How to Sell Insurance
If you are looking for information on how to sell your life insurance policy as an investment, go to my article on life insurance settlement. It will give you information on selling life insurance to investors for quick cash.
Learning how to sell insurance is not very difficult to do, even though the actual doing of it can be hard work just like any other worthwhile money making endeavor. Selling insurance can be a very lucrative business and will give you the ability to work for yourself, work from home or work from an office with a team. Here are the basics of how to sell life insurance. Whether you are selling commercial insurance, home insurance or other kind of insurance, or selling life insurance, it all starts out the same way.
I've worked in various components of the selling insurance policy business from working at a worker's compensation insurance provider, being a licensed life insurance agent and even working as a prospect cold caller for a successful insurance broker. So a lot of this is based on my own experience.
The insurance business allows easy access for those wanting to enter the field as well as many options to advance through continuing training and licensing. In addition, being an insurances sales agent can be a very lucrative and financially rewarding career once you learn how to sell insurance.
In addition, it's a growing industry where you can make money for years to come. There are even new advancements like life insurance settlement that may make your ventures in this industry that much more productive and fruitful.
The bottom 10% had an income of $26,120 or less, while the highest 10% earned more than $113,930.
The median annual income for insurance sales agents who worked directly for insurance carriers were $48,150. Those who worked for agencies, brokerages and other insurance related businesses made a median annual income of $44,450.
Once you learn how to sell insurance, many jobs are commission only, especially for entry-level agents. Some are salary plus commission, but usually heavily dependent on commissions by nature. Because of the competitive nature of this industry, usually the commission structure is very generous.
You can choose to just focus in on a specific type of insurance policy like life insurance, as many people do, and other decide to provide the full gambit of insurance from life insurance to worker's compensation to auto insurance.
The great thing about wanting to sell insurance policies is that you can, just like any business, begin with a bread and butter line, like life insurance, and slowly expand your line of insurance products, thereby levering the relationships and customers you already have in your book of insurance business.
Professional insurance agents are viewed more as financial advisers than salesmen. They help people hedge against risk exposure, just like a hedge fund financial adviser helps businesses hedge against risk buy selling commodity futures. Speaking of which, many insurance agents also sell financial products like stock, bonds, commodities, annuities, retirement plans in addition to selling insurance policies.
Another advantage to selling insurance policies is that you can start part time. Even if you have a full time job, you can start in the evenings scheduling appointments and meeting with people. Insurance is a good low risk way to get into the selling or get into the insurance business.
On top of life insurance, you can pursue other insurance licenses and add to your business. Each state has it's own requirements for attaining a life insurance license so be sure to look up what the requirements are in your own state.
Life insurance classes tend to be only a week long if you go everyday. Mine took 5 days, 8 hours each day and it cost me just a couple of hundred bucks. Not much start up cost involved.
Secondly, and maybe more importantly, you need a few insurance carriers to sell insurance for. Basically, you need something to sell. If you don't know anyone already who sells insurance, start shopping around for insurance policies.
Start shopping for life insurance and get some. It's not very expensive if you're young and starting out in life, and it will give you the opportunity to talk to a number of life insurance agents who are doing what you want to do. And chances are, many of them are looking to recruit life insurance agents for their own business.
Many insurance brokerages and agencies are set up so the owner of the company gets a cut of all the business the agents below him get. Seems unfair? Not really. Because these owners will not only help you get set up so you don't have to go looking for your own insurance carriers, but they will also give you very valuable mentoring and advice.
They will save you years of learning it the hard way. And in the end, if you sell insurance by yourself, you may never learn crucial lessons.
Look for an insurance agent or insurance broker who is experienced, seasoned and successful. Let him sell you on why you should work for his company. Then pick the best one. And, oh yeah, actually buy an insurance policy from him.
Also, pick an insurance agent who has multiple lines of insurance policies or financial products. Then, if you want to eventually expand into other lines, you have someone who has gone before you. Many of these areas will need it's own training and license.
Learning how to sell insurance is not very difficult to do, even though the actual doing of it can be hard work just like any other worthwhile money making endeavor. Selling insurance can be a very lucrative business and will give you the ability to work for yourself, work from home or work from an office with a team. Here are the basics of how to sell life insurance. Whether you are selling commercial insurance, home insurance or other kind of insurance, or selling life insurance, it all starts out the same way.
I've worked in various components of the selling insurance policy business from working at a worker's compensation insurance provider, being a licensed life insurance agent and even working as a prospect cold caller for a successful insurance broker. So a lot of this is based on my own experience.
The insurance business allows easy access for those wanting to enter the field as well as many options to advance through continuing training and licensing. In addition, being an insurances sales agent can be a very lucrative and financially rewarding career once you learn how to sell insurance.
In addition, it's a growing industry where you can make money for years to come. There are even new advancements like life insurance settlement that may make your ventures in this industry that much more productive and fruitful.
Selling Insurance Income
In May 2008 the median annual wages of wage and salary insurance sales agents were $45,430. The middle 50 percent earned an annual income of $33,070 - $68,730.The bottom 10% had an income of $26,120 or less, while the highest 10% earned more than $113,930.
