The Truth About Being an Insurance Agent
Think again if you’ve ever thought that being an insurance agent is a tedious office job. Whether you’re a fast talker or a cunning manipulator, the insurance industry attracts various individuals from all walks of life. Insurance is an industry that affects almost every person in the United States, and there are very few people without coverage. However, you should be aware of some truths about this industry.
A life insurance agent must constantly network and hustle to meet targets. Typically, the compensation is based on a commission, which makes this career a problematic fit for someone who struggles with sales. However, a career in life insurance can be very lucrative if you can successfully meet quotas and targets. You need a solid sales background and the drive to succeed to get started. You must first complete a 25 to 50-hour course, pass a state-administered licensing exam, and apply to companies that offer favorable compensation structures.
You need a high school diploma to become an insurance agent, though some companies require a college degree. To succeed in this position, you should understand the ins and outs of insurance and the importance of building relationships with clients. In addition, you should be organized and have strong computer skills. A person who is comfortable working long hours is an asset. But most importantly, you should be able to maintain a good relationship with clients. Suppose you can demonstrate that you are an excellent communicator. In that case, you may be eligible to become an insurance agent.
Career path of an insurance agent can lead to more advanced training as an insurance broker. An insurance broker has a more robust duty to his clients than an agent, and his job responsibilities include analyzing a client’s situation and selecting the right insurance policy. The Bureau of Labor Statistics expects the number of insurance agents to increase by 10 percent over the next decade. If you are interested in this career, you should start your education today.
To become an insurance sales agent, you must be licensed in the state where you want to work. Taking pre-licensing courses will help you gain the necessary knowledge and credentials for the industry. You should also possess excellent phone manners. Whether you’re speaking to a client in person or over the phone, insurance sales agents must be polite, attentive, and responsive. Finally, you need to be prepared for interviews.
If you are thinking about working in insurance, you may wonder how to get started. Insurance agents usually sell policies on behalf of brokerages and insurance carriers. This job requires strong communication, marketing, and customer service skills. Insurance agents often work with many different types of insurance, including health, life, and disability policies. While no college degree is required, most states require a license to sell insurance. In addition, insurance agents must complete pre-licensing training.
Most agencies do not require more than a high school diploma or GED. However, a bachelor’s degree is beneficial for those looking to advance their careers and get into management roles. Typically, college courses focus on business, economics, and finance. While not required, a degree in public speaking or communication can help you get ahead. In addition, you may be interested in earning your doctorate degree if you enjoy working with data. Generally speaking, a Ph.D. in this field can help you make a career out of insurance sales.
Depending on your state, you may also need to take the insurance licensing exam. Some exams are simple, while others are challenging and may take three hours. The exam itself may consist of less than 100 questions. The test may be taken three times a year. Although the minimum educational requirement is a high school diploma, a higher education related to insurance is a major asset in the industry. In addition, you will earn a higher salary with your insurance sales.
The Bureau of Labor Statistics projects that job opportunities for insurance agents will increase 10 percent between 2012 and 2022, which is faster than the average growth rate for all occupations. The fastest growth will be experienced agents who sell health, life, and long-term care insurance and those who provide financial planning services. Some insurance agents even become successful working independently. If you think that you’re ready for this job, some many schools and colleges will help you start your career.
In a recent survey, two-thirds of working Canadians reported high or moderate stress at work. Insurance agents are no exception. In a survey conducted by TD Bank Group, 73% of insurance professionals reported high or moderate levels of stress at work. But how do we reduce the impact of stress? Here are a few suggestions. Let’s take a closer look. First, you must recognize the causes of stress.
One major cause of stress among brokers is excessive workload. This may be due to high workload and high customer demands. In addition, some brokers report high levels of stress related to the pressure to meet targets. This, in turn, can make the job more stressful. Stress related issues have been the top complaint of brokers, according to the survey. But there are ways to reduce stress levels. First, you must understand what makes you tick and identify what you should change.
Second, the highest level of stress can stem from the variable compensation of insurance agents. They are paid according to sales and effort. This means that they must approach ten people before they land three sales interviews. But nine out of ten people won’t be interested in talking to you. You may be met with rejection in the form of phone hang-ups, missed appointments, or even lies. It’s no wonder why some agents have trouble staying motivated, because their sales activity has been negatively affected by stress.
In the long run, however, selling insurance will pay off. But the job of selling insurance also has its frustrations. As a result, most insurance agents quit their job because they don’t sell enough. You need to learn how to generate more leads and follow up on them. Increasingly, people go online on fact-finding missions. And while this is great for their overall health, it can also make life difficult.
An insurance agent’s working hours depend on their specific task. Some work nine or more hours a day while others work in shifts. Typically, insurance agents work forty-five hours a week, although they can work additional hours when problems arise or to complete large projects. Working hours for an insurance agent can vary greatly, depending on their location and clientele. For example, a consumer insurance policy agent may work eight hours a day, while a commercial insurance agent may work nine to ten hours a day.
The typical working day for an insurance agent involves meetings with clients. Meetings with clients can take place mid-morning or early afternoon. Agents may have new clients at this time, and mid-morning meetings can include determining what type of insurance policies are needed. After evaluating the needs of each client, an agent may begin working on a new list of potential clients, or he may focus on resolving existing client issues.
Part-time insurance agents may find it difficult to secure full-time positions. While working in part-time roles has its benefits, most insurance companies will not hire part-time agents. Therefore, they must find alternative ways to make ends meet. ZipRecruiter reports that part-time insurance agents typically earn thirty to nine thousand dollars per year. This compares to the nationwide average of eight-hundred thousand dollars for full-time agents.
Insurance sales agents perform three basic tasks. First, they market their business and find new customers. In addition to finding clients, insurance agents must also manage their business. This requires a substantial amount of time, and even some weekends. Insurance sales agents often work more than forty hours per week. The average annual wage for insurance agents is $49840, but there are some exceptions. There is no standard work schedule for an insurance sales agent.