Well it’s not the life insurance business that I chose, it’s the selling life insurance over the phone that I chose.
I Saw a MASSIVE Opportunity To Sell Online and Over The Phone
Did you know the average life insurance agent is 56 years old (according to a LIMRA study in 2010)? In less than 10 years, there will be a HUGE shortage of life insurance agents when the old school agents begin to retire. LIMRA has also been finding that less people are entering the life insurance business. The combination of this effect will create a shortage of life insurance agents over the next 10 years which in my opinion, leaves a MASSIVE opportunity for established life insurance agents.
On top of that, I truly believe that MOST life insurance policies will be sold online and over the phone in the near future. In 1996, LIMRA found that 80% of adults preferred face to face interaction for life insurance. That number dropped to 64% in 2011. And in 2013, LIMRA’s Insurance Barometer Study showed that 50% of life insurance buyer preferred face to face.
Furthermore, in that same 2013 study – 85% of life insurance buyers use the internet in some way when going through the buying process.
These are very powerful numbers that can’t be denied. We’ve been selling life insurance the same way for over 100 years and there’s a market shift happening that favors those technologically savvy enough to capitalize on it.
Consumers buy online because it’s easy and convenient. With internet growth and more tech savvy consumers entering the market, I would expect more policies will be purchased online than face to face within the next few years (my prediction).
The Most Lucrative Market For Selling Online and Over The Phone
I speak with a lot of internet marketers outside of life insurance. I’m a new member in some online marketing masterminds and web-based entrepreneur groups. When we discuss our products, I crush each one of them when it comes to average revenue per sale of a single product. If you think about it, it’s a little ridiculous the kinds of commissions we make.
For me, my average placed policy hovers around $1000 in AP. Lets say my average commission is a conservative 85%. That’s $850 in revenue per sale! There aren’t many products that provide that kind of opportunity. The question now becomes what your acquisition cost is.
I’ll be honest here – I’ve compared several opportunities outside of life insurance. I know that I’m good at sales and marketing and can excel in most fields that are sales and marketing focused. When you factor everything together, I found there’s nothing more lucrative than life insurance…once you get going.
I know it’s not easy to break out in this industry. Like the saying goes “If it was easy, everyone would be doing it”. I’m glad it’s tough to get started in this market. Once you hit your stride, this is one of the most lucrative sales and marketing jobs out there.
Perhaps the most attractive benefit of this business for me is location independence. I can work from anywhere and I take full advantage of it. I spent 9 months in Austin, TX this year just because I wanted to. I flew to Hawaii this year and didn’t miss a step in my business.
Like everyone else, it’s all about the life you have once you take away those working hours. For me, I love new experiences and this business gives me the opportunity to work from anywhere with an internet connection.
Ability To Scale
Once you get infrastructure set up and marketing down, the possibilities are endless. There aren’t many products that are sold on such a massive scale that provide this kind of opportunity. You just need to find your niche.
Lacking In Technology
We’re in an old school industry still using old school systems. We’re ripe for technology to build our business.
There’s technology coming out every month that can help our business. I learn new tricks all the time. I’m focused on using technology to help market and sell life insurance more efficiently.
On top of all this, we’re helping families across America secure the best life insurance rates available. I come into my office every morning excited for the day ahead of me. Not many people can say that.
Selling life insurance online and over the phone is a huge opportunity for those willing to work hard enough to break through.