What can a new agent that stays in the biz, expect the first year (income) and how will your renewels effect it the 2nd year, 3rd etc, etc, Thanks Mike
What can a new agent that stays in the biz, expect the first year (income) and how will your renewels effect it the 2nd year, 3rd etc, etc, Thanks Mike
That's all on you, Dave mentioned the Granum in another post, he's made this business into a science. I suggest picking up the book on his system through National Underwriter (google it) if you're serious about this business. His system is the One Card System (OCS) and the book is called "Building a Financial Services Clientele".
I still go back and read it all the time, I was looking at it last night, but here are his numbers. You first year income is essentially based on your average first year commission (FYC) and the number of fact finders you collect per month. That's all on you and your income was fluctuate rapidly depending on how successful you are at it.
300 Fact Finders the First Year (6 new per week)
$300 FYC Avg = $27,000 first year income
$500 FYC Avg = $45,000
$700 FYC Avg = $63,000
150 Fact Finder the First Year (3 new per week)
$300 FYC Avg = $13,500 first year income
$500 FYC Avg = $22,500
$700 FYC Avg = $31,500
Both groups will make good money in 5 year time frame if they keep averaging the same number of fact finders per year with repeat sales, keeping in touch with prospects that weren't ready on the first go around, ect.
I wouldn't thinky our FYC would average less than $500, especially if you focus on joint work. Your ability to consistently get in front of people will determine how much you make. You will have a tough time beating the Granum numbers if you are focusing on the life insurance business. Even my health numbers were along the same closing ratio lines as well for non-call in's. These numbers don't take into account renewal commissions, which are typically higher with health (renewals and rewrites) and lower with life (10% common for WL, 0% to 2% common for term).
What can a new agent that stays in the biz, expect the first year (income) and how will your renewels effect it the 2nd year, 3rd etc, etc, Thanks Mike
How many apps do you plan on writing a week?
Avg Life agent 1st year is under $50,000.
But it really all depends on the agent.
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Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
Email me for my Free Prospecting MP3 Tapes.
What can a new agent that stays in the biz, expect the first year (income) and how will your renewels effect it the 2nd year, 3rd etc, etc, Thanks Mike
Do you "give good phone", how "warm and fuzzy" do you come across during an appointment and are you an expert in the product line you are selling?
If you can answer yes to all three you can make between $50,000 and maybe as high as $75,000 first year selling Med Supps. Most probably first year will be closer to $50,000.
Med Supp companies pay first year commission for the first six years. This means, if you generate $50,000 in commission income the first year and have no cancellations that you will carry $50,000 of renewal commission into the second through sixth year.
No, you will not carry that amount forward for six years, there will be lapses. Seniors do not live for ever. But if an agent will do their due diligence there is no reason for not carrying at least 85% to 90% into future years. I have Med Supp clients who have been with me since 1993.
As a new agent improves his/her skills, generating $75,000 per year in commission income is not unrealistic. That is only one application per day, five days a week, fifty-two weeks a year or 260 apps per year.
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Medicare Supplement Sales Training and Coaching.
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
Do you "give good phone", how "warm and fuzzy" do you come across during an appointment and are you an expert in the product line you are selling?
All important, but even more important, how many people are you willing to contact each day? This will make the greatest difference in what you earn that first year.
All important, but even more important, how many people are you willing to contact each day? This will make the greatest difference in what you earn that first year.
So true!
Selling insurance is work. The work part is prospecting, he fun part is writing applications. Ya can't have one without the other.
Like others have said it all depends on how well you prospect....I'll be honest, I'm on my way to only make about $20k the first year but I didn't get licensed until Feb. 14.
Our office was relocated 2 months later and I was the only one who transferred to a new office. At our new office their was no training and the manager filled my head with the idea that I can make lots of money without making phone calls......that obviously never materialized and then at the end of July I transferred to a new office where EVERYONE (12 agents) does very well each week. They have training and meetings all through the week and I now finally feel like I have a fighting chance and have been doing fairly well since august 1st.
Basically, I learned that when you start out and have little money and knowledge, your best chance at making it is by phone prospecting, networking and letting everyone know what you do.
Hopefully I am still on this forum next year and I can give an update of how my 2nd year is going
If sales is not the issue...the rest is simple math....CPS
Contacts
Presentations Sales
A clear daily work model, consistently used, 6 marketing methods, multiple products and carriers, finding above street level contracts AND AN ANNUITY REFFERAL BONUS contract make for a sure $100K per year.
The other are soooooooo right with regard to being captive, low contracts, 1-2 products only.....is a recipe for maybe $50K in earning per year...
If you would like like more information on the clear daily work model PM me.
Like others have said it all depends on how well you prospect....I'll be honest, I'm on my way to only make about $20k the first year but I didn't get licensed until Feb. 14.
Our office was relocated 2 months later and I was the only one who transferred to a new office. At our new office their was no training and the manager filled my head with the idea that I can make lots of money without making phone calls......that obviously never materialized and then at the end of July I transferred to a new office where EVERYONE (12 agents) does very well each week. They have training and meetings all through the week and I now finally feel like I have a fighting chance and have been doing fairly well since august 1st.
Basically, I learned that when you start out and have little money and knowledge, your best chance at making it is by phone prospecting, networking and letting everyone know what you do.
Hopefully I am still on this forum next year and I can give an update of how my 2nd year is going
I sounds like you started very much like most of us began in this business. Life's tuition can be very expensive. I think we have all found that out at one time or another.
If I can do anything to help don't hesitate to call. Good luck.
1st Yr Income?
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