you at the earliest. During our college days for most of us Job, Business or any career means money (more and more money).

In the field of insurance, what really matters is your understanding of Insurance Business and how do you apply it to meet the requirements of the client. If you can win the trust of your prospects by selling them adequate insurance coverage, which they need (and not trying to sell everything under the sun available with you), the chances are you can grow faster. As I have experienced, initial growth is mostly linear, but with time it starts becoming exponential as you learn more about market and expectations of the client. In case you are a quick learner, and have the ability to withstand tough market of insurance you can make anything ranging from ZERO to INFINITY. But, please don't simply focus on money else you will lose the fun of this exciting field.

Wish you all the best for a wonderful career.

Regards,

Aryan

Posted: 19 Mar 2010 01:52 Post Subject: independent agent

i am working on 100% commision for an independent agency for the last 2 years. what should be my next move. i do P & C AND life.

Posted: 29 Mar 2010 06:08 Post Subject: Broker Commisions

Does anyone know the percentage that health insurance companies pay brokers? I am just starting my business and can't seem to get a clear answer. Thanks!

Posted: 27 Apr 2010 12:15 Post Subject:

the money shouldn't be the focus at all



ABSOLUTELY CORRECT! If you go to the kitchen table and the client looks into your face and sees this:
__ __
($) ($)

You'll never do any lasting business with that client.

Posted: 09 Jul 2010 08:24 Post Subject: for best agency

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Posted: 19 Nov 2010 11:59 Post Subject:

It is possible to make millions of dollars as an insurance agent. It just isn't likely.

I know a lot of veteran agents who I assume make six figures pretty consistently.

You've got to work hard and you've also got to learn a system that works. If you can get a feel for how happy the average agents are in an agency, you will have an idea as to whether their system works.

Posted: 05 Mar 2011 09:33 Post Subject: insurance company

i want to start my own insurance company in my name but dont want to wait five to do that what would be some other ways to go by doin it

Posted: 09 Apr 2011 12:21 Post Subject: Pay

So if I sell an issurance policy on a building for a million dollars. I would get 4% upfront, and then 4% every year they renew.

Posted: 11 Apr 2011 08:04 Post Subject:

yeah right everything is open for possibilities.

It is possible. The thing is how are you going to make it in real? It isn't an overnight thing you have to work hard for that. Learn from the experts and read some books and know their tips.

Posted: 02 Jul 2011 12:03 Post Subject:

was 21 -24%, since health care reform 4-6%, life usaully 70% but a full year advance on the commission, this industry is great and if you are good at what you do you can make great income. I work for InSphere insurance solutions and I made the first year in commissions and bonus's around 70,000 this year I will make since health care reform prbably only 50,000. hopefully I will start recieving residual income in the next 2 yrs and get back closer to 80,000 but there is no telling with health care reform what is going to happen all I know is that I am having to totally redisign the policys that I am selling to maximize my pay at the same time take care of the customer so that they will stay on the books

Posted: 18 Mar 2012 09:55 Post Subject: brown insurance

Trick is to be energetic. I had a net income of 2.7 million last year and three years ago was working on commission making 15 - 25k a year. But then again back then I was shooting up heroin and smoking crack. Sobriety is how I made it

Posted: 08 May 2012 02:15 Post Subject:

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Posted: 08 Mar 2013 12:01 Post Subject:

It's possible to make millions in just about any industry.

In regards to insurance sales you need to build and agency and get producers working under you so you can scale and grow a large book.

Posted: 23 Mar 2013 03:59 Post Subject: insurance

I have specialized in the health insurance industry for 20 years. It has changed a lot during that period of time and you have to role with the changes to stay in it. But the bottom line is LEADS. Where do you get the LEADS. The rest is easy by comparison. However, NONE of it is easy! It you're looking for easy, move on to a regular job where you have an hourly salary, however, you really don't have a chance of making any money working for someone else.

Posted: 02 May 2013 06:43 Post Subject:

Yes insurance is such a field that you can really earn a lot of money in this and you can sell policies as many as you can there is no limit on this.

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Posted: 03 Nov 2015 06:44 Post Subject: Dont Run For Success.. Work Hard.

No one can make billions in just one go. Struggle is a big hand to welcome the success. It takes time. Have some patient and start up the work with good and genuine insurance company. Otherwise, you can get the insurance from Rais Insurance as they are providing insurance services since 1982.

Posted: 02 Apr 2016 05:20 Post Subject: The Straight Truth from a 6-figure agent of 12 years

