so what is going on guys welcome to the
channel in today's video I want to share
with you how to start selling life
insurance in 2023. this is The
Beginner's Guide this is the complete
guide from start to finish on what you
need to do the action steps that you
need to take all the way from how do I
get my license how do I get paid where
do I find the best products what do I do
and most importantly what you need to
know about how to start making money
selling life insurance in 2023. my name
is Peter Roberts I have nothing to sell
you I jump into this industry about
eight months ago I was a brand new
rookie had no idea what this was I saw
all these people making money I've been
able to sell over 300 000 in my first
eight months selling final expense life
insurance and I simply want to document
the journey the things that I've learned
hopefully help you make more money I
didn't realize how amazing life
insurance was I jumped into the industry
and I want to share with you how you can
get started this is going to be the real
truth the things that your recruiter
won't tell you and most importantly
everything that you need to know to
basically start tomorrow to get license
to start selling life insurance now what
I want to break this up is getting
started now you probably jumped this
industry because you see people making
20 30 40 50 000 now the one thing that
all agents have to do that you have to
do is actually begin number one getting
your life insurance license now where
this starts is really what I did is I
signed up with a company called uh Excel
this is a pre-licensing basically exam
prep so what you need to do first is
basically sign up with a pre-licensing
course prep study guide where you can
start you know practicing it takes about
four to eight days of just practicing
their course material you can actually
look up you know exam simulators you can
look up on this a program on the
software practice exams you can look up
practice questions and then you can
actually just start learning so what you
want to do is study for this exam and
then about a week after seven to ten
days later you can actually study you
can take your in-person test so what
you're going to do is no matter what
stage you're in you typically have to
take this license in or this test in
person so what you're going to do is go
to your State website and you're going
to sign up or select a date to take an
in-person exam now once you take this
exam you're going to sign up for your
life insurance license exam and then
once you get a 70 or above you will then
be you know handed your life insurance
license now once you get this license
it's really important to you to
understand that this is an asset where
you can unlock your future earning
potentials so number one step one again
is to go ahead and get your life
insurance license and simply go ahead
and take a pre-licensed prep course and
just basically take it at your own pace
most companies that if you get
contracted with Will typically pay for
it so if you're looking for a company
see if they'll pay for it secondly take
that exam get a 70 or above and then
most importantly
um once you pass that you'll be handed
your life insurance license the one
thing to note is that like let's say you
get license in Maryland you can then use
that mirror license to get license in
Texas Virginia and all the states uh
Statewide so super fun it's an asset
that you can unlock now the second thing
that I want to share with you is once
you get licensed how do you actually
begin making money you have to pick the
product that you want to do so secondly
find or learn about the product that
you're going to begin selling now when
it comes down to final selling life
insurance most people make money in one
of these buckets one of these uh three
buckets number one they're selling final
expense or whole life life insurance a
life insurance product where the cost
will never change it'll be there for you
for the rest your life there's no
expiration date and also builds some
cash value his whole life or cycling you
can start selling some term life
insurance this is for like mortgage
protection insurance or people that want
to make sure that if something happens
in the next 10 20 15 years inside of
this term if they die inside of that
term their family could receive 100 200
300 400 000 now term typically only pays
about
99.2 percent of the time it doesn't pay
out so there's a there's a niche for
whole life and there's a niche for the
term products and most importantly you
can eventually go into advanced markets
which is index universal life so
cash building uh Whole Life policies
that are indexed against the market
there's annuities and there's all these
different fancy Insurance products but
as a new beginner I would say find or
learn about the product that you want to
sell if you want to sell whole life
learn about whole life know what it is
learn how you can serve your market and
learn what it actually does and if you
want to serve term or sell term know
what term does know the benefits do your
research most people fail in this
industry just a really really important
side note is that they just try to get
in this industry to make a ton of money
but when they go to actually selling a
product to someone they don't sound like
an expert they don't know what they're
talking about they're failing and they
don't sound like an educated individual
so this can prevent people to want to
buy from you so when you jump into it
know exactly what you're selling to
individuals because if you can find the
product that you believe in that you
have a lot of conviction behind that you
know how to sell it then things get easy
and you can make a ton of money so as
you're jumping into finding a company
which is next the third step is find a
company and the way that you find your
company is based on the product that you
want to sell so once you do your
research and you say hey I want to sell
final expense life insurance or I want
to find sell term life insurance pick a
company that has or is a master in the
product that you sell now when it comes
down to this you need to understand that
there's two types of companies for me in
the final expense industry that I want
to share with you you can become an
independent agent or a broker or you can
go ahead and find a captive company
which only sells that product I've been
through both Avenues so again a
independent broker is someone like me
who can get licensed with multiple
different carriers who can sell
different products that can sell mutila
Omaha that can sell AIG that can sell
