Insurance Agent Career

There are many people who would like to have a job that can give them the compensation that they really deserve. Aside from basic salary, people enjoy incentives and commissions for performing well and exceeding targets. Among the kinds of employment that offer these benefits is that of an insurance agent. This article will discuss everything you need to know about an insurance agent career.

What is an Insurance Agent?

An insurance agent, also known as an insurance sales agent, is someone who guides people in choosing the most suitable insurance policies they should get. There are independent insurance agents, and there are also those who work for insurance firms. They target individuals, groups, families, and businesses and provide all kinds of insurance including life, health, and long-term care insurance. They also offer insurance policies to protect properties and investments.

Insurance Agent Job Duties

The main job of an insurance agent is to sell insurance policies. But the scope of work is not limited only to this function. They also give clients advice in aspects such as minimizing risks and financial planning, and at the same time, they prepare reports, keep records, and look for potential clients. In addition, when a client needs to file insurance claims, the agent will be the person who will assist him or her in the process.

Insurance Agent Skills

Individuals planning to go into an insurance agent career should know that one of the most important skills needed in this job is sales skills. As mentioned, their primary function is to sell insurance, which is why companies hire applicants that are assertive and perseverant with excellent interpersonal skills. Aside from this, they also need to have time management skills, show initiative, and be self-confident.

Insurance Agent Education

Although not a requirement for all insurance firms and agencies, the majority of these companies prefer applicants who are college graduates. However, there are those that hire high school graduates as long as they can demonstrate strong sales skills. There are colleges and universities that offer coursework in insurance, which would be a good educational background in this profession. Passing the licensure exam is also needed to be able to work as an insurance agent.

Insurance Agent Salary

The median basic salary of an insurance agent based on the BLS (Bureau Labor of Statistics) as of May 2008 is $45,430, with new agents belonging to the lowest 10% earning $26,120 per year, and those belong to the highest 10% earning above $113,930. Although the numbers may not be very high especially for entry-level agents, majority of them also get commissions, incentives, and bonuses, and all these could significantly increase their take home pay.

Insurance Agent Job Outlook

The future is looking good for insurance agents, with a projected increase of 12% from 2008-2018. With the increasing population and the growing number of people reaching retirement age, there will be a need for insurance policies to cover health care, auto, and life. Moreover, growth would also be dependent on other factors such as the availability of more financial and investment products in the years to come.

Overall, an insurance agent career would be beneficial and appeal especially to people with excellent selling skills. It is possible to earn hundreds of thousands of dollars a year if they work hard and continue to develop and hone their skills.