If you walk into an elementary school today and ask the kids what they want to be when they grow up, it’s hard to imagine many of them raising their hands and yelling, “I want to be an insurance agent!” But perhaps they should. In an ever-changing economy, insurance remains a stable career with a lot of upsides. In this article, we outline the top 10 reasons you (and kids of all ages) should consider joining the insurance industry and becoming an agent.
Some say that no one goes to college for insurance. Well, that’s mostly true; people often stumble upon an insurance career when looking for a long-term profession. If you need to convince your friends and relatives why you should enter the insurance field, we’re here to help. This article outlines ten reasons you should consider joining the insurance industry and becoming an insurance agent.
1. High Earning Potential
Insurance agents can earn a high income, often with a base salary and commission-based earnings. Long-time agents can make six figures and build a solid recurring revenue base through their client’s policy renewals. You can also become an insurance agent without a college degree or the high costs that comes with traditional higher education. In fact, U.S. News & World Report recently ranked Insurance Sales Agent as a top 15 highest-paying jobs without a degree.
2. Independence
Agents can own their own agency, giving them control over their work schedule and client list. Agencies can operate 100% remotely, or the agency/principal can open an office, or several, in their town and region. These agencies can operate as branches of a larger carrier or as independent agencies that offer coverage from multiple carriers and provide broad sales potential.
3. Helping people
Agents provide clients with valuable advice on how to protect their assets and livelihoods. Whether the policyholder seeks insurance for their home, pet, vehicle, or coffee shop, an insurance agent is crucial in managing risk. Proper insurance coverage can prevent commercial businesses and homeowners from catastrophic loss.
4. Professional development
Agents have opportunities for continuing education and training to stay up-to-date on industry trends and regulations. This professional development is typically offered as designations, and with each designation comes more opportunity to earn a higher income and niche in a preferred area in the industry. Many agencies and carriers will pay for this professional development as the knowledge will benefit the agent and the employer.
5. Versatility
Agents can specialize in life, health, property, or casualty insurance and switch between specialties throughout their careers. Even within those categories, there are specializations known as a Line of Business (LOB), enabling an agent to sell specific products. For example, a Commercial Lines P&C agent could sell commercial property, commercial auto, business liability, flood, liquor liability, professional liability, and more! According to the U.S. News & World Report linked above, the industry expects to add 32,900 projected jobs in the coming years as older professionals retire from their insurance careers.
6. Flexibility
Agents can work in an office or remotely, allowing for a flexible work-life balance. Extroverted agents may enjoy making sales visits and could travel as part of a large agency or carrier. Some carriers also seek agents, underwriters, and marketing reps that can travel through multiple states. Most agencies have very reasonable operating hours and often close for all Federal holidays. Agents running their own agency can set their hours, and many close on Fridays or in the summer for a company break.
7. Building relationships
Agents have the opportunity to build long-lasting relationships with clients, helping them understand their insurance needs and finding the best coverage options. Most clients stay with their local insurance agent for many years. Through these relationships, agents also make great business connections which lead to other clients and personal and professional opportunities.
8. Constant learning
The insurance industry constantly evolves, providing agents with opportunities to learn and grow professionally. In addition to designations, agents learn the details of the industries they support. Commercial agents may learn a lot about construction, hospitality, cyber security, and more. Agents that sell personal lines of insurance may learn about flood risk, residential construction, remodeling, and different forms of liability.
9. Industry Security
The insurance industry is stable and provides job security, making it an attractive career option for those seeking a long-term career. According to the U.S. Bureau of Labor Statistics, The job outlook for insurance sales agents and underwriters is expected to grow 6% from 2019 to 2031, faster than the average for all occupations.
10. Giving back
Agents can participate in volunteer and community service opportunities, giving back to their communities and making a positive impact. Most of the organizations which agencies support help with vital community needs such as food insecurity, poverty alleviation, and healthcare. Most agencies support local non-profit organizations, sponsor charity events, and even host their own fundraisers.
Becoming an insurance agent can be a rewarding and fulfilling career choice, offering opportunities for professional growth, financial stability, and helping others. If you are interested in the insurance industry and are looking for a flexible and dynamic career, consider becoming an insurance agent.
Visit All-Lines Training’s Course Catalog to begin your training and obtain your license. You can embark on a new career in a few weeks!
