Should you consider building a career in the life insurance sector? Selling life insurance is one of the most challenging occupations, yet it can be one of the best methods of maintaining a profitable and highly sustainable career. However, some industry analysts claim that insurance agents constantly overwork and’ burn out’ within one year.
In this article, we will attempt to answer whether insurance sales is a good career and what the advantages and disadvantages of this career choice are.
Is Being a Life Insurance Agent a Good Idea?
It can be a rewarding career if anyone chooses to become a life insurance agent for those who enjoy helping others plan for their financial future. Success depends on individual passion, dedication, and the ability to build strong client relationships.
Reasons Why Becoming an Insurance Agent Can be a Great Career Choice
Here are the things that make insurance sales a rewarding career:
1. Endless Earning Potential
An insurance agent can determine how much income they are willing to make a year. The more hours and energy you can invest into it, the more money you can gain from it. For this reason, some agents who became really successful might have never worked in the office before.
As you will be equipped with the right tools, training, and support, you can earn more than most other professions, like real estate agents, teachers, or IT professionals. It has no ceiling as you continue to add on insurance products tailored for clients, build a personal team, and enjoy promotions, bonuses and various incentives. Your compensation will follow this trend as you expand your list of clients.
2. Flexibility
You can finally bid goodbye to the norm of working from 9 to 5 on five days a week. Insurance sales is not a conventional job. In fact, it is your own venture.
You can work full time or part time. You can work on the weekends as well if you are willing to. It is flexible to work within your own timetable as well as the one that would be suitable for your clients. Work-life balance has to be prioritised to sustain as an insurance POSP in the long run.
How would it feel to be in a position from where you could control your income without any organisational interference? Working as an insurance agent helps realise this dream and allows you to work with well-diversified groups of clients.
3. Ultimate Team Building and Leadership Skills
As an insurance agent, you do not have to manage the delegated tasks all alone.
While working as an insurance agent may be compared to running your own business, it is possible to enjoy the backup strength you deserve. You will be able to learn using the tools you need from an agency that can help give you the required training and strategies for success. This is arguably the most important step that you will take for the first few years of your life insurance career.
You need the proper resources to assist you in improving your business and the proper training in order to develop yourself to become the ideal candidate in your field.
Challenges of Succeding as a Life Insurance Agent
Now that you already know the perks, let’s talk about some possible challenges to consider before deciding if becoming a life insurance agent in India is the right choice for you.
● Commission-based Earning
One serious downside of being a life insurance agent is that you are paid on commission. If you want to get paid, you must secure your income from selling insurance plans. This can be at times, a bit of pressure which makes it challenging, especially when you are new in the market.
● Demanding Work
Life insurance agents need to be extremely professional at work. It takes good communication, sales abilities and an easy-going mindset to accept rejections. Additionally, you should be able to explain the insurance policies in layman’s terms and have the smarts of handling objections and concerns.
● High Competition
Here, speed is key. The life insurance market is saturated with too many agents competing for a handful of clients. Hence, this competition is tough, and you need a way to compete for the handful of clients in your target industry.
● Regulatory Requirements
Becoming a life insurance agent involves jumping through some regulatory hoops, such as getting licensed by the IRDAI. Before you can get your licence, however, you will need to take the required pre-licensing courses and pass an exam.
Should You Consider Becoming an Insurance Agent in India?
The answer is very simple. Those who love to serve others can do well in insurance sales can further develop their career after choosing to become POSP Insurance Agent
In this means, it is necessary to educate clients on the need for life insurance as well and evaluate their needs and tailor-fit solutions. These are often the most common reasons for becoming an agent and deciding to be your own boss. As insurance sellers, you can make very good money while helping people. And top of this, communication skills and empathy as well a solid work ethic will get you far in the profession.
The ability to connect with people on a personal level is essential for an insurance salesperson. When you can understand your regular conversation partners well, you can make them feel comfortable during product pitches. It further leads to new opportunities of up-selling or cross-selling. So, try to focus on what they want from you. It will eventually help you achieve your objectives through a series of conversations.
