Who is the most successful life insurance agent?
Ben Feldman (September 7, 1912 – November 7, 1993) was an American businessman and one of the most prolific salespeople in history. As early as 1979, Feldman had sold more life insurance than anyone in history.
Gideon du Plessis failed in the 10th standard and never went to college. He is today the highest earning insurance agent in the world, with annual commissions amounting to Rs 7 crore (Rs 70 million) plus.
How much does a Life Insurance Agent make? Life insurance agents make $62,552 per year on average, or $30.07 per hour, in the United States. Life insurance agents on the lower end of that spectrum, the bottom 10% to be exact, make roughly $39,000 a year, while the top 10% makes $99,000.
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.
Difficulty #1: Commission-Based Pay
The majority of life insurance companies classify their agents as independent contractors. They offer neither base salaries nor benefits. This means an agent can work a full week, but if the agent puts no sales on the books, they go without a paycheck.
The primary way that an insurance broker makes money is from commissions and fees earned on sold policies. These commissions are typically a percentage of the policy's total annual premium. An insurance premium is the amount of money that an individual or business pays for an insurance policy.
Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online.
Overview of the Insurance Field
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
Life insurance is a popular way for the wealthy to maximize their after-tax estate and have more money to pass on to heirs. A life insurance policy can be used as an investment tool or simply provide added financial reassurance.
As of 2021, Northwestern Mutual is the largest life insurance company.
Who is the most successful insurance broker?
Who is the biggest insurance broker in the U.S.? Marsh McLennan is the biggest insurance broker in the U.S. by revenue.
Selling insurance can be a lucrative proposition, with relatively high-paying commissions and a high degree of autonomy with flexible work hours. However, it is not an easy job. You can expect a high rate of customer rejection, stress, and attrition rate.