Selling life insurance is a tough way to make a living and an even more difficult way to sustain a lucrative, long-lasting career. The difficulties mohey new life insurance agents are great in number. The pay is usually straight commission. Even when you locate a good prospect, the product itself is hard to sell. People are loath to discuss or even acknowledge their own mortality. Moreover, unlike a new car or cellphone, life insurance provides none of the instant gratification that leads people to make impulse purchases.
Jobs are ranked according to their ability to offer an elusive mix of factors. Read more about how we rank the best jobs. Average Americans work well into their 60s, so workers might as well have a job that’s enjoyable and a career that’s fulfilling. A job with a low stress level, good work-life balance and solid prospects to improve, get promoted and earn a higher salary would make many employees happy. Here’s how Insurance Sales Agents job satisfaction is rated in terms of upward mobility, stress level and flexibility. Opportunities for advancements and salary. Work environment and complexities of the job’s responsibilities. Alternative working schedule and work life balance. Sign Up for Job Alerts.
Life & Health Insurance Commissions
If you’re thinking of a career as an insurance agent, you are probably asking yourself, how much do insurance agents make? According to the U. However, this can depend on a variety of factors and you’ll first need to decide which type of agent you’d like to be. There are two types of insurance agents in the United States: Captive and Independent.
Commissions Depend on the Type of Life Insurance — Here’s What You Need to Know
Few industries outside of the financial services industry offer the potential for relatively inexperienced professionals to make significant income within their first year of employment. Within the financial services industry, few careers offer newcomers the opportunity to earn so much right off the bat as a life insurance agent. But, success as an insurance agent doesn’t come without a cost. It’s a tough field and most participants burn out sooner rather than later. Insurance agents hear «no» far more than they hear «yes. Additionally, many people hold insurance agents in low regard, with some people equating them to glorified con men. But, for those who can stomach the potential rejection, the paycheck and flexibility are worth the effort. While there are many kinds of insurance ranging from auto insurance to health insurance , the best money in the insurance field is for those selling life insurance. Bob the insurance agent sells Sally a whole life insurance policy that covers her for the rest of her life as long as she continues to make her premium payments. In fact, more than any other factor, including education and experience, life insurance agents must possess a fighting spirit. They must be people who love the thrill of the hunt, the rush of a sale, and see rejection as a stepping stone to eventual success. A career in life insurance sales is not ideal for those who view themselves as introverted, soft-spoken, or afraid of conflict. The vast majority of life insurance companies have no formal education requirements for becoming an agent. While many prefer college graduates, this general rule is constantly overlooked in favor of the «right» candidates. Previous experience in the insurance industry is not required because most medium and large insurance carriers have internal programs to train their salespeople about the products they’re going to sell. While it may prove easy for a tenacious go-getter to get hired at a reputable insurance company, there is one non-negotiable hurdle that stands between a potential insurance agent and their commissions: state licensing. Insurance agents are currently licensed by the individual state or states in which they’ll be selling insurance. The sales commission life insurance agents might earn in the first year if they are on a commission-only salary; that’s the highest commission for any type of insurance.
For New Insurance Agents — How Much Money Can An Insurance Agent Make?
One often-touted field is insurance sales. When people are just starting off in the insurance sales industry two common questions often emerge:. One reason why insurance sales is attractive is because it offers you a lot of maaking. Another reason to consider the field is the potential for significant income, since you can drive your own success and, usually, earn a commission on each sale. And there are also million households in the U. Right now, under the federal Affordable Care Act ACAhealth insurance is something everyone is required to have — or pay a fine. Last year, more than half of the country had group or individual health coverage, while a third of Americans received health care through public health programs like Medicare and Medicaid. Life insurance is also a market niche with significant potential.
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