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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