Life and Health Insurance Agent TIPS FOR BEGINNERS

By | December 15, 2020

So if you’re at the point in life where you’re thinking about getting into the life and health insurance business stay with me because I’m going to talk with you specifically about the traits and characteristics that one should have and the things they should be thinking about if they’re gonna get into this business. Hi, my name is Jeremy Smith and over the last 15 years I’ve been an agent, a manager, owner-operator of an insurance brokerage, and for the last six or seven years, I’ve been a business coach traveling the country helping agents and agency owners grow their practices and today I’m gonna try and help you grow yours. If you’ve been on YouTube before then you know the game please hit subscribe and ring the bell. So again if you’re at that point in life where you’re thinking about getting into the insurance business you’ve got to figure out what’s important to you. You have to figure out what you’re looking for. I can only tell you what I was looking for and what was important to me when I was at that point in life and maybe that’ll help you a little bit in your own decision. For me, I had about four or five things that were just musts for me. Number one, I’d been self-employed most of my life and so a nine-to-five job just wasn’t the cards for me.

I have always been one that valued the ability to control my own time. I’ve been on enough sales jobs that I knew that I wanted to be able to control how much money I made and more importantly I want to make sure that there wasn’t a ceiling on how much money I could make. I wanted the sky to be the limit for me. I wanted to make sure and this may or may not be important, but to me, I want to make sure I left a footprint that when I’m gone from this earth that I could look back or my kids could look back and say he did something you know in a career like this on a weekly basis if not a daily basis I walk out of people’s homes and I know that I helped to change somebody lives. There’s a really big benefit there that some people don’t realize until they have it. Obviously, I want to make sure there was a market place for where I was gonna go into my new career. And in this business, the baby boomer bubble kind of solidified that baby boomers are really who our target market is and obviously, I knew that with that being our target market, I knew we were going to have clients and people needing my services for as long as I plan to be working. And then the final thing is I wanted to make sure that there was a plan for how am I going to get in front of those people, a marketing plan. Those are just some of the things that I was looking for. Again you’ve got to figure out what’s important to you.

So now let’s talk about some traits or some skill sets that if those things that I just mentioned are you share and those are important to you, let’s talk about some things that you may want to take a self-reflection on and see if this person is you because these are some skill sets that I think are almost mandatory if you’re going to become an insurance agent in a life and health field. Number one: you need to understand and realize that there are no guarantees. There are no financial guarantees okay so you better have a little bit of money set aside because it could be a couple of two or three months before you really start making any consistent money. And you better have some thick skin In our business, marketing is everything and there is no way around using the phone okay. You’re gonna calls a lot of people for a lot of days and a lot of weeks of your entire career. It’s a monotonous job sometimes. And you’re gonna get told no a lot. You got to be okay with that. You got to be able to wipe that off your back and goto the next phone call.

You’ve got to be able to multi-task. My day-to-day is all over the board: from setting appointments to running appointments, to running the business, and everything in between. There’s just a lot of things that come with being an insurance agent and especially if you’re talking about actually building a practice. Again you got to have strong phone skills. The thick skin isn’t always just on the phone. It’s also in homes sometimes. And you’ve got to be willing to continually learn. I’ve been in this business for 15 years and I’m still learning every single day. You’ve got to be able to get your mind practice where every single day for 15minutes when you start the day you’re just reading about things and learning.

It’s a never-ending learning process in the retirement planning practice or in the insurance business. You’ve got to have a major focus on detail and I know that flies in the face of a lot of your type-A personalities and so if that’s not a normal characteristic for you then to be the only fix on that is having attention on FOCUS okay and building systems out. It organizes your day a lot better. Again money management skills. I’ve talked a little bit about that, but here’s the deal… I don’t care if you’ve been in this business for a month or you’ve been in this business for a year, you are gonna have a rollercoaster. When you look at the income on your bank statements there are good months there are bad months and sometimes there are droughts. There’sgossip probably as long as you’re doing all the right things you’re gonna have some great months but you better be able to save some money from those great months to get through the bad months. Money management skill is so vital when becoming an all commission insurance agent. I look at the first year as a game of survival.

If you can get past that first year your life is gonna be so much easier. In fact, I normally tell people if you can get past that first year you’re probably gonna retire in this business because there are two or three things that just happen that make life so much easier in year two from year one. Number one is a little thing called residuals. At some point, probably month thirteen depending on exactly what you’re selling you’re gonna start getting paid a little bit of money from a sale you made a year ago. And so money is gonna become a little bit easier the longer you go. Especially you get into year two and year three it just gets easier and easier because your residual income gets bigger. Time is a big one. Right when you’re first starting out you’re doing so many things. You’re learning so many things. You’re trying out so many new things.

After that year it just things start to kind of click. Maybe a little bit earlier than a year. Maybe month ten, eleven, twelve things just click for you. You get it and can do things in half the time which means you can do more of the things that make you money. And the final thing is if you’re doing it right and you’re building a database of clients instead of a database of sales what’s gonna happen is not only you’re gonna have residuals because your policies that you’ve sold them are gonna stay on the books, but you’re gonna start to build a book of people that look at you as their adviser and give you referrals and help you build your book even bigger. Okay, I think that these are some real big characteristics some traits and some skill sets, and just some big tip items that you need to be thinking about if you’re thinking about getting into this business. I’m obviously biased.

I think it’s from a timing standpoint with the baby boomer bubble still happening I think it’s one of the greatest industries you could possibly get into, but you’ve got to be willing to do the things we just talked about. And if you can’t do those things, it’s gonna be really hard for you. Okay, I hope that the things we talked about fit you. I hope you find a way to get into this business. It is such a great, rewarding, lucrative business in so many ways. I hope this video hit home with some of you. If so please do me a favor and like and subscribe and we’ll make sure you have access to our whole library of videos that we’re putting out for everybody in this field. Hope you have a great day and we look forward to seeing you in the next video.

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