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Succeed By Serving People As A Life Insurance Agent

April 04, 202416 min read


This article is a written adaptation of the video you can find on my YouTube channel, LIFE180.

Did you know that a staggering 93% of life insurance agents fail within their first three years in the business? It's a disheartening statistic, and one that's entirely avoidable. As I reflect on this figure, I can't help but feel a sense of dismay, knowing that the life insurance industry possesses the potential to address significant societal challenges related to personal finance, economic stability, and the evolving landscape of banking.

In a world where social media facilitates unprecedented connectivity and research capabilities, why then do life insurance agents continue to struggle? This begs the question: What underlying factors contribute to this trend, and more importantly, what actionable steps can be taken to reverse it?

Whether you're already licensed and striving to elevate your business to new heights or considering entering the field, this article holds invaluable insights for you. If you find yourself grappling with challenges, rest assured that the strategies outlined here are tailored to address your needs and propel you towards success.

For those contemplating obtaining their license and embarking on this journey, I'm committed to providing comprehensive guidance without holding anything back. You can expect to receive a wealth of information on what it takes to thrive in the life insurance industry.

In this discussion, we're diving deep into the realm of the life insurance industry, with a specific focus on the agents themselves. While much content tends to center around the products offered, this article takes a different angle, delving into what it truly means to serve clients effectively.

We'll explore the essential steps agents need to take to establish a strong presence, deliver exceptional service, and build a sustainable business model. The goal is clear: to equip agents with the insights and strategies necessary to avoid becoming part of the alarming 93% failure rate within the next three years.

It's one of those things that this isn't going to be easy. I always say nothing worth doing is easy, so don't expect this to be a walk in the park. Despite the inevitable struggles and the need to push yourself, achieving success in this endeavor will be incredibly rewarding if you can persevere and reach your desired destination.

Through my conversations with various agents, I've gleaned valuable insights that I'd like to share as we delve into this topic. Let's begin by examining some common reasons why agents fail in the industry.

Reason 1 Agents Fail - A Belief Gap

The first reason that comes to mind is the existence of a belief gap. So, what exactly is a belief gap? Essentially, if you lack belief in something, even if you possess superior skills or talents compared to others, you won't be able to effectively sell it. Personally, I can't sell something I don't genuinely believe in. Therefore, from this standpoint, it's crucial to bridge that gap between your beliefs and your actions.

And so, my question to you is: What is your belief gap when it comes to life insurance or any product you aim to represent? It's a unique aspect for each individual. What specific doubts or uncertainties hinder your full belief in the product or service you're promoting? Identifying and addressing these gaps is key to unlocking your full potential as a salesperson.

Regardless of whether you're selling term insurance, whole life, or IUL, I urge you to delve deeper into identifying your belief gap and what might be holding you back. There's a profound statement from Dean Graziosi that resonates with me: "You have to believe so deeply in what you're doing that you feel not sharing it with the closest people in your world would be doing them a disservice."

This underscores the importance of having unwavering belief in your product or service, to the extent that you genuinely believe it can benefit those closest to you. It's this level of conviction that fuels successful salesmanship and fosters genuine connections with your audience.

Many people find it challenging to connect with their friends, family, and business associates because they fear rejection or worry about how they'll be perceived. They don't want to come across as pushy or overly sales-oriented to the people closest to them, and that's completely understandable. It's natural to feel apprehensive about approaching those we care about deeply with a sales pitch.

Nevertheless, I would urge you to deeply contemplate whether you genuinely believe in what you're offering and if you possess a thorough understanding of it. It's when you reach a level of knowledge and conviction where you truly believe that not sharing it would be doing others a disservice. When you possess such knowledge and capability to serve others, it transforms into a gift, and as the saying goes, "With great power comes great responsibility," borrowing a line from Spider-Man.

So, you have this responsibility to share your knowledge and expertise with those in your life, and as you embrace this responsibility, you begin to embody it. You reach a point where you're not overly concerned about whether people reject you or not. However, the crux of the matter lies in identifying your belief gap. It's crucial to deeply consider what this means to you.

Numerous people fail to grasp the mathematics behind it, especially when it comes to products like IUL. This is why I often emphasize the importance of understanding the numbers. I'm not discouraging you from selling IUL, but rather urging you to pinpoint your belief gap. If you find yourself struggling to sell IUL, it's imperative to reflect on what exactly is causing this gap in your belief.

And once you're able to pinpoint and address that belief gap, you'll find your path forward. You might even decide to explore a different direction, just as I did when I transitioned from selling IUL to Whole Life insurance.

My decision stemmed from recognizing a belief gap in IUL, even after having sold a considerable amount of it. As soon as I became aware of this gap, I found it challenging to continue selling IUL. So, I embarked on a journey to figure out how to close that gap and align my beliefs with the products I represent.

