Chris and Nick discuss some old videos they did together and see if their thoughts and opinions are still the same or if they have changed over time. Adam also hops on to provide his input on the same topics.

The key to success for insurance agents is committing to a specific focus or strategy for an extended period (e.g. 1 year or more), rather than constantly switching approaches

- Finding a successful mentor in the desired specialty and dedicating fully to learning and executing that mentor's approach is essential

- Consistency, focus, and willingness to learn from experienced practitioners are critical for long-term success as an agent

- In the final expense insurance industry, price is a factor but not the sole determinant

- finding a reliable carrier with an affordable overall package that fits the client's budget is key

- Skilled presentation of the right solutions is more important than just chasing the cheapest option

- Agents should carry efficient technology like laptops, briefcases, legal pads when meeting clients, and have a robust office setup with dual monitors

- A wired ethernet connection and dual monitor setup at home/office is preferable

- Agents should prioritize fair compensation, support and resources over just chasing high commission levels

- Putting in early effort to build a successful system is better than taking a low commission contract just for leads

- Agents must carefully evaluate trade-offs when accepting lower commissions for benefits, rather than just taking a "street level" approach

- While tools like sales software can help, an agent's experience, creativity and deep product/industry understanding are most valuable for providing good recommendations

Key Lessons

1. The importance of committing to a specific focus and strategy for an extended period (e.g., a year or more) rather than frequently changing approaches.
2. The role of price in the final expense insurance industry, where the key is finding a reliable carrier that offers an affordable overall package that fits the client's needs, rather than just focusing on the lowest price.
3. The evolving nature of technology and the importance of having the right tools, such as a laptop, briefcase, and presentation materials, to be efficient and effective when meeting with clients.

Adam and Chris emphasize the importance of value-based selling in the insurance industry rather than just focusing on the lowest price. Highlighting the unique value and benefits helps agents differentiate themselves and build stronger client relationships.

- Value-based selling helps provide necessary coverage to low-income seniors while improving an agent's long-term business success

Agents need to truly value the products they sell, even if the death benefit amounts seem small.

- Authenticity and genuinely believing in the importance of the product is crucial for conveying its true value to prospects and closing sales. Customers can detect when a salesperson is not being genuine

- Working with reputable insurance carriers that quickly pay out claims is important for providing immediate support to families in need during difficult times.

- Adding value through educating clients on claims processes, providing pre-arranged funeral guides, and highlighting unique product features like nursing home waivers and funeral concierge services sets agents apart.

- American Amicable's "Platinum Solution" product with a funeral concierge service helps clients view it as a pre-arranged funeral plan rather than just life insurance, improving policy persistency

- In 2021, American Amicable paid over $141 million in claims to 13,000 families, demonstrating their significant impact in protecting underserved communities.

Key Takeaways:

1. The importance of value-based selling rather than just focusing on the lowest price in the insurance industry.
2. The need for insurance agents to genuinely value the products they sell, especially for final expense insurance, to better serve low-income seniors.
3. The encouragement for sales professionals to be authentic, believe in their purpose, and work with reliable insurance carriers that promptly pay out claims, ultimately providing better service to their clients.

In this podcast episode, the Chris & Nick delve into the "Now What?" phase for those who have achieved financial stability and success in their careers or businesses.

Key points discussed include:

- The importance of forward-thinking, legacy-building, and moving beyond just the basics once you reach a certain income level. Setting up the right business structure like an LLC or S-corp for tax advantages and protecting renewal income

- Aiming for a net income of at least $100,000 per year in the insurance sales industry, treating it as a serious business rather than a hobby. Investing time in the administrative and legal aspects of running an agency.

- Treating your business like a real business from the start by educating yourself on fundamentals, creating a business plan, and setting strategic goals rather than just grinding day-to-day

- Having cash reserves and patience when growing an insurance business. Avoiding quick decisions based on limited data, as building successful lead generation systems or expanding takes significant time and testing.

- The importance of testing different ads and not making snap judgments, as unexpected ads may perform the best

Managing expectations around the time it takes to see consistent results from new initiatives like recruiting systems.

- The challenges of building a successful final expense insurance business, even for top-performing insurance marketing organizations with thousands of agents, due to the high failure rate.

Key Lessons:

1. The importance of establishing the right business structure, such as an LLC with an S-corp, to protect renewal income and take advantage of tax benefits, but only after having a solid foundation in the industry.
2. The need to treat your insurance business as a true professional enterprise, investing in long-term strategies and having the patience and cash reserves to weather transitions.
3. The value of experimentation and managing expectations around the time it takes to see meaningful results from new initiatives like recruiting or lead generation.