Blog post by Jim Vogel of Elderaction.org
With the sudden and unexpected uptick in unemployment rates across the country, many people are scrambling to find a way to replace their income. If this is a familiar scenario, and you also want a flexible career that offers virtually unlimited earnings opportunities, insurance sales might be a good option. TCG Insurance Solutions wants to see you succeed, so read on to find out how to get started.
Understand the Pace
Becoming a successful salesman, especially for a product as sensitive as life insurance, is not an overnight endeavor. It takes time, experience, and true compassion for people. As an entry-level insurance representative, PayScale estimates that you’ll make around $28,904 per year. While this may not be not enough to support a family, it’s a great start, and the first year gives you a chance to get to know your market intimately. However, be prepared to fight for your share of commissions, and don’t give up after a month.
Examine the Opportunities
Let’s get the good news out of the way first: according to the US Bureau of Labor Statistics, the job outlook for insurance sales agents is higher than all occupations combined. What this means for you is that opportunities are not hard to find, and the potential for growth within this career is enormous. But you probably do not want to work for just any company. Identify those agencies that speak to you.
Start by checking reviews from employees to get a better feel for how the company operates, view the company profiles, and think about things like whether you want to work with families or businesses. You might even consider opening an insurance agency of your own. The Simple Dollar points out you must look into licensing in order to establish a new agency.
Another option is to become a freelance insurance agent. In this case, you handle policies for a variety of different companies, but work for yourself. You need to obtain an insurance licence and register with your state’s Department of Insurance. You should also purchase an Errors and Omissions policy and a Producer Bond to protect yourself and your business, and be sure to protect your personal finances by establishing an LLC.
Know Your Traits
As with any career, being an insurance sales representative requires a specific set of personality traits. Kaplan Financial explains that you’ll need to be a motivated problem solver with a sense of urgency. You must also possess excellent communication skills and the ability to move past rejection. More than anything, you have to be honest, ethical, and empathetic.
Remember, when people buy life insurance, they are essentially investing in their own death. This is an emotional step for many people, and your job is to hear them, understand their concerns, and help them put a plan into place to care for their loved ones when they die.
Learn Relentlessly
You don’t need a college degree to get into sales, but you do have to have an insatiable thirst for knowledge and the willingness to learn everything there is to know about your industry. Before you apply for a job, research what educational opportunities are available; eLearning Industry notes some organizations offer classes. From there, you’ll have a better idea of what to expect and can fill in the gaps of what you do and don’t already know.
Be an Entrepreneur
When you are an insurance sales agent, you will almost certainly be paid via commission. This means you only earn money when you close the transaction; because of this, you are essentially self-employed. Learn to adopt the mindset of an entrepreneur and never lose sight of the fact that your successes, and, by default, your failures, are your own. Although you will have access to training and support, ultimately, it’s all about you and how you take to the roller coaster of having to go out into the world and create your own income opportunities.
If we haven’t lost you yet, congratulations, you’ll probably make an exceptional insurance agent. You possess the qualities of leadership, determination, and perseverance, and you understand that it won’t be easy. You’re willing to fight for what you want, and you have the compassion to make other people open up to you about their greatest fears.
Turn to TCG Insurance Solutions for information on insurance that meets your personal and professional needs.
Image via Pexels
Author: Paul Carrigan
Licensed agent in Kansas, Missouri and Ohio.
