Insurance agents earn a high income and have a high level of job satisfaction, as well as work-from-home and career advancement opportunities. Whether you are looking for a career change or starting out, insurance might be the right career for you. Insurance can lead to remote work options and a profitable online business. Here are four steps to get you started on your path to becoming an insurance agent. Let’s explore four steps to become an insurance agent.
Insurance is a solid career with various remote work options, and after years of career advancement you can even own your own franchise insurance branch. If you are great with people, interested in sales, and detail-oriented, insurance could be a good fit. If you enjoy helping people protect themselves and their property, insurance can be a very rewarding vocation both financially and emotionally.
While many industries are going through uncertainty and requiring their workforce back into the office, insurance might be the right option for both recession resilience and work-from-home flexibility. Insurance is an industry with an excellent reputation for being stable. You can earn a fantastic income helping people. My brother-in-law started in insurance a few years out of high school; he didn’t attend university and opted to get straight to work instead. He worked for years in his sales position, becoming a well-known community member. As the years progressed, he was promoted several times to team lead, management, and then to director of the region. Each promotion came with pay raises and additional benefits.
At his current level in the US, he could have his own branch, but he lives in Slovenia, making his next step up the career ladder a vice president. Opportunities differ depending on where you are, but regardless, the insurance industry is much more flexible than other industries. Later in this post, we mention the earning capabilities of insurance agents, which are higher than those of many other industries in the US and other countries.
Insurance agents can make great money while maintaining a comfortable, balanced life. More flexibility so you can travel or work from home. This may be an excellent option for you. You can choose where you want to go in your career, but knowing what interests you is essential. There are a lot of insurance options.
- Pick a Specialty
Agents can sell many different kinds of insurance, such as property, casualty, disability, liability, health, business, and personal lines of insurance. These are referred to as “lines of authority” in the industry. Agents must receive licensure for their line of authority. Knowing what type of insurance you want to sell is an important step in the career path. It can be helpful to have prior experience if the insurance is industry-specific, or at least if you’ve been a client who has held a certain type of insurance; you may enter the industry with a greater understanding of the purpose and specs of your particular specialty.
- Complete Pre-Licensure Requirements
Once you’ve determined that insurance sales is for you, you must meet some requirements before acquiring your license. Pre-licensure requirements vary from state to state but are a mandatory step toward earning an insurance agent or broker license. Make sure to check with your state’s insurance department for pre-licensure requirements.
- Pass a Licensing Exam
Once you have your initial education requirements out of the way, it’s time to study and test. All agents must pass a licensing exam to sell insurance. The National Insurance Producer Registry has compiled a list of state-specific licensing requirements, associated fees, and other important data about the licensing process.
- Apply at Insurance Agencies
Once you have passed your exam and received your license, you can enter the arena as a professional insurance agent. Agents who have met all the requirements and earned licensure are eligible for employment at insurance agencies and brokerages, varying from small local brokerages to regional offices of well-known insurance carriers.
According to the Bureau of Labor Statistics, median annual salaries for insurance sales agents was just under $50,000 in 2017. However, the top 10 percent of agents earned over $125,000 annually, while the bottom 10 percent took home just over $27,000.
It’s a hot job market as well. The employment of insurance agents is expected to increase by 10 percent by 2026, according to the BLS reports. That translates into about 50,000 new positions during that period. Demand is expected to be most significant for independent agents as large insurance organizations place more emphasis on these agents to help control their overhead costs. As Boomers retire, there are huge opportunities to get in line for the next career advancements.
Once you know what type of insurance you want to work in and pass the legal requirements, you should start networking immediately. Don’t wait for the job, start attending local events and activities right away- while you are applying and interviewing for insurance jobs. A network and a local community presence will propel you to success. Take the Networking is Your Shortcut to Success course to learn how to network correctly and get ahead right away. You need networking for every industry, but especially for sales, so organize your way around hard work and challenges with networking.
Once you have found the job that suits you and your goals, start planning your life. What do you want? Is remote work the goal? Is your own business the reason for choosing insurance? Figure out what you want from this life and make a list of all your goals, then structure the list:
Goal
Action goals to achieve the goal: what do you need to do to achieve the goal?
Make sure your goals are SMART goals
Get out there and do the work. Review your goals regularly and focus on what you need to do to get where you want to be. Don’t leave your career and life to chance. Planning early allows for a steady climb up the ladder if that’s what you want, allows for a large income to invest and plan a life of freedom if that’s what you want, or even a life with more free time to be home with your children. Planning and goal setting will keep your life focused on the goal, enabling your ultimate plan to unfold into the life you want.
Don’t stop learning. Understanding changes in the industry and your customers’ needs will keep you in the position of insurance advisor and retain your customers’ loyalty. Keep up to date with licenses and requirements as you go along for a fulfilling career.
Insurance will allow you to work remotely. Building your client base and business will take time, and you will need to work hard, but this will free up time later as you scale and even outsource some of your responsibilities and administration. Build your network, be a part of your community, and do the right thing for your customers. Standing out by doing what’s right will continue to provide you with customers who need your help. In the long run, this will create the type of profitable business and freedom you are looking for.
The more time and effort you put into being an insurance agent, the more success you will achieve in terms of money and job satisfaction. To learn more about being an insurance agent, read Step by Step Become an Insurance Agent and Become an Insurance Agent. Subscribe for more business, sales, and investing posts. Have a lovely day!
