Insurance agents are people who sell insurance policies. They are also the ones responsible for providing real estate planning services. In some states, insurance agents are required to obtain a license. Aside from that, many agents complete an associate or bachelors degree in economics, finance or business. There are a few things that individuals need to take into consideration prior to choosing a career in the insurance industry.
What are the steps to becoming an insurance agent?
- Aspiring insurance brokers need to be familiar with the ins and outs of the insurance field. Product knowledge is very important because the job entails selling insurance policies. Customers often ask for additional information about insurance products, and this is something that agents should be capable of providing.
- A bachelor’s degree in business or economics is also preferred. Insurance companies tend to hire individuals with an academic background in math, accounting, economics and business.
- Insurance companies are also up to date with the latest technology. This is why it is an advantage if aspiring insurance agents have sufficient knowledge of computer software.
- People can also gain relevant work experience as an insurance broker even while studying. There are insurance agencies that offer training programs for students. It is a good idea to ask your school guidance counselor about training programs.
- Employers require insurance agents to meet the state’s licensing requirements. There are pre-licensing schools that offer classes for the exam. It is important to obtain certification before searching for jobs as a licensed agent.
- Even when employed, it is necessary for insurance agents to take continuing education. Some states require people in the insurance industry to do this on a regular basis.
- It is also possible for insurance agents to advance to higher positions. Obtaining additional certifications or taking intensive courses can help people obtain great positions.
Reasons to Become an Insurance Agent
• Support from the Parent Company
Some companies offer training for agents to help them become successful in the insurance industry. The company also advertises their products so people will get to know them. As a result, agents get new customers. If agents encounter problems, all they need to do is get in touch with the corporate headquarters for assistance.
• Full Control of Life and Schedule
Some employers do not require agents to follow standard office hours because they need to be in the field most of the time. This is why agents gain more control over their schedule and income. They can work as hard as they want to increase their paycheck, and they can also take a day off whenever necessary. There really is no schedule as long as they reach their quota.
• Unlimited Income
Agents who are doing a good job in the insurance industry can earn as much as they are able to. Some jobs in the insurance industry are commission-based while there are also those that provide a monthly salary plus commission.
• Satisfaction of Providing Help for Other People
Aside from the monetary benefits that agents receive, they also gain satisfaction from helping others. The products that insurance agents are selling are vitally important. They can help people improve their lives with better insurance policies.
Working with an Insurance Company
Insurance company promise aspiring agents better rewards and attractive compensation when they go the extra mile. However, it is important for insurance agents to be aware of several things. The idea of selling insurance policies to friends and family members can really be tempting. However, this is not a good idea because it can create a huge problems especially when a family member fails to pay the insurance premium.
Agents who already have a company they would like to work for in mind need to see to it that they check the state insurance commissioner’s website. The site allows aspiring insurance brokers and customers to find out whether there are complaints about the company. People who wish to apply for work in the insurance industry should only go for jobs at more established companies.
First year insurance agent may earn over $100,000 annually, if he or she works hard enough. Some life insurance agents get commission between 28% to 89.99% of the first year premium of their clients.
But the success comes with cost. Insurance agents need to be more resilient than people in other careers. Many people would just say no to insurance agents.