You really can generate 6 figures in the senior insurance industry. Here’s how.

“Sales professionals needed to earn $10,000 a month!” We’ve all seen the ads before, right?

I have to admit that early in my sales career, I was wooed by these kinds of classifieds.  The great paradox about them is that in sales, incomes in the coveted 6-figure range are possible, particularly in the rapidly growing senior insurance advisor profession. As I mentioned in last week’s post,  what sets someone earning this type of income apart from someone struggling to earn, is their knowledge of and adherence to a proven system.

Sales is truly a process, and as professionals we need to understand it to be successful.  While an ad like the one above can be misleading, it does do something that every successful sales person does for him or herself: It sets the objective.

Laurence J. Peter, an educator, once said “If you don’t know where you are going, you will probably end up somewhere else.” I think this is a perfect illustration of the need to understand the opportunity. This also means knowing the number of people who need your product, who can buy your product and, yes, how much you will earn in commission when it all comes together as a result of the sales process.

Oddly, many agents don’t fully understand their commission structures and how to maximize their product portfolio to generate higher income.

Commissions are a complex and sensitive topic because they are vital to a senior insurance advisor’s business model. Be aware that commissions may vary from company to company, product to product and agency to agency. Any discussion on commissions will invite debate and send agents looking for “a few dollars more.” You should view commissions as a total package and not just from a single-product perspective, and you should review commission much like a mutual fund manager views a stock portfolio.

In my 6 Hours to 6 Figures training program, I outline the three-product approach that can help you generate 6 figures for your income:

  1. Life Insurance. Specifically, Final Expense. It provides insurability and affordability to a large segment of the senior population.
  2. Medicare products. Sell Medicare Advantage and Medicare Supplements with a best-fit approach for each client.
  3. Hospital Indemnity, a powerful tool of offset the potentially higher copay of many Medicare Advantage plans or as a stand-alone product to help defray the costs of hospitalization under Original Medicare.

While each product can stand on its own and there are one-product agents earning great incomes, the power of this portfolio will help you achieve a higher revenue target with less effort.

Next week, I’ll show you what exactly it takes to generate 6 figures in the senior insurance industry in 12-18 months, even if you are new to the industry.