Yes it's possible to earn that kind of money. As Cindy indicated, the time variable cannot be stressed enough.
$1M in residuals is $84K per month. At an average $23/month residual payout, that's 3608 clients on the books (med supp numbers only in my example for easy of math BTW) for more than 20 months of the last client counted due to those residuals actually paying out in full (again time factor).
So to hit this goal within say, 7-8 years if you were doing Med Supps, you would need to write approximately 600 policies per year for 6 years straight with a very healthy retention.
But that's too big of a number to focus on, so divide that by 12 at 50 policies per month. I would estimate based on my experience that at those numbers you would be in the top 20% of all Med supp producers in the country.
So, forget focusing on the $1M in renewals, instead focus on writing 50 policies per month and nothing else, and let time do the rest. Better yet a more intelligent approach would be to ask yourself "How do I get 330 reasonably decent prospects/leads to call each month". That factors in a close rate of about 15%.
So that's the formula. Know your product and the sale of it well, and call 330 people per month who might need it. Then realize around 8.5 out of 10 people will say no or you can't get a hold of them, so go for the "No's" and get them over with each day.
Put your head down, rinse and repeat for 6 years, look up and you'll be rich.
Easy.
So all you need to do is call 13 leads per day 6 days a week, every week. Who can't do that?