Provides information, resources, analysis and referrals for a diverse range of members, including insurance professionals, media, regulatory organizations, higher education institutions and their students. Selecting the right insurance coverage isn't just about understanding your choices and selecting the right policy. Insurance agents are salespeople at their cores. Myth #5: Insurance Agents Work Really Long Hours. They are, however, required to complete pre-licensure training to develop core competencies in regards to the insurance products they will sell to their clients. As an aspiring insurance professional, wouldn’t it be great if you could sit down with a room full of successful insurance veterans and ask them for their advice? Generally speaking, agents earn two types of commissions selling Medicare plans: a flat dollar amount per application (Medicare Advantage and prescription drug plans) or a percentage of the premium sold (Medicare Supplements). Our agents have a customer-first focus. Agents & Brokers: Sell Marketplace health insurance for 2019 Get ready to sell health and dental plans to individuals, families, and small businesses through the Health Insurance Marketplace®. Let’s get right to the facts and figures. Remember that each insurance product – property, casualty, life, etc. Agents sell many different kinds of insurance, such as property, casualty, disability and personal lines of insurance. The burnout rate for life insurance sales agents is high. Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. Are there any continuing education requirements to maintain my license? All states require prospective agents to be at least 18 years old with a high school diploma to take the courses, which generally involve anywhere from 20 to 40 hours of classroom training. However, the top 10 percent of agents earned more than $125,000 annually, while the bottom 10 percent took home just over $27,000. Key points to consider when researching pre-licensure programs include delivery method, length and cost. An insurance agent is a salesperson who sells insurance policies. An agent helps consumers select the right insurance to buy, but represents the insurance company in the transaction. Yes. SE, Ste. How Much Does an Insurance Agent Make on Medicare Sales? Insurance Agent allows clients to easily stay in contact with their agency, manage their policies, file accident reports and perform other insurance-related functions. Independent Insurance Agents & Brokers of America, Women in Insurance and Financial Services, National Association of Professional Insurance Agents, CCIIO – Center for Consumer Information and Insurance Oversight. In other words, an insurance agent helps individuals with finding insurance products that align with their needs and requirements. Regardless of the type of insurance you sell, you must be registered as an insurance agent with your state. It’s a Desk Job. 16) Become a Marketing Expert. If you are competitive and enjoy working with others, this may be a good career choice for you. Variable products insurance: Selling insurance products with an investment element. If you do this and follow the Medicare Communications and … Late-career professionals and agents with skills in customer relations, account sales and management all can potentially earn more. The American Council of Life Insurers provides a list of all 50 state insurance departments on its website. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker. The median yearly pay for insurance agents in the United States was $48,150 in 2012. A must-read for agents across multiple lines of authority. Wages for insurance agents are typically tied to commissions, which can account for a wide discrepancy in pay. Learnhowtobecome.org is an advertising-supported site. Since there are multiple steps to becoming an insurance agent, let’s break this down by sections: Getting your insurance licenses – Three to six weeks Finding an insurance agent job – Two or more weeks Getting your FINRA licenses (optional) – Four to eight weeks Agents who have met all the requirements and earned licensure are eligible for employment at insurance agencies and brokerages, which can vary from small local brokerages to regional offices of well-known insurance carriers. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site. So, it’s time to get out there, get the hours of education required by the state and agency of your choice, take the exam, and pass it. Decide if you want to complete an associate or bachelor’s degree program. There are dozens of industry trade organizations that provide members with discounts on continuing education, educational resources, opportunities for professional development and networking, and regional and national conferences where agents can mingle with like-minded peers. Another option is becoming an adjuster, which is the business of investigating and adjusting claims on an insurance policy. As an ERIE Agent, you’ll also manage your own business, meet sales goals and provide quality customer service. This trade association was founded in 1931 and has agent members in all 50 states. Rewarding Career You will help people realise their dreams by fulfilling their financial goals. Commercial insurance agents also sell property damage and liability policies, employee and executive coverage and product liability. The first potential clients that agents are taught to reach out to would normally be their family members and close friends. Know more about the benefits of becoming an LIC agent 1. Although insurance agents play a key role in the industry, many consumers in today’s highly connected world perform online research and purchase policies on their own, which has reduced demand for new agents. Insurance sales is a profession, but you aren’t treating it that way. It's important to recognize that a degree may be required for a career or increase your chances of employment but it is not a guarantee of employment when you complete your degree. While they normally fill a back-office role in support of insurance sales agents, they sometimes accompany the agents on … The leading trade organization is dedicated to women working in the insurance and financial services industries. The first thing you want to do is decide what type or types of insurance you’d like to specialize in. Provides leadership academies, conferences, working groups and professional development opportunities. Changing Addresses – Use Licensing Link to change an address. Working from home as an independent insurance agent gives you the flexibility to set your own hours to accommodate clients and a comfortable atmosphere in which to work. To get a license, you need to meet specific requirements, which vary depending on the category, also called class, of insurance you wish to sell. Selling insurance is rewarding, has amazing growth potential, and is a great way to start your career or make a much-needed change. – Eric Narcisco, CEO of Effective Coverage, Albany, NY. Member benefits include access to monthly webinars on business mentorship and professional development, peer connection opportunities, and registration to the WIFS annual national conference. These organizations offer opportunities for professional development, help agents stay abreast of important industry news and events, and provide an important voice of advocacy in legislative and regulatory issues. Albert Einstein once said, “Failure is success in progress.” Fear is paralyzing. They sold and sold and sold. The first thing you want to do is decide what type … Following are some of the most frequently asked questions by new and aspiring insurance agents: Each state has an insurance board or commission that can help applicants determine the mandatory requirements in their state. Life insurance, car insurance, home insurance, or business insurance all require a license to sell in any state. You must decide between two types of insurance agents when you start your insurance agent business: captive and independent. Among the career paths in insurance, insurance underwriters analyze insurance applications to determine whether they should be accepted or rejected. It’s the only way to become super successful in this business and if you want to be successful you’re going to have to do it too. Insurance agents working with specific life and health products, for example, must complete carrier training on an annual basis to remain appointed. Renewals - Insurance agents licences are renewed every 2 years. Willing to Fail. Commercial insurance agents also sell property damage and liability policies, employee and executive coverage and product liability. They work one on one with a client, to learn about their financial situation and lifestyle, and then look at options for property, health, car, and life insurance and find them the best products at the best rates. This question helps you see how the new agent will promote themselves and if their personality is a good fit. Meet new business production goals and objectives. They need to be self-starters and actively find new clients and build a book of business to keep commissions flowing. Before you begin the process of getting licensed, you’ll … Temporary insurance agent is an individual who sells, solicits or negotiates insurance through one specific insurer. 6. A good insurance agent knows more than how to sell an insurance policy. We live in a world today where anyone can sue anyone for anything at any time. Mobile app developed by Blue I, LLC for both iPhones and Android-based smartphones. The number of hours you’ll have to complete and the cost also varies by state. More than 90% of new agents quit the business within the first year. Agents need to be highly analytical so they can assess their client’s needs. According to the Bureau of Labor Statistics, median annual salaries for insurances sales agents was just under $50,000 in 2017. In other words, an insurance agent helps individuals with finding insurance products that align with their needs and requirements. 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