How to make a significant six-figure income in 2013 selling life insurance
By Lew Nason
Insurance Pro Shop
Whether you've been in this business for 30 years or 30 days, using the mortgage insurance approach is the simplest way for you to get in the door with the people who need, want and can afford what you are offering.
Here's the background story. From June 1982 to August 1989, I was a top producer for MetLife in Massachusetts. In September of 1989, I accepted a position as Branch Manager and was given one of the worst branches offices in all of MetLife. The branch, in Port St. Lucie, Florida, had seven active agents who had only produced a total of $25,000 of branch first-year commissions for the previous eight months.
During the next four years, we recruited and trained 23 brand new agents for that office. At the end of those four years, the Port St. Lucie branch office was in the top 10 percent of all offices for MetLife. (Note: I left MetLife in January of 1994 to start a regional general office for Jefferson Pilot Life.) After 10 years the results were: Out of the 23 agents we hired for MetLife, 18 were still in the business and they were all making over $100,000 per year. Some were making well over $200,000 per year, and one was making over $1,000,000 per year. How were we able obtain such an amazing 80 percent success rate recruiting new agents, when the industry has a deplorable 90 percent failure rate? How were we able to consistently help those agents to earn double and triple the industry averages?
Here is what we did:
As I stated earlier, we recruited and trained 23 new agents in four years. What I didn't tell you is that almost all of those people were transplants from other states and had only been in Florida for a year or two. Unfortunately, most of them didn't have much of a warm or a natural market. Our challenge was to get them off to a quick start. Based on my previous experience in personal production and assisting my branch manager in Massachusetts to recruit and train new agents, we decided to teach each agent how to use mortgage insurance as a simple way to get in the prospect's door. Then, once they had the appointment, we taught them how to do a complete, emotion-based fact-find. The outstanding short- and long-term results speak for themselves. Do you want to make a significant six-figure income in 2013?
Consider, according to surveys conducted in 2011, approximately 63 percent of families own a home, and 70 percent of those families have a home mortgage. According to LIMRA, an insurance industry research group, 30 percent of U.S. households have no life insurance. There are fewer households with life insurance today than six years ago — 11 million fewer. The middle market represents the largest segment of uninsured households, with half (36 million) admitting they need more life insurance. At the end of 2011, 23.4 percent of families had no savings whatsoever, up from 18.5 percent in 2009. More than 40 percent had less than $1,500 in liquid assets, and 67 percent had less than $10,000.
Based on the previous information, would you agree that you have a great opportunity to help these middle income families to spend, save, invest, insure and plan wisely for the future to achieve financial independence? Whether you've been in this business for 30 years or 30 days, using the mortgage insurance approach is the simplest way for you to get in the door with the people who need, want and can afford what you are offering. Then, once you are in the home, it's up to you to transition from just selling mortgage insurance, to becoming a true financial advisor, helping people to identify, understand and find the money to solve their financial problems. Are you making your career more complicated that it needs to be?