The median annual income for insurance sales agents who worked directly for insurance carriers were $48,150. Those who worked for agencies, brokerages and other insurance related businesses made a median annual income of $44,450.
Once you learn how to sell insurance, many jobs are commission only, especially for entry-level agents. Some are salary plus commission, but usually heavily dependent on commissions by nature. Because of the competitive nature of this industry, usually the commission structure is very generous.
Benefits of Insurance Sales
Insurance allows many people to work for themselves and those who are good at it make pretty good money. Selling insurance affords you the ability to have your own business.You can choose to just focus in on a specific type of insurance policy like life insurance, as many people do, and other decide to provide the full gambit of insurance from life insurance to worker's compensation to auto insurance.
The great thing about wanting to sell insurance policies is that you can, just like any business, begin with a bread and butter line, like life insurance, and slowly expand your line of insurance products, thereby levering the relationships and customers you already have in your book of insurance business.
Professional insurance agents are viewed more as financial advisers than salesmen. They help people hedge against risk exposure, just like a hedge fund financial adviser helps businesses hedge against risk buy selling commodity futures. Speaking of which, many insurance agents also sell financial products like stock, bonds, commodities, annuities, retirement plans in addition to selling insurance policies.
Another advantage to selling insurance policies is that you can start part time. Even if you have a full time job, you can start in the evenings scheduling appointments and meeting with people. Insurance is a good low risk way to get into the selling or get into the insurance business.
Sell Insurance Policy - Getting Your License
The first thing you will need to do is to get your license to sell insurance. Getting your license in certain insurance products is more difficult than others. I always advise people to start with their life insurance agent license because it tends to be the easiest to get, and you get to also sell some financial products like annuities in addition to selling life insurance.On top of life insurance, you can pursue other insurance licenses and add to your business. Each state has it's own requirements for attaining a life insurance license so be sure to look up what the requirements are in your own state.
Life insurance classes tend to be only a week long if you go everyday. Mine took 5 days, 8 hours each day and it cost me just a couple of hundred bucks. Not much start up cost involved.
Sell Insurance Policy - Shop for Insurance, Find a Mentor
The next step is to shop around for insurance. Start out by getting life insurance quotes from various sources. Why? Because you will need industry contacts. Don't go it alone. Just because you take an insurance class doesn't mean you know how to sell insurance.Secondly, and maybe more importantly, you need a few insurance carriers to sell insurance for. Basically, you need something to sell. If you don't know anyone already who sells insurance, start shopping around for insurance policies.
Start shopping for life insurance and get some. It's not very expensive if you're young and starting out in life, and it will give you the opportunity to talk to a number of life insurance agents who are doing what you want to do. And chances are, many of them are looking to recruit life insurance agents for their own business.
Many insurance brokerages and agencies are set up so the owner of the company gets a cut of all the business the agents below him get. Seems unfair? Not really. Because these owners will not only help you get set up so you don't have to go looking for your own insurance carriers, but they will also give you very valuable mentoring and advice.
They will save you years of learning it the hard way. And in the end, if you sell insurance by yourself, you may never learn crucial lessons.
Look for an insurance agent or insurance broker who is experienced, seasoned and successful. Let him sell you on why you should work for his company. Then pick the best one. And, oh yeah, actually buy an insurance policy from him.
Also, pick an insurance agent who has multiple lines of insurance policies or financial products. Then, if you want to eventually expand into other lines, you have someone who has gone before you. Many of these areas will need it's own training and license.
A Sales Career
Selling life insurance is just like any other sales job. It requires hard work, diligence, perseverance, organization and ongoing education, training and professional development. But it has a very low barrier to entrance.
Just like any other sales job, you have to contact prospects and sell to them. Once you have insurance leads, you will have to do some cold calling or networking.
That means if you have the willingness and the desire, you can not only get a job in this business, but also be successful at it. When you know how to sell insurance, you can do it in any product line.
Not only that, many sales careers have started with selling insurance. Because it has a low barrier to entry, many people right out of school choose to go into this to start their sales careers. And sales in many industries and companies are the path to executive positions.
For example, many bank presidents and vice presidents have at one time or another been in loan officers or client relationship managers, both of which are essentially sales. Many even retail companies have executives that started out in the sales department.
Selling insurance can be and has been the entry point for many successful business people. And again, learning how to sell insurance is something that is easy to do.
Just like any other sales job, you have to contact prospects and sell to them. Once you have insurance leads, you will have to do some cold calling or networking.
That means if you have the willingness and the desire, you can not only get a job in this business, but also be successful at it. When you know how to sell insurance, you can do it in any product line.
Not only that, many sales careers have started with selling insurance. Because it has a low barrier to entry, many people right out of school choose to go into this to start their sales careers. And sales in many industries and companies are the path to executive positions.
For example, many bank presidents and vice presidents have at one time or another been in loan officers or client relationship managers, both of which are essentially sales. Many even retail companies have executives that started out in the sales department.
Selling insurance can be and has been the entry point for many successful business people. And again, learning how to sell insurance is something that is easy to do.
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