Hey, good morning! Rich here with Summit Life Group. I want to share four ways that you can make more money as an independent life insurance agent. Obviously, one of your primary goals as an independent agent should be to make money—and hopefully, to make more money. So, let’s talk through four simple ways you can think about increasing your income as an independent life insurance agent.
- Sell More Policies
The first way is simply to sell more policies. If you’re currently selling one or two policies a week, can you increase that to three, four, or even five? Can you boost the number of policies you’re selling each month? Selling more should definitely be the first thing you consider. Wherever you are, can you increase your sales on a weekly or monthly basis? If you sell more, you should see an increase in your income. Look around—if others are working the same system and selling more than you, then it’s possible for you too. - Increase the Quality of Your Sales
The second thing to consider is increasing the quality of your sales. This should go hand in hand with selling more as you grow in your career. What do I mean by “quality”? Think about persistency. While it’s never going to be 100%, can you improve it? If other agents using the same processes and systems have a higher quality of business or better persistency, then we can all learn to do better. No one is perfect, but we can aim to increase quality.
For example, ensuring you submit policies with high-quality banking information, selling within a client’s needs and budget, and setting up the correct draft dates can make a big difference. These little details can have a huge impact. Things like sending thank-you cards and doing a proper tie-down at the end of the application also contribute to higher-quality business. So, while selling more is important, increasing the quality of the business you write is just as crucial.
- Sell Higher-Ticket Policies
The third way to increase your income is to sell higher-ticket policies. At some point in your career, you might want to learn a different niche or how to write higher-premium policies. This can definitely help boost your income over time. Learning new products and adding them to your business can be a great way to diversify your offerings and grow your revenue. Selling larger policies, as you gain more experience, can significantly increase your earnings. - Duplicate Yourself
The fourth way is to duplicate yourself. Can you hire and train agents? Notice I mention this last because many people talk about building a team and growing, but if you’re not already doing the first couple of things—selling more and writing quality business—you shouldn’t focus on scaling and duplicating just yet. For some people, building a team might not even be part of their plan, but for others, it can be a great way to increase income by duplicating efforts. You can train and support other agents, scaling your business by hiring others to help sell more policies.
Those are four simple ways to think about growing your career as an independent life insurance agent. You don’t have to implement them all at once—it can happen over time. Start by selling more policies, focus on writing higher-quality business, maybe learn to sell higher-ticket products, and, if it makes sense for you, consider duplicating your efforts by building a team.
If you’re an independent life insurance agent or considering becoming one and you’re looking for an agency to partner with, fill out the link below to learn more about Summit Life Group. We specialize in tele sales and virtual sales, supporting independent agents nationwide. We’d love to see if we’d be a good fit for you.
Go make it a great day!
Join us: https://slgteam.com