all these different products because
they don't work for one single company
they can basically go into the market
find a product that makes sense for an
individual and you don't have to sell
them your company's product where a
captive agent is someone who works with
a captive agency where they have one
product or you know they can only sell
that product that they are working with
so they're contracted with this captive
company and they were told that you can
only sell this company you've probably
heard of like Lincoln and Heritage it's
just an example nothing bad about them
but they are only allowed to sell that
product is because that's who they're
contracted with so understand what type
of route you want to take you're going
to be an independent life insurance
agent that can basically find people and
do Price shopping and you know basically
build their own business or do you want
to go the captive Agency Route where
you're just told to sell one product and
you only have access to the product now
just when you're picking someone now
that you know kind of what route you
want to take you want to pick a leader
now when you pick someone to join or the
company or agency that you want to work
under you want to pick someone the
number one has you know some type of
ethical Compass similar to you most
people in this industry side note are
just doing this or we're bringing you
into this business to make money off you
and they don't really care how you do it
so make sure you can find someone good
ethics someone that you can trust most
importantly someone that has a proven
track record most people bring in this
business they don't actually know what
they're doing they're just getting you
to fill a seat and then you're stuck
like dang I just got my life insurance
license how do I make money my leader
who brought me into this is not helping
me and then I feel frustrated so very
very important when you're number three
picking your company to work for and you
know what route you're going to take
make sure you can find a leader or
someone that you want to work for that
you actually trust you like and has the
skills or has the expertise or has the
track record that they could show you
step by step how to do it now the fourth
thing I want to share with you is that
once you pick the company you not begin
getting contracted now the Contracting
process is basically you basically
assigning your name to the company that
you want to work with as an independent
contract or independent broker or an
independent life insurance agent you
want to get contracted with multiple
different companies you get contracted
with Mitchell Omaha you can get
contracted with AIG you can get
contracted with like Prosperity once you
get contracted then you actually have
the legal ability to sell the products
so once you get contracted whether
you're going the independent route
you're picking your companies that you
want to work with you can hand select
them or the captive route you can only
sell their product it's now time for you
to establish what your commission rate
is now every contractor as every life
insurance agent is assigned a commission
rate this is how much money you will
make some companies that are captive
will only give you a 50 commission rate
some companies where you're an
independent you know broker or an
independent agent will give you 70 80
100 so you now need to select how much
commission do you want to receive now if
someone's giving you leads like a
captive agency they'll typically give
you a less of a commission they'll give
you a 50 60 Commission because they're
gonna pay for some of your leads
compared to an independent broker they
could give you 90 100 110 percent
commission based off the products that
you sell so understand what differences
or what things that you want to select
or contract rates you want to get but
what it means is when your contract at a
50 rate if you sell a product for a
thousand dollars you know you will get
twelve hundred dollars you take your
your commission times that by 12 you get
1200 and then you take that and times
that by your you know your contract rate
which is fifty percent you will take
that twelve hundred dollars that you
sold and half of that will go to the the
company that you work for or the the
agency that will make fifty percent of
this while you only get the keep half so
understand that your contract is really
important a lot of people will bring in
they won't tell you about this and
you'll be getting basically taken
advantage of because they're gonna be
making a ton of money off your contract
because you are not aware so once you
understand number one you found an
agency you know the products and then
you also have the contract in place now
it's time to find clients to sell to
you've done all this work you've got
your contracts in place but here's
actually how you make money how do you
find clients to sell to there's two
several ways you can either sell to
friends and family which is what most
people do when it comes down to being a
captive agency are working with one
company or you can actually go out there
and market and sell and when you go up
there and market and sell you can
generate leads for yourself you can you
know work with certain companies that
have inbound lead systems or some
companies will use tv ads where
basically you can call in people call in
you pay 40 50 60 bucks and then you can
pick up the phone and try to sell them
you can also you know generate your own
leads off of Facebook YouTube you know
you know Tick Tock whatever it is
um you have all this at the tip of your
fingertips so understand how am I going
to find the clients that I'm going to
serve and also what type of clients do I
want to serve so if you're serving an
older demographic who's looking to cover
the burial expenses you're going to sell
final expense life insurance if you're
looking to sell you know single moms who
just bought a house you're probably
going to sell term life insurance so
understand that your product that you're
selling to will determine how you Market
but there's two ways number one you can
go the captive route where people will
tell you your your agencies that will
brought you into this business will tell
you hey call your friends and family get
the list of friends and family knock on
some doors in your neighborhood reach
out to your aunt and uncle but what
they're actually doing is they're just
using you to build recruits because
they're going to bring them in they're
going to make you sell them and they're
also going to make commission off of you
so be really really aware of that