What I discovered was that Whole Life Insurance met the criteria I needed to bridge that belief gap. Now, I've built a channel, a business, an agency, and a practice that I believe operates in a unique and effective manner, perhaps unlike many others in the country or the world. This achievement stems from my unwavering belief that I have a responsibility to disseminate the knowledge I possess to as many individuals as possible.

People often commend me on the quality of my content and communication regarding whole life insurance and our approach to financial coaching. They frequently inquire about how to achieve such proficiency. My response is simple: belief. Over time, through experience and witnessing positive outcomes, my belief has only strengthened. However, I advise everyone to start by becoming their own client first.

By personally experiencing the benefits and understanding the intricacies of the products and services you offer, you'll naturally develop a deeper belief and conviction in what you're promoting.

Reason 2 Agents Fail - You Are Not Following Your Own Advice

Now, let's take a step back. When you join organizations like PHP, PFA, WFG, and other IMOs out there, one challenge you may encounter is the internal consumption model, often characterized by a cycle of recruitment and rapid turnover. Personally, I don't necessarily have an issue with this approach because I firmly believe in being a product of the product you sell and represent.

Indeed, if you lack belief in what you're doing to the extent that you can't even sell yourself on it, how can you expect to convince others? It's essential to be your first client because your belief in the product or service will drive your actions. After all, if you truly believe in its value, you'll naturally want to utilize it for yourself.

I understand that not everyone may have the immediate cash flow to become their first client. However, you can still establish a plan to begin executing and putting things in place. By authentically showing up and demonstrating that you're following a plan and taking steps towards your own financial goals, you'll build credibility and confidence in your ability to help others do the same. Even if it starts with small steps, consistency and commitment to your plan will lead to tangible progress over time.

As you lay the foundation for your own financial plan and work towards building your cash flow, it's crucial to have a clear understanding of your objectives and the actions required to achieve them. Holding yourself accountable to your plan and collaborating with a supportive team who will also hold you accountable ensures that you stay on track.

Treat yourself as if you're your first client, prioritizing your financial well-being and committing to the necessary steps to reach your goals. By doing so, you set a precedent for success and establish a strong foundation for guiding others on their financial journeys.

Reason 3 Agents Fail - Following Their Upline or Manager Blindly

Another important point I want to emphasize is the danger of blindly trusting anyone who tells you to just listen to them and follow their advice without question. I strongly encourage you to challenge such statements and not blindly trust individuals who expect you to do so.

This mindset is often a contributing factor to why many people fail, they follow blindly without taking the time to learn and educate themselves. It's essential to critically evaluate advice and information, seeking to understand and educate oneself rather than simply following along unquestioningly.

Ultimately, investing the time and effort to learn and educate yourself may require more dedication and perseverance. It won't be easy; there will be challenges and obstacles along the way. However, the journey will be immensely rewarding and worthwhile.

Through this process, you'll not only acquire the knowledge and skills necessary to serve others effectively but also undergo personal growth and development. You'll become the person you need to be to fulfill your aspirations of serving others in the manner you envision.

When people join LIFE180 as agents, I make it clear that I don't expect them to take my word at face value. Instead, I encourage them to scrutinize what I say, to stress test it. I want them to conduct their own research, attend our training, and challenge me if they find discrepancies or alternative information.

It's essential to foster an environment of critical thinking and accountability, where agents feel empowered to question and verify information rather than simply accepting it blindly. This approach ensures that everyone is equipped with the knowledge and confidence needed to succeed in their roles.

Let's delve deeper into this concept, and I'm eager to do so. I firmly believe that everyone needs to embark on their own journey of discovery. It's essential to reach a point where you can stress test whatever information or beliefs you encounter, ultimately compressing and shrinking that belief gap until it's eliminated entirely.

This process involves thorough research, personal execution, and achieving success in your own life, thereby becoming your own client. When you reach this level of conviction and authenticity, you can genuinely share your experiences and insights with others.

This authenticity is where the real power lies. It's crucial to shift your mindset from that of a mere life insurance agent to that of an entrepreneur. Entrepreneurs are problem solvers, and in the life insurance industry, your primary goal should be to address people's needs and provide solutions.

Stop Thinking Like A Life Insurance Agent

Shift your perspective from that of a financial advisor to that of a financial guide. Consider this: when you embrace the approach I'm outlining, you'll embark on a journey of self-education and personal improvement in your own financial life.

Even if you've never sold a life insurance policy or assisted anyone, the entire experience of obtaining your license and immersing yourself in the industry will still be immensely valuable. It's a journey that promises personal growth and improvement in various aspects of your life.

If you never get to the point of earning a dime from selling policies, that's perfectly okay. Participating in your own policy, dedicating yourself to study and learning, and ultimately improving your own financial position will make the entire experience worthwhile. And remember, you'll still earn commissions on your own sales, even if they're just for your personal policies.

