How to Become A Millionaire Selling Insurance

How to Become A Millionaire Selling Insurance
Collect dec pages upfront, write more new policies, and sell more multi-line policies. Sign up for an InsurGrid demo.

Selling insurance policies and especially life insurance is growing more and more popular and for a good reason. A report shows that there were more than a million insurance agents, service employees, and brokers in the United States as of 2020. This is one of the largest industries whose top players earn more than $1 million in annual income. One significant benefit of selling insurance is that it is time and cost-efficient, meaning you can do it on the side and still keep your day job. Also, the incomes are high and can make you a millionaire if you’re smart enough to put in the necessary effort. This article will show you what you need to do to start earning with insurance sales.

Is It Possible To Become A Millionaire Selling Insurance?

A big yes. But like any other job, it takes time to be good at what you do and attain such income levels. Top agents earn anywhere between $100,000 to one million dollars. Others make more than that, so yes, it’s very much possible. Still, it depends on your commitment, strategies, the type of products you sell, and patience.

How Much Money Can You Make Selling Insurance

There’s no limit to how much you can make selling insurance provided you have the passion and commitment to put in the extra work. However, insurance sale is a lucrative business that can earn you substantial profit margins once everything is up and running. Most industry experts report that they made between $1,000 to $20,000 when starting out and rapidly scaled up to six figures per month. One such expert is Anthony Martin, who established his financial independence eight years ago as an insurance sales agent. Martin founded Choice Mutual, a one-person insurance agency specializing in aftercare insurance expenses. Choice Mutual covers funeral and burial expenses, so families don’t have to foot the bills. The payout ranges from $10,000 to $30,000, a venture currently earning Martin more than $1,000,000 in annual revenue. Martin’s story is just one of the many living proofs that the insurance business pays and pays big. With the right marketing approach, patience and dedication, you can earn up to a million dollars in income.

Tips on How to Make More Money Selling Insurance

So you have created your new insurance marketing agency. You, like Anthony Martin above, have niched down to a specific service and have your target market in mind. The next step is launching your business and embarking on making your first dollar selling insurance. So how do you go about it? Here are the seven proven tips you can implement.

Start Selling Annuities

When you’re talking about high volume and high-income insurance sales, you can’t afford to exclude annuities. Most top industry players started by selling annuities and, in this case, bulk annuities. Above all, you must focus on selling more fixed index annuities. 

There’s a reason why annuities are the real deal. For one, they offer a better solution to senior clients looking for safety that’s more than the stock markets provide and higher interests that’s more than the banks can offer. Even better are the commissions they generate, especially those earned from fixed index annuities (FIAs).

According to reports and statistics, insurance agents who start selling annuities have a higher chance of generating higher income. According to the Agent Report, most agents making more than $200,000 in annual revenue sell annuities. While selling annuities can be intimidating at first, once you get started and master the trade, it can be a great source of revenue.


While annuities are essential avenues for generating high income with insurance, not all $1 million earning agents specialize in them; instead, they supplement their income from multiple streams by cross-selling various solutions such as final expenses, cancer insurance, or Medicare Supplement production. You can still earn your $1 million without selling annuities. Cross-selling is the art of selling multiple insurance solutions to a single client and maintaining a steady income stream. Here’s how to go about cross-selling:

Present Your Solutions

It’s so easy to focus on the figures you can possibly earn and forget that you first have to offer value. However, it would be best to focus on meeting the client’s needs before what you can gain from them. Only then will you be able to know what solution the client needs, offer it then boost sales. So, instead of focusing on how many insurance policies you can sell to a particular client, think of how those policies can help them and if they really need it. Once you’ve identified their needs, adopt an education-first strategy. InsurGrid offers training on how to cross-sell insurance to the senior market.

Virtual Assistants 

According to top industry players, you can pretty much handle more than 200 clients on your own. Even Anthony Martin mentioned earlier started Choice Mutual as a one-person no-employee agency and became a millionaire running the agency single-handedly. While some people can handle more, 250 is the recommended limit if you want to maintain efficiency, professionalism, and excellent service without feeling bogged down. Beyond that, you’ll start feeling the weight of all that much work, and stress and burnout will begin setting in. An easy way to keep doing your job without hating it is by on-boarding virtual assistants. You can hire a secretary, a part-time virtual assistant, or you can even bring your spouse onboard. According to the 2021 Agent Report, most agents earning $1 million have at least 1-5 virtual assistants and other employees helping them. The idea is to start small then scale up as your business gets rolling.

Insurance CRM

Ask any insurance experts out there earning between $800,000 to $1 million, and they’ll tell you how they can’t imagine working without an insurance CRM. According to industry statistics, seven out of ten top earners in the $200,000 to $800,000 range use Insurance CRM, while those earning below $30,000 don’t use any. With an insurance CRM, managing your client data gets much more straightforward, and there are alot of agency CRM out there to choose from. Additionally, you can learn how to streamline your insurance sales with InsurGrid.”

Collect dec pages upfront, write more new policies, and sell more multi-line policies. Sign up for an InsurGrid demo.

