When reflecting on which direction to take in a career, insurance probably does not rise to the top your mind. But a career in insurance has a lot to offer. An insurance broker works with people to help them plan for the what ifs in life, guiding families to feel protected and secure in their futures. This along with flexibility and stability make the job a rewarding endeavor for many insurance professions.
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To get at the heart of what draws people to an insurance career, Kaplan Financial Education recently commissioned a third-party study. Respondents listed these top 8 reasons why insurance is a rewarding career.
Whether you’re selling insurance as a supplement to your primary income or as your sole source of income, participants agree that flexible hours are a big benefit for those in certain areas of the industry. Appointments and work hours can vary each day, so you can attend school events for your children or grandchildren, your social functions, or the work schedule of another job.
The need for insurance isn’t something that will fade away on the horizon any time soon. There will always be a need for people to educate others on insurance. As a result, insurance licensees see their careers as stable and secure.
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3. Unlimited Potential and Independence
In some cases, an insurance job is an area where the harder you work, the more money you can make. Participants who own their own agencies agree that unlimited potential is one of the reasons they were drawn to the industry. They also enjoy the ability to work for themselves on their own schedules without having to report to a manager or owner.
Problem solving and educating their customers are two areas that participants in our research spoke passionately about. The sense of accomplishment at finding the right solution for a new client or helping a client understand a confusing insurance situation is a common thread with group members.
Participants in our research all agree that they love the variety of working in the industry. Not only are the tasks they perform each day different, but they also enjoy the new and different people they come in contact with.
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6. Easy Transition
Of the participants who came into an insurance job as a result of major life change (divorce, starting a family, losing a job), many mentioned how easy and fast the transition to insurance can be. They spoke of how they were able to study for the state licensing exam, take the exam, and start selling insurance within a matter of weeks to a few months.
7. Job Outlook
According to the Bureau of Labor Statistics Occupational Outlook Handbook, the employment of insurance sales agents is projected to grow by 22 percent through 2020, a rate that is 8 percent faster than the average of all occupations and 9 percent faster than other sales-related jobs.
8. Annual Wages
The Occupational Outlook Handbook also reports, “The median annual wage of insurance sales agents was $46,770 in May 2010. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $25,940, and the top 10 percent earned more than $115,340.” In comparison, the median annual wage for sales and related occupations was almost 50 percent less than for insurance.
Getting Started in Insurance
You can join the insurance industry in a relatively short amount of time. The first step is to pass your state’s licensing exam in an area of expertise. Choose to focus on life, health, property, or casualty insurance selling or a combination of them.
Enroll in a prelicensing course to master the material you need to know to pass the exam and launch your career. Kaplan Financial Education offers multiple course options to fit different learning styles. Enroll in in-person, online, or self-study programs and find study tools to help you succeed on your exam. Read more about your options.
Nancy Moldenhauer is the Senior Marketing Specialist for Insurance Licensing at Kaplan Professional and Continuing Education. She keeps her finger on the pulse of the insurance industry and the educational needs of customers.