Doing it the right way will enhance what is already an amazing financial strategy. It will elevate it to a whole new level. So even in the worst-case scenario where you might "fail" out of the business, you're still going to succeed in life. This is one of the reasons I'm passionate about this industry when it's approached with integrity and dedication.

Once you've become a product of the product, truly believing in it and experiencing its benefits firsthand, you'll be empowered to share it authentically with others. From this place of authenticity, you'll communicate with excitement and passion, drawing from your own experiences of how it has positively impacted your life. This genuine enthusiasm will resonate with others as you effectively communicate the value and impact it can have on their lives as well.

How To Connect With People More Effectively While Selling Life Insurance

If you've done it for yourself, chances are you'll naturally surround yourself with like-minded individuals. So when people ask what you do, you can confidently respond, "This is what I do, and here's why."

You'll share your personal journey, explaining how it has positively impacted your life and how it could potentially benefit them as well. This authentic approach fosters genuine connections and trust, making it easier to communicate the value of what you offer and how it can help others.

Now, you're not just out there trying to sell to people. Instead, you've embarked on a journey of self-discovery, reaching a point where you genuinely believe in and have implemented these strategies in your own life. It's important not to approach others with the sole intention of selling to them, especially since your decision was driven by personal conviction and emotional investment.

You made the decision to pursue this path emotionally, but in order to validate it, you also had to apply logic. Undoubtedly, this process involved a significant investment of time. However, as a life insurance agent who has fully embraced and become a product of the product, your role now shifts to compressing the timeframe for your clients.

This doesn't entail merely selling to them; rather, it involves guiding them through their own journey of discovery and implementation. You are not just a salesperson; you are a financial guide, helping others navigate their financial decisions with confidence and clarity.

You need to compress the timeframe by providing clients with the information you used to make your own decisions while eliminating any unnecessary or irrelevant details. This ensures that they receive the essential knowledge needed to make informed choices without wasting time on extraneous information.

Your role is to provide clients with the information that guided you on your journey of self-discovery, allowing them the opportunity to embark on their own path. While they have the option to seek out this information independently, your guidance can accelerate their progress.

When clients experience the benefits firsthand, they'll become raving fans, eager to share their positive experiences with others and refer new clients to you. This not only boosts your business but also enables you to add more value to people's lives. As a result, you'll be met with enthusiasm and gratitude in social circles, further amplifying your positive impact.

More importantly, you'll take pride in every interaction you have. You'll never have to feel like you "sold" somebody or resort to pressuring them into a decision. While you'll still need to encourage action, you'll do so authentically and ethically, guiding individuals towards decisions that align with their best interests.

When you operate from a genuine place of prioritizing their self-interest over your own, free from concerns about commissions or personal gain, your business will inevitably soar to new heights. This authenticity and client-centric approach, borne out of the journey you've undertaken, is the key to long-term success and fulfillment in the industry.

You Have To Believe Yourself Before Anyone Else Will Believe You

To truly succeed in this business, I firmly believe that belief is paramount. You must wholeheartedly believe in the industry, educate yourself thoroughly, emotionally invest in it, and then validate your beliefs with logic.

Once you've aligned both logic and emotion within yourself, don't rely solely on logic when selling. Instead, connect with people on an emotional level, understanding how the product or service resonates with them emotionally. Allow them to validate their emotional connection with logic afterward. Shift from leading with logic to leading with emotion, beginning with your own emotional investment.

So, hopefully, that resonates with you. This is just one aspect I find crucial for people to grasp. With so much happening in the life insurance industry, coupled with economic uncertainties, fluctuations in the stock market, banking sector concerns, real estate market dynamics, interest rate shifts, and inflation concerns, it's essential to navigate with informed decision-making and a balanced approach.

Ultimately, what sets us apart is our ability to serve and assist people in resolving their financial challenges in ways that no other industry can match. Stockbrokers and financial advisors fall short in comparison. Life insurance agents, empowered by life insurance companies' unparalleled expertise in risk management, stand out.

In these uncertain and risky times, the role of a life insurance agent becomes increasingly crucial. You have the unique opportunity to assist individuals in regaining control over their financial lives, a task that holds more significance now than ever before.

If you have any questions or comments, please feel free to leave them in the comment section below. If you're a client interested in discussing your financial needs with someone from our team, click to schedule a clarity call.

For agents who are curious and interested in joining our team, we have an agent interview link provided below. We're actively expanding our team, but we're selective in our choices. It's essential to match our culture and values. We're not about hype; we prioritize education and personal growth. That's what we're all about. Life180 Licensed Agent Interview

I hope that all resonated with you. If you haven't already, head over to my YouTube channel LIFE180, and hit the subscribe button, as well as the notification bell, so you're alerted whenever I release a new video. We're posting content daily, so there's always something new to explore.

That's all for now. Until next time, have a blessed and inspirational day. Talk to you soon.


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