compared to if you go the lead route
where you can actually buy leads from
the insurance carriers or the companies
that you're working with or the agency
that you're contracted with your IMO but
the thing is you then have to dish out
money three five twenty thirty dollars
sometimes for leads just to get a phone
number so be very mindful of whatever
route you take make sure that you
understand the cost and the benefits and
make sure that you know have a clear way
to acquire clients because if you cannot
acquire clients you will go broke and
most importantly in the life insurance
industry you know the lifeline or the
bloodline of this business is clients
getting new clients getting new
prospects to get in front of and most
importantly never having a a dry
pipeline of people to call the last
thing I want to share with you here run
into is Step number six is start selling
the product now now that you have the
product to sell you have to sell it so
how do you sell it you now have to bring
them in you have to call them the phone
you get a script your upline will give
you some type of word track or something
to understand in and you have to
understand the sales cycle the sales
Cycle Works like this you call them you
set an appointment either or you go out
there and call them and one closed one
call close them what the one call closes
what I've used is that you literally get
them on the phone you basically address
or needs you address their concerns you
present the options you understand their
needs and you basically become the
expert and then you pitch them a product
and when they pitch when you pitch them
a product they will tell you yes or no
if they say yes you go out there and
fill out an application now how it works
is that you now will get paid by the
life insurance company so let's say you
write a company what will happen is you
then you get them to say yes I want the
ten thousand dollar option and then you
go to this you go to your your
application and you have to submit them
all life insurance is typically based
off of agent health so they have to get
medically qualified so you submit an
application and they get medically
qualified and then you only get paid
typically when that policy starts so
what happens is once you get them
qualified they become a client you now
will make money off of them you'll
receive commissions when that policy
starts so when the client makes their
first payment you will then receive a
commission check based off your contract
rate and the product that you sold and
then what I want to share with you is
basically you ask them questions you
pitch in the product you close them and
then you close the sale and then you get
paid now when it comes down to getting
paid probably the most important thing
they need to know the thing they want to
be most transparent about is you got
your life insurance license you just
listen to this video you're like damn
all these people are making money it
sounds like a lot of steps but how do I
actually get paid so number one it goes
down to two three things number one you
take your annualized premium so let's
say again you sold a policy for 100 and
you take your annualized premium so you
take 100 and you take that this client
is going to pay 100 for 12 months into
this policy at the end of 12 months
they've put 1200 in this policy now you
take the 1200 and you times that by your
contract rate so let's say I was at a
hundred percent contract I'm gonna get
100 of this you take that you multiply
that by 100 you're gonna get twelve
hundred if you multiply that by a 50
contract rate uh you'll get 600 and you
take that six hundred dollars and then
you multiply that by your Advance now
what I want to share with you is that
the advance is what The Upfront
Commission will be in the next you know
one on that paycheck or that commission
uh sheet that you get this company is
going to pay you the nine months it's
either typically a six month Advance or
a nine month advance so what this means
is that this company is assuming that
this client that you just sold will stay
on the books will basically pay their
life insurance for the next nine months
and that you are going to keep this
money so the next five months are going
to do a 75 advance so you take that
let's say 600 you multiply that uh by
0.75 which is your nine month advance
and you'll get four hundred and fifty
dollars and then that is your nine month
Advance that's how much you will
actually make off of selling a hundred
dollar per month policy
um after you get your commission so what
I want to share with you is there's
portions of this business that you need
to know there's a thing called a
chargeback yes and you need to be
understanding of this if let's say
salary you sold our policy you've now
been Advanced at 450 but after one month
she calls you says hey Peter I don't
want this life insurance anymore it's
too expensive can I have my money back
well guess what all that money that the
insurance company has now paid you you
have to refund except for that first
payment so now you have to refund nine
months of her premium back to the
insurance company or you will get
charged debt what this means is that if
you do not pay this back you have to owe
this back and you have to use your own
money to pay it so you can acquire debt
in this industry if you're not aware
the last thing I'll share with you is
renewals the great thing about life
insurance is that if you keep clients on
the books for 12 months or more you will
also get paid on month 13 14 15 and 16
and you can actually build passive
income in your business so this is
literally a step-by-step process of how
to get contracted where to get
contracted the tips and trips that you
need to understand to hopefully get
started selling life insurance I hope
this video was clear gave you a lot of
transparency of how you actually can get
started this is the no you know the no
BS truth about what it takes to actually
get started to sell life insurance it is
a journey if you're willing to put the
time and if you're willing to put the
effort in if you can actually look past
the pain you know of getting contracted
to studying the long nights trying to
figure out the phone calls the lead
generation all these other things it can
unlock and change your business it's
changed my business so I hope this
pretty brought you a ton of value I'm
here to help share with you guys so if
you like this video comment like
subscribe hit me up comment below I hope
you guys crush it I hope you can make
money it's on life insurance in 2023
take care love you guys cheers