Sep 3, 2020
This is the second part of our series on career opportunities in the insurance industry. The focus is on the opportunities available to you as a life and health insurance agent.
If you passed your property and casualty exam, be sure to listen to episode 54 where I talk about some of your options with that license.
Life and health are completely different industries inside of the insurance world and both offer several options.
So many people think insurance is all about sales. While it is definitely a component of the industry, there are a lot of other areas where you can work and not do sales. T
For example, there’s underwriting, accounting, claims, and I’ve heard one of the departments that makes a lot of money is the actuaries. So if you are a numbers person, it’s something to consider!
There’s a lot of cool things you can do with life insurance. I’ll be honest, I’ve always been a basic life insurance agent, not selling anything too sophisticated, but there is a lot that can be done in this arena.
Once I brought my friend from the Hartford on an appointment to see one of my government contractors. He was talking about some sophisticated life insurance planning techniques to help the two business owners. They were talking on the same page although I must admit, I was a little lost in the conversation.
There is so much that can be done with life insurance, it’s not just a straight term or whole life sale. The more assets someone has, the more fun putting together life insurance policies can be because there’s more to work with!
WHAT CAN YOU DO WITH HEALTH INSURANCE?
There are career opportunities for each of the type of products mentioned, You can find positions on both the agency and carrier side.
Finding the right fit isn't always easy! Most organizations are ethical and work above board, but there are some bad companies out there. Some are known as multi level marketing type companies. They’ve been around awhile and I don’t think it’s a good option, but ...I”m just going to leave it there. Do your research, talk to other agents outside of the company and get their input before putting your heart and soul into them.
One of the most important things you can do as an agent is to look at the financial ratings of the companies you represent or work for. If they are struggling financially, do you really want to sell their life insurance policy? What if they aren’t around in 10 years to pay claims on the people you were trying to protect.
If an insurance carrier has financial difficulty and can't pay claims, the State Insurance Departments are the back up system. As an agent, it’s not something your clients should have to deal with.
This is where integrity is important and you don’t sell insurance just for the commission, you sell the insurance because it is the right thing for your client.
You need to understand what is covered, what isn’t covered, what the rate history has been and you should always look at the financial ratings before presenting a product to a client. I can’t stress this piece enough.
I said this for the property and casualty side, but if you try something and find you don’t like it, there are so many other options to consider in the insurance industry. Don’t give up on this career path because the first job or the first boss didn’t work out!
Pick one area, learn it and learn it well. Become the expert in the area then move on to something else.
Remember, there is a lot to insurance. It’s not simple and black and white. So many people really don’t give it a chance and so many people really don’t understand what is involved.
Most people don’t choose insurance as a career, most people fall into it. I encourage you to make it a choice as a career. I don’t think you’ll be disappointed.
This episode of The Business of Insurance podcast is brought to you by LynnMichel Insurance. Lynn Michel is an independent insurance agency helping seniors with their medicare benefits from medicare advantage to prescription drug and medicare supplements. If you have someone that needs help and this isn’t your area, please connect with Lynn Michel Insurance. They won’t take your clients from you, their goal is to help you look good!
In the US, October 15 - December 7 is annual enrollment period for those on Medicare. If you know someone that is over 65 and currently receiving Medicare benefits, this is the time for them to review their plans and see if there is a new plan that makes more sense for them.
During this time, medicare recipients are bombarded by mailers and commercials, so please encourage them to talk to a professional and review their options. If the professionals at Lynn Michel can’t help them, well refer them to another professional that can!
If you aren’t focused on the medicare market, let Lynn Michel Insurance be your resource. Check them out at lynnmichel.com or connect with them on social.
That wraps it up for this episode. I hope you’ve taken away a few ideas that you can implement. If you like what you’ve heard, please subscribe but more importantly, please tell a friend or a colleague about the podcast.
Until next time, keep creating opportunities.
SHOW THE LOVE
If you are listening to this podcast online and don’t know how to listen to podcasts on your phone, reach out to our host, Debbie DeChambeau and she'll help you.
CONNECT WITH THE PODCAST ON SOCIAL
ABOUT THE HOST
This episode of the Business of Insurance podcast is produced and hosted by Debbie DeChambeau, CIC, AAI, CPIA - an entrepreneurer, business advisor, insurance professional and content creator. Her goal is to inspire you to think differently and explore ideas that disrupt the status quo.
Debbie has an extensive business and marketing background with a focus of helping insurance professionals be more successful.