Posted by: Kaplan Financial Education
Updated: October 30, 2018
If you are thinking of a career change or you recently graduated college, there are a lot of good reasons to to pursue a career in insurance. Read on to learn 5 reasons why many of our insurance students choose insurance sales.
Many people are drawn to the insurance industry because of the unlimited potential it offers to those in sales. Agents with limited experience can achieve financial success relatively quickly. While it can take time to build a book of clients, and we tell agents to count on the first few years not being lucrative, there is endless potential to make money in the long term. If you can start a good referral program, your current clients can help you continue to build your book of business.
Independent agents are paid solely on commission, while captive agents will often get a combination of salary and commission. Either way, you’ve got plenty of opportunity to grow your income.
If the 9 to 5 lifestyle isn’t for you, you will like the flexibility that a career in insurance sales offers. Whether you become an independent agent or a captive agent, you can often vary your appointment times with some evenings and weekends, not only to accommodate clients but your own life as well. You can have a free weekday to schedule personal appointments, enjoy activities, and run errands.
If you go the independent agent route, you also have the flexibility to sell a larger variety of products. This will allow you to better match your clients’ needs with the best fitting products and gradually earn their trust.
Insurance policies protect people from financial loss because of unexpected events and circumstances. As an insurance agent, you get to guide your clients’ decisions on what insurance policy plans best suit their needs. The research you do and recommendations you provide have a real impact on a client’s financial well-being down the road.
Insurance agents help people prepare for the future. From helping clients save for retirement and college for their kids to financing a large purchase like a house or car, insurance agents have the potential to help people achieve their financial and personal goals. They also prepare clients for unfortunate events and provide a measure of comfort to clients during such events.
Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. It only takes a few weeks or months to study for the state licensing exam, pass the exam, and start selling insurance.
A college degree is preferred but is not required in many insurance firms. Unlike many other finance-related positions, prior experience is also not required.
If the monotony of doing the same work over and over is unappealing, a career in insurance sales is definitely a good option for you. Many insurance agents agree they love the variety of work insurance sales provides. There are some tasks that need to be done on a regular basis, but for the most part, agents are constantly meeting new people and helping them achieve their financial goals.
Insurance agents often have to do a lot more besides sell insurance. They have to grow their business, do marketing, respond to inquiries via email or phone, and be proficient in social media platforms. They also maintain records and research prospects. In addition, it is important that insurance agents keep up with industry news, trends, and government regulations. For this reason, continuing education is required for insurance agents in all states (education requirements vary by state). Having these 10 traits can help, as well.
Think a career in insurance sales is the right one for you? Learn the process for becoming an insurance agent now. If you are ready to start insurance licensing exam prep, choose your state to get started with Kaplan’s exam prep packages.
As an aspiring insurance professional, wouldn’t it be great if you could sit down with a room full of successful insurance veterans and ask them for their advice? The Kaplan Financial Education team interviewed over 100 insurance professionals to develop this exclusive eBook for those who are considering the insurance industry.