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5 Steps to Becoming a $1 Million Life Insurance Producer

5 ways to become a $1 million life insurance producer

  • Sell more per client.
  • Focus on solutions – not price.
  • Put a great CRM to work for you.
  • Assess client needs.
  • Be willing to wait.

How would it feel to be a $1 million life insurance producer?

Pretty great, right?

Here’s the thing you may not have realized: It’s possible. You CAN do it.

But there are a few things you need to know before you can count yourself among those high-dollar-generating producers.

The following five tips will put you well on your way to reaching that $1 million goal.

Here’s what you need to know.

1. Sell more per client

What is cross-selling in the life insurance industry?

Selling related or complementary products to an existing client.

That’s not earth-shatteringly surprising, right?

It’s also not shocking that cross-selling is the key to achieving a higher-dollar value per client.

If you can increase your revenue-per-existing-client by selling them on an additional product, you’ll easily grow your income.

And for these customers, you don’t have to get them to like or trust you. They already know you and are willing to buy from you.

So focus on these clients first.

2. Assess client needs 

Cross-selling is one of the best ways to make more money per client. It’s probably THE best. 

So, if that’s the route you choose to go, you need a way to find out what your client’s needs are.

Whether you create a standard questionnaire to give each of your customers or you come up with another method of getting the information, it’s an important step you don’t want to skip.

And the more you understand about your prospects’ needs, the better you’re able to provide solutions. 

3. Focus on solutions – not price

Seasoned life insurance producers know that price-based selling (“the cheapest”) doesn’t work.

This practice won’t get you to the $1 million mark.

Instead, present solutions to your clients and prospects.

You’re solving a problem for them, and that problem isn’t generally price.

There are a whole host of reasons consumers buy things. The key for you is to find out what their pain points are and provide solutions for those issues.

If the problem is serious enough and your answer is valuable enough to prospects, they’re less likely to get hung up on the price. 

You can even go a step further and make it a point to educate your clients. 

Because the truth is, people can spot a slick salesman coming a mile away. 

Make a shift to leading off with helpful information for your prospects and you’ll start to notice a positive change in your bottom line. 

4. Put a great CRM to work

Remember when we talked about becoming a $1 million life insurance producer by selling more per client?

You may not be able to handle a huge influx of new clients on your own, but having a great Customer Relationship Management (CRM) system will allow you to manage more.

From client records to sending emails to prospects and customers, you won’t be able to scale as you need to without a great CRM backing you up.

5. Be willing to wait

You’re not going to become a $1 million life insurance producer overnight. It’s just not going to happen.

Your goal should be slow, sustainable, steady growth in the right direction.

Where you’ll eventually see the greatest results is when you don’t have to spend as much time and money marketing yourself, and clients are seeking YOU out.

Then, your $1 million goal will start to look more attainable.

Don’t get ahead of yourself. Stay the course and understand that slow and steady does win the race.

$1 million life insurance producers set goals

Maybe being a $1 million life insurance producer isn’t even on your radar and you have other goals you’re more interested in attaining.

The most important factor is to set a goal, so you can work toward accomplishing it.

And the best way to get from your own Point A to Point B is to use cross-selling to sell more per client, keep your focus on providing solutions, put a CRM to work for you, use a Client Needs Assessment and be patient.

Who knows? Next year, you may find yourself in the unexpected position of being a $1 million life insurance producer  – just because you set some goals and implemented these tips.

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