If you're on this forum you're curious. I ended up here cos I was looking at what the net had to say about 7 figures. But listen guys. I'VE BEEN A BROKER MAKING 130% AND I DECIDED TO TAKE A HUGE PAYCUT TO JOIN 1 SNGLE CO. I started in the industry at 25 years old. It took me 1 year to make 6 figures. I have been holding steady at 140-160k a year for about all my career except my first year cos I started in April. But here is something you need to learn. MONEY should not be your purpose. Your purpose should have a vision. Working hard to make a difference. Money truly does follow. There are only 2 traits to becoming a successful agent: be coachable, and be a self-motivator. Listening is important too along with keeping sharp on everything related by attending seminars, reading.books etc because they will pay off. People always want something and they want it right away. We are conditioned to think that because of our society. I am here because I want to make a miilion a year. Everyone has 24 hrs a.day. so then why does some guy in another state make 7 times shat I make? The name of th game is sitting in font of the right people. I spent a.decade as a broker making all that money and when I joined New.York Life I was quickly humbled. I learned I was basically .transactional and I did not TRULY explore all their needs AND future. Find smart people who make more.money and surround yourself with them. This is also why I love being with 1 company. Maybe its just my office but the culture is incredible. A guy who makes less money than I do schooled me on.advanced planning life insurances uses like estate and tax related stuff. And here I am setting 6 appts a day writing 80/mo apps for.mortgage protection sith appta lasting 45 mins while this.guy is talking to his clients about taxation and writing 300/mo-600mo apps. The difference is he spends time building relationships and finding money. I was doing it all wrong. I was taking the transactional approach. So it's all about fact finding and doing a needs analysis. Worksheets exist everywhere. Find a good one and use it. As soon as I joined NYL I was seeing less people a week but apps were 200-300/mo. And here's the embarrassing thing: it.came from my.existing clients I.was revisiting. NEVER decide something is too.expensive based om your own thoughts. Huge mistake. Weak.agents sell on price. They don't last long. GOOD agents sell on value. Just the other day I learned a client.of minr had 250,000 sittimg in variable annuities. I didn't know.cos.I didn't ask. So I learned.she is.angry with her FP and shes.in her 70s. You better bet I'm helping her by figuring out the best product cor her based on need and age. Oh, here's another thing, money should always be viewed as.a byproduct of your service. And.money will never be enough. When I was broke all I wanted was a.50k a year salary. I've been making 150k give or take a 15k since 26 years old. And I was not happy until I focused.on helping people. And recently asking better questions to locate money. So, I'm not going.to offer advice on 7 figures but heres a list of what you need to do if you want to make six figures:

1. Be yourself. If you are laid back person be a laid back insurance agent.
2. Study up and read as much as you can. Knowledge truly gives you an edge. Remember I was 25 when I.started working at a brokerage with people.in their 40s-70s. I had to level the playing field and even beat them by knowing more than them. They had life experience over me but that is.only good for small talk. Industry knowledge trumps that.
3. If you are N aggressive, pushy stereotypical bad salesman get rid of all.those traits. I never had a sales pitch. I don't even use the words."sale" or "sell" to my client. There are a lot of poorly-trained agents out there like reps from Bankers Life, American Amicable, Lincol.Heritage, and the biggest culprit American Income Life. It is such an awful thing when you meet a new prospect and tell me about a.feature they have or somethinv related that goes back to the agent lying. You guys.give career agents a.bad name.
4. Be coachable. If you dont have mentor find an agent with a reputable company and rub elbows with him or her.
5. Read sales books but put into action ONLY things that won't make you look like you are making a sale, like all those corny.sales questions. Stay away from.that.
6. Look into yourself ask yourself.what you.feel passionate abt and shat your vision is or should be? Then live and work it cos it ties into your brand and purpose. It also gives your efforts meaning and you will feel happy with your career.
7. Look the part. Yes your.looks is what they go by too. Make sure.your hygiene.is good, clean nails, well-groomed, well-dressed, and drive a nice car if u can afford it. If u want to write $50 a mo premiums then keep.ddiving your Corolla. If you want to ink triple.digit apps.consistently, drive a decent luxury car. U can get a nice looking Lexus.ES a.couple.years old for the same price as a brand new Toyota sedan. Just put yourself in your client's.shoes. Would you take from a person dressed not so nicely who pulled up in a Kia or.would you take advice and buy from.someone who looks the part and pulled up in a nice.and shiney Cadillac.CTS? Right?
Because why? The guy in the Cadillac has more to lose.
8. Ask.for referrals. There are many clever ways to do it. I have th prefect one that was.taught by a Managing Partner at NYL and it was so clever I felt like I shouldve written him a.check for it.( I am not dumb, I am not revealing all my trade.secrets lol)
9. Treat every customer like your parents. Clients arent dumnlb they can sniff out a salesman and someome genuinely helping.
10. Always tell the truth. Never overpromise and under-deliver.
Clients.will.always respect the.straight truth. Disappointment.happens.because of expectations. Don't kill.the.relationship by doing things like giving.someome Super Preferred rates.
11. You know why most agents fail let alone make 6 figures? They are lazy and/or they don't know how.valuable time is. Manage it well. Only do tasks that lsad to making money. Delegate small.$10.hr stuff to someond else
12. There's a few more but if you.focus.and put.into.actiom those things I mentioned you.will.be well on your way to making 6 figures.

The reason I am.willing to.offer this.advice.up.for.free os because.I think.insurance.agents habe a bad stifma.attached to them. Follow along with and work.hard o restore th public's image of am insurance agent. And if you.make 6 figures.which u will, I'll.be proud.of.you as you are of yourself.

Feel free to contact me. I am not selfish
I'll help. (717).471-9098

Good.luck ro you.all

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Posted: 21 Feb 2018 01:50 Post Subject: Making A Million Dollars

You can make a million dollars selling insurance. You can get their faster if you have agents working with you as a team.

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