Selling insurance can be a lucrative and rewarding career for those who are willing to put in the time and effort. Whether you’re looking to make a career change or start your own business, this beginner’s guide will give you the tools and knowledge you need to succeed in the insurance industry.
The earning potential for insurance sales can vary greatly depending on the products you sell, the commission structure you’re working with, and your level of experience. According to the Bureau of Labor Statistics, the median annual salary for insurance sales agents was $49,840 in 2021. However, many agents earn significantly more than this by building a book of business and earning commissions on sales.
There are two types of insurance agents: captive and independent. Captive agents work exclusively for one insurance carrier, while independent agents can sell products from multiple carriers. Captive agents may have access to exclusive products and training, but they are limited in the products they can offer. Independent agents have more flexibility in the products they can sell but may need to invest more time and resources into finding the right carriers to work with.
Before you start selling insurance, it’s important to decide which products you want to offer. There are several types of insurance products, including life, health, auto, home, and commercial insurance. Each type of insurance has its own unique selling points and requires different knowledge and skills. Consider your interests, expertise, and target market when deciding which products to sell.
To sell insurance legally, you’ll need to obtain a license from your state’s insurance department. The requirements for licensing vary by state but typically involve completing pre-licensing education, passing a licensing exam, and submitting an application and fee. It’s important to stay up-to-date with your license requirements, including continuing education, to ensure you can continue selling insurance.
Independent marketing organizations (IMOs) can provide valuable resources and support for insurance agents. IMOs typically work with multiple carriers and can provide access to exclusive products, training, and marketing support. When choosing an IMO, consider factors like their reputation, product offerings, commission structure, and support resources.
Selling insurance can be a challenging and competitive industry, but there are several things you can do to increase your chances of success. Build your network by attending industry events, joining professional organizations, and reaching out to potential clients. Develop your sales skills by investing in training and mentorship programs. Finally, prioritize customer service and building long-term relationships with your clients to ensure repeat business and referrals.
At Freedom & Faith Agency, we offer comprehensive support and resources for insurance agents at every stage of their careers. Whether you’re just starting out or looking to grow your business, we can help you achieve your goals. Contact us today to learn more about our career opportunities and support programs.
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