Is life insurance a good career?
You can make a good living selling life insurance, especially if you continue to earn commissions on policies you have already sold. However, it is not an easy career, as it requires constantly working to find leads, build relationships, and make sales.
High earning potential
Another factor that makes life insurance a good career path is the opportunity to earn a high salary with strong growth potential. Life insurance agents and brokers, in particular, generate commission-based incomes that are among the highest in the entire insurance industry.
More than 90% of new agents quit the business within the first year. The rate increases to greater than 95% when extended to five years.
With that said, the top life insurance agents earn over $100,000 per year. Many make a lot more than that! You can expect to earn $2,000-5,000 per month starting out. This will depend on the products you sell, the commissions, and how hard you are willing to work.
Insurance is widely considered an “evergreen career,” one which typically offers excellent job security. Bureau of Labor Statistics research predicts that positions for insurance professionals will likely grow by 6% from 2021 to 2031, with approximately 32,900 new jobs per year.
Is Selling Life Insurance a Good Way to Make Money? You can make a good living selling life insurance, especially if you continue to earn commissions on policies you have already sold. However, it is not an easy career, as it requires constantly working to find leads, build relationships, and make sales.
Life insurance is not a particularly easy product to sell. Most people don't like to acknowledge their own mortality, so talking about life insurance and what it covers can be a difficult task.
One of the biggest reasons that insurance agents quit is the fact that they have unrealistic expectations. The insurance industry is huge, which leads many people to think they can easily make a large income by selling insurance.
Building trust with potential clients is perhaps the most demanding part of selling insurance. It requires more than just pitching policies and presenting numbers; it's about establishing a personal connection, actively listening to their concerns, and providing them with comprehensive solutions.
Insurance agents succeed when they prioritize their customers' needs over their own profits. The most commonly cited reason insurance agents fail is that they fail to listen to their customers and take the time to find the best product to suit their needs.
What kind of insurance agent makes the most money?
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
You could potentially take a loan from your policy, withdraw the cash value it's accrued over time, use a living benefit rider or sell your policy. A financial advisor can help you integrate a life insurance policy into your financial plan. Find an advisor today.
- New York Life. 3.7 $81,513per year. 3,893 reviews255 salaries reported.
- Farmers Insurance Group. 3.5 $68,531per year. 5,804 reviews1.6k salaries reported.
- Aflac. 3.5 $63,166per year. ...
- GEICO. 3.2 $62,359per year. ...
- Allstate Insurance. 3.6 $58,487per year. ...
- Show more companies.
As an insurance agent, you may think that being an introvert is a disadvantage when it comes to selling insurance. However, being introverted can be an advantage in this industry, as introverts often excel at building deep relationships and listening to the needs of clients.
- Loan processor.
- Insurance adjuster.
- Insurance agent.
- I nsurance broker.
- Loss control consultant.
- Underwriter.
- Actuary.
- Risk manager.
- Nurse practitioner.
- Statistician.
- Veterinary technologist and technician.
- Software developer.
- Information security analyst.
- Medical and health services manager.
- Physical therapist assistant.
- Occupational therapy assistant.
There are insurance salespeole who make over a million a year but they got there through many years of grinding it out and not making a lot of money. In insurance, because of the power of residuals, you build up income that will pay for years to come with minimal effort.
Wealthy individuals with a net worth over $1 million can use life insurance to provide for their loved ones in the event of their death, as an investment vehicle, or as protection against estate taxes.
- 10 best companies for Life insurance agents.
- American Income Life Insurance. Zippia Score 4.5. ...
- Assurance. Zippia Score 4.9. ...
- Primerica. Zippia Score 4.8. ...
- New York Life Insurance. Zippia Score 4.8. ...
- National Agents Alliance. Zippia Score 3.9. ...
- Family First Life. Zippia Score 4.5. ...
- World Financial Group.
If you have a great work ethic and are willing to place yourself out there to establish relationships with clients, you will get more opportunities to earn a higher income. Selling insurance may even make you a millionaire.
Is selling life insurance a side hustle?
Becoming an insurance agent can be a great side hustle for those looking to earn extra income while helping others and growing personally. With a bit of training and networking, you can start building your client base and earning commissions in no time.
Client acquisition: Finding potential clients is often the first hurdle in insurance sales. It involves reaching out to people, generating leads, and informing them about the importance of insurance. This task demands substantial time, effort, and strategic planning.
Highlights: Key Facts About Insurance Agents in 2024
On average, 57.9% of first-time insurance exam takers pass the test. Insurance agents make on average $51,936 per year. The average age of an Employed insurance agent is 45.9 years old.
Limited Paid Time Off
As an independent insurance agent, you are basically your own boss. You have the freedom to decide how you want to run your business. On the flip side of that, however, you won't be given paid time off or sick days. The same goes for holidays.
Selling insurance can be a lucrative proposition, with relatively high-paying commissions and a high degree of autonomy with flexible work hours. However, it is not an easy job. You can expect a high rate of customer rejection, stress, and attrition rate.
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