Why Become a Life Insurance Agent
Few people have insurance as their first choice among the many careers and industries available today. It’s not the most glamorous job, and you won’t earn millions as an insurance agent, but being one is actually one of the most lucrative side gigs. With a bit of experience, you could earn up to $90,000 annually.
Salary is not just the reason why being an insurance agent is an enriching career path. In particular, those who sell life insurance enjoy other benefits like flexibility, time management control, and an unconstrained income stream.
If you’re still wondering, “if you should become a life insurance agent?” Keep reading and see if this is a good job fit for you.
What Makes You an Insurance Agent?
Before everything else, let’s first define what an insurance agent is. Many positions and jargon are involved in the insurance industry, such as insurance carriers, insurance adjusters, and insurance brokers. Still, an insurance agent’s primary purpose is to represent an insurance company and sell plans to clients.
The confusion begins when a broker and agent are compared, but the former represents the client and doesn’t have the power to bind coverage. On the other hand, Agents work for a company and get commissions for every sale they make. Both are essentially go-betweens of insurance companies and their clients.
Choosing This Career Path: The Perks
When people see all the advantages of becoming an insurance agent, they suddenly become interested in changing their careers. And no one can blame them — the opportunities in this industry make it very appealing. Here are just some of the perks you can enjoy as an agent.
Flexibility Is Guaranteed
Many people are tired of the 9-to-5 routine and its monotony. Thankfully, that isn’t the case for life insurance agents. Thanks to the nature of the work, you’re in control of your work hours, especially if you’re an independent agent. You get to design your schedule for the optimal work-life balance.
Still, you need to watch out for the negative effects of flexible work schedules. Don’t overwork yourself, and don’t do too little either. Find an ideal time that fits both you and your customer’s needs.
You Can Earn as Much as You Can
When you work at a regular job, you get a fixed salary every month. That can be very limiting, especially in industries where vertical movement is next to impossible. But as an insurance agent, you have the potential to earn as much as you can.
The pay you get depends on a lot of factors: type of policy sold, location, and the amount of effort you put in. If you do more work, then you’ll get more income. There are also bonuses, reward programs, and other perks that companies offer if you’re a top-performing agent.
The Industry Isn’t Going Away Anytime Soon
When the pandemic started, many industries were hard hit. People lost their jobs left and right, and many businesses had to close. Thankfully, the insurance industry remained strong and quickly adapted to the new normal.
So how did this happen? Well, there is no doubt that the insurance industry has evolved throughout the years. Similarly to almost all businesses, technology has played a significant role in the expansion of life insurance. Another reason life insurance is not going away anytime soon is because of the increase in remote job accessibility.
Little Barriers When Shifting to This Industry
Jobs in most industries require some level of technical skill or past experience in a specialized area, but insurance companies rarely have these, and some don’t even ask for college degrees. This is especially advantageous for those who want to shift careers without the added risk. The industry is also more accessible to all demographics due to multiple training programs offered at different price points. This allows individuals to get started and often learn at their own pace to become comfortable with the product they will be selling.
All it takes is a few months of training to get your license as an insurance agent. Then, you can work with an agency, a carrier, or independently.
You’re Helping People
Your primary role as an insurance agent is to help clients plan their financial protection more than making sales. That’s the purpose of having insurance, especially in today’s world where anything can happen.
When disaster does strike, there’s nothing as fulfilling as seeing your past clients recover, thanks to their insurance coverage. Knowing that you’ve helped protect people from financial ruin is a reward by itself, especially for life insurance agents.
Qualities That Make Successful Life Insurance Agents
As appealing as it may look, being an insurance agent may not be for everyone. You must possess or cultivate certain qualities in yourself to become a trusted and reliable expert.
Successful life insurance agents are:
Customer Service Oriented
Like all jobs that involve some form of sales, being an insurance agent requires you to have some know-how in customer service. These people skills will help you face and interact with clients, understand their needs, and suggest the best insurance plan.
Organized and Methodological
Since you’re in control of your time and schedule, you’re more vulnerable to the traps of procrastination and laziness. To become a successful life insurance agent, you must remain organized and methodological. Having a standard routine and following it every day is immensely beneficial.
Driven but Compassionate
Making sales is the goal of being an insurance agent. After all, it’s how you get a commission, but the earnings can’t blind you. You’re also helping people with your services, so staying compassionate when selling insurance policies will establish you as a genuinely caring agent.
So, is selling life insurance a good career opportunity? As you can see from the information we’ve shared above, there are many positives to becoming a life insurance agent. From flexible schedules to easy transitions to the industry, agents enjoy many advantages that make the job a worth it experience. Ready to become one today? Contact ALIA to get started.