Is it worthwhile to be an insurance agent? – Assuming you are willing to work hard to learn the industry is a solid starting point. But hard labor is not sufficient. Outside of financial services, few occupations provide relatively inexperienced workers the potential to earn a considerable wage within a year of entering the workforce.
Even within the financial services industry, life insurance agent is one of the few jobs where a beginner has the possibility to make a high salary immediately. In fact, diligent insurance salespeople routinely earn over $100,000 in their first year on the job. Agents of life insurance have a rich job, but it requires regular hustling, networking, and sales on evenings and weekends, as well as general effort.
And there might be several rejections before each sale. Every sales profession involves rejection, but insurance sales prepare you for major rejection. If you have the ability to become objective, to not take rejection personally, and to persist, you will be successful.
- Many agents begin their careers with a modest wage, but rely heavily on sales commissions to support themselves.
- Marketing or networking may be costly or time-consuming when searching for prospective consumers.
- Then, enticing prospects to purchase is an altogether separate procedure.
- Regarding the three components of the agent’s job, some are more doable than others.
You may enjoy networking but find it difficult to complete transactions. A different agent could dislike networking so much that they rely nearly solely on online marketing to discover prospects. And yet another agent may employ an office manager (or their spouse) to handle all the paperwork.
Is insurance employment stressful?
By Zippia Expert on November 17, 2021 Insurance agent is not a demanding occupation. As an insurance agent, you have several options and freedom in determining your area of specialization. In addition, as an insurance agent, you have other job alternatives, including working for yourself.
- Approximately fifty percent of insurance agents work for independent insurance agencies or brokerages and market the products of many insurance firms.
- Nearly 20% of the workforce is independent.
- Others are employed by direct insurers.
- Few weeks to a few months are required to become an insurance agent.
The average compensation for an insurance agent is $55,653 per year ($27 per hour), with a few agents earning as much as $120,000 per year ($57.93 per hour).
What is the rate of insurance agent failure?
Insurance is a profitable industry, but success is not guaranteed. Insurance agents are more likely to leave the profession or fail than to thrive. As soon as you have your insurance agent license, you want to immediately begin earning money. However, statistics indicate that many new agents do not fare well in their careers.