The short answer… it can be!
It’s hard to just come out and say “yes!” Reason being… for most… the insurance business is a bust!
Just like the typical Network Marketing opportunity, the insurance business has a failure rate of nearly 87%. Which means that 87% of the insurance agents in the country are not making the money that they probably got into the industry to make!
But what about those who do make the money that they set out to make? For those individuals, they’d probably all agree that there is no better business to get into!
So what kind of money are the top 13% in the insurance industry making?
Again… that’s a tough question to answer.
Success in the insurance business can mean so many different things. For example, an agent who makes 40k per year, but works very part time, is more than likely extremely happy with their career choice (which is ultimately all that success is). 80% of the 13% who are successful in this business make less than 100k. But again, with the additional “perks” that come along with being a career insurance agent, money may be second in priorities to the amount of free time that agents enjoy with friends and family.
For the top 20% of the 13% of agents who are successful, now you’re talking about 6 figure earners! These are typically fulltime agents that between work ethic and sales talent, comfortably earn 6 figures, and even well into! These agents understand the “numbers game” of direct sales, and they are no strangers to rejection. In fact, some of them even embrace rejection as they understand the more they’re rejected, the closer they are to finding their next client!
Now, let’s talk about the MDRT! Literally the top 10% of the 13% of insurance agents that are successful. These are your agency owners and your “top contract” managers of the industry. Success in this role means the sky is the limit! It’s not uncommon for an agency owner or a top manager to be bringing in 500k-1 million in income! These are the folks that you usually hear making the case during the recruiting session for you to come and work with their organization! This is usually what most insurance agents dream of (even if only for a moment) when they are starting with a new company.
So what sets the 13% of successful insurance agents apart from the failing 87%?
The answer… Time In!
Only the best salespeople will walk into an insurance opportunity and earn 6 figures in their first year. But that doesn’t mean that the top salespeople are the only agents making 6 figures. Even a mediocre salesperson can earn 6 figures in the insurance business with enough time in. With time in… any income level can be achieved in this business. This business is like none other when you factor in residual income, the opportunity to build a team and earn overrides, and the continual learning that will come with each day you spend in this business… ultimately leading to your expertise! And when you’re an expert at a subject, you can write your own paycheck!
The more time you spend in this business, the greater the odds of you succeeding at whichever income level you set out to achieve! The key factors to being a successful insurance agent are work ethic, patience, being coachable, and most importantly among all else… COMMITMENT!!
With a COMMITMENT to succeed in this business… your success is inevitable. The only question that remains from there is… what level of success will you achieve?