Always Summarize Quotes for Policyholders with Products and Premiums

You must always follow this step when mailing insurance products and quotes to prospective clients. Whether sending a final expenses policy, a 30-page IUL illustration, or even a homeownership plan, you should improve the experience of your prospect by creating a summary of your products and quotes. The point is when having to send multiple pdf pages from various insurance companies you’re working for, always remember not everyone understands what insurance is all about. As such, even your prospects may not be familiar with whatever policy you want to sell to them. To make things easier for them, you need to summarize everything in a few documents to enable them to grab your offer with little confusion. This will also demonstrate that you’re an easy agent to work with. And that’s what makes insurance premiums and summary sheets super essential. Here are proven strategies for selling insurance effectively:

  1. Create a summary page that aligns with each client. Let each page list all the insurance products you’re offering, complete with a quote and terms and conditions. This gives your prospect an easy time to make informed decisions. The more consistent you are, the easier it will be for you to scale up your agency.
  2. Create a template. The first step is creating a  template containing an intro, a section for the insurance service being offered, and a call to action. You can use word doc to make this, complete with charts and costs for each product. Attach the coverage letter in the template to maintain consistency. Next, attach a copy of the insurance coverage summary for each client, complete with quotes and instructions to review the summary sheet. 

Going out of your way to make things easy for your prospects will not only impress them, but they’ll definitely appreciate that you took the trouble to create a simple process for them. It might also accelerate the conversion process. This idea works better if you want to cross-sell auto or homeowners insurance coverages to specific clients.


So you’ve already obtained your license and even got a few contracts. But, you’re a newbie; how do you take the next step? As a newbie, it’s essential to read informative books on selling insurance before getting started. These books are all listed on Sales Hacker, where you can find a whole library of valuable and resourceful books to help kick start your insurance sales business. However, the simplest way to sell insurance is identifying the client’s needs, availing insurance coverage samples and rates and prospecting from there.

But that’s the easiest part. The hardest part is finding these prospects, where most agents give up along the way. Client acquisition is the biggest challenge insurance agents face. However, there are multiple ways you can use to prospect or reach out to potential clients. They include:

Friends and Family – Reach out to your network of friends and family and let them know about your new agency and what you’re offering. This will help you with some small sales here and there. Also, ask them to refer to their friends and so on.

Use Shared Leads – Some agencies operate by buying bulk leads. You can talk to them to use their leads then split commissions. This is an excellent way to start and gain traction.

Buy Leads – Alternatively, instead of using shared leads, you can buy your own. This may be challenging at first since you’re new to the market, but you can resell the same leads at five to ten times the buying price.

Make Cold Calls – This is more like cold pitching. Take a deep breath, smile, and make that call. It’s a hard shot, but what’s the worst that can happen? You can successfully win many prospects from such.

Create Your Leads – Create your website, social media pages and embark on marketing your agency. Incorporate as many marketing tools as you can to push your business to the forefront.

Strategic Partnerships

Two things that can guarantee you a successful career in the insurance market is patience and strategic partnerships. This works especially for insurance brokers and single agents. Strategic alliances are all about surrounding yourself with like-minded professionals to share tips, advice, and morale. They not only make you appear professional and smart, but they can connect you with high-value prospects. Surrounding yourself with resourceful people familiar with your industry is an excellent way to build your brand image and attract leads. So how do you do this? By showing up at events, meetings, taking someone out for coffee or lunch, joining the local golf club, basically doing everything to be seen, be known, and know people. In short, go out and interact with people, unlock those opportunities.

Social Media

Even the top industry experts at the top of the revenue ladder don’t have a close rate that’s 100%. Conversion leads depend on a client’s timing. One way to keep tabs on prospects and existing clients is by keeping them engaged on social media. A vibrant social media following enables you to build a good rapport with your clients and even conduct prospecting. For instance, someone posting a new baby is your cue that they may be looking for a new home while a newly promoted employee may be looking to purchase a new car. Those simple interactions can turn out to be more significant opportunities to cast your net.

Be Patient, Don’t Give Up & Keep in Touch

Okay, so it’s possible to become a millionaire selling insurance. However, remember it doesn’t happen overnight. Even the big fishes you see now started somewhere, knocking on doors, some even selling only Medicare Supplements. Your business will start in slow-motion at first, but with determination and persistence topped by patience, you’ll get there. Again remember you must focus on bringing value to your clients first before you think of making those thousands of dollars. Once you start assessing clients’ needs, they’ll be the ones reaching out to you, not you looking for them. Only then will you begin to see a rise in your production, and before you know it, you’ll have earned your first million.


So, does selling insurance pay? Most certainly, and it pays well, as we have seen in this article. It sure does! Even more than a million dollars per year. However, the trick is to work smarter, not harder. The above steps and tips can help you jump-start your insurance selling career. However, if you need a helping hand, you can reach out to us for help. At InsurGrid, we support agents who sell property and casualty insurance.

Leave a Reply

Your email address will not be published. Required fields are marked *