That word scares most, and even some brave enough to try it, tip toe in then bolt right out.
I hope to kill that fear right now, especially in the arena of insurance sales. Hang with me, because this could just be the income machine you have been looking for.
The fastest way out of debt is not doing without and cutting back. These are solid strategies for sure, but these are not the fastest way out of debt. The fastest way out of debt is to make more money, and selling insurance is a fantastic way to generate a very comfortable, time-freedom life for you and your family.
This content was covered on Debt-Free WEALTH Radio. Listen as you read, or instead:
The Insurance Career
Amazingly, no college degree is necessary to earn the kind of income doctors, and lawyers make, in the insurance industry only a state-issued professional license is required
No college degree is required to play in this space where mega money is discussed, planned, and distributed.
Since I have a college degree, my Real Estate Broker’s License, and my Insurance license – I can tell you, if I could do it all over again, I would have eliminated two of the three. Knowing what I know now – insurance as a career and insurance as a vehicle for wealth has, in my estimation has been easier to acquire and hold than any piece of real estate, easier to sell, and easier to liquidate; without accepting the burden of debt that came with six years of college.
Trust and Respect
Insurance is a professional industry to play in. The insurance space straddles the world of medical history in the risk assessment area, the area of legacy distribution in the legal arena, and the world of asset valuation in the top tiers of personal expenses (planes, cars, homes), The fiduciary obligation means the trust level has to be high. With high trust, comes high respect.
Insurance sales done right side steps the mythical image of the sleazy salesman that tends to dominate the mind when the idea of Sales as a career is brought up. As relaxed as some offices are- for the most part, insurance agents still dress the part of the professional, even if it is on the classier end of the business casual dress code.
To Be, or Not to Be – Captive
Not all insurance companies are created equally. I did a stint with one that had me as a ‘captive agent.’ Trust me, captivity is NEVER a good thing! Even the official definition of the word is scary. According to the Merriam-Webster dictionary,
Definition of captive
adjective cap·tive \ˈkap-tiv\
1a : taken and held as or as if a prisoner of warb (1) : kept within bounds : confined (2) : of or relating to captive animals <captivebreeding>
2: held under control of another but having the appearance of independence; especially : owned or controlled by another concern and operated for its needs rather than for an open market <a captive mine>
3: being such involuntarily because of a situation that makes free choice or departure difficult <a captive audience>
Being a captive agent meant they had the right to limit my pursuit of other income streams and limited what I could honestly offer clients to serve them in the best and most effective way. Being a captive agent meant it was their way or the highway. I chose the highway and found another place to rest my license that gave me my wings.
What is even better, this company has a system for generating quality leads for us that were well worth the dollars to acquire them. Just last night at an Agent meeting, 19 people in the room (about 70%) of Agents had helped families with customized policies that week. I had not seen that success rate in my former company, nor in many other sales networks, I am aware of.
Insurance is also a major vehicle used by the wealthy to transfer tax-free wealth to the next generation. Guess what; ordinary people do this too. For an amount that works in your spending plan, monthly payments on a policy can create peace of mind in case family breadwinners become permanently disabled, diagnosed with a terminal disease, or suddenly pass away.
Is Insurance Sales a Fit for You?
For the person with a nurturing personality: Helping families cover their assets and create legacy transfers and creating peace of mind – is a very satisfying feeling for the policy writing Sales Agent.
For the person who loves the detail and covering all the bases: Trust me, there are many things to uncover in an interview, many questions to answer from concerned clients, and numbers to review.
For the ‘cut to the chase, show me the money’, no-nonsense personalities: that hard drive attitude will win you more zeros on your paycheck and guess what, with some of the companies in our haystack, you can find those paychecks are being deposited on a daily basis. With the average policy, $500 – $700 paydays are not difficult to create at all.
For the ‘why bother if it’s not fun’, personality: our crew has regular get-togethers, strangers quickly become friends, there are tons of trips, and pancake breakfast meetings, that sometimes it is hard to get back down to business.
You are your own boss!
Yeppers! You may have a hiring Agent and a Team leader helping you scratch your career itch, but they will only push you and help you to the degree that you intend to work. The company I am associated with pins no minimums or quotas, and just as there are no floors, there are not glass ceilings either. The only limit that exists here are the ones you put on your wallet.
Many make decent money with us running a part-time gig. Many see that part-time income and compare it with their day job and ditch their day job to go full-time here. I have seen this phenomenon happen in as short as a five-month window. Of course, results vary and success is never guaranteed. However, this company offers BOSS training at a fraction of the cost if you were to do the same course on your own dime, then they offer quality leads, and constant, top shelf training and mentorship. This is truly an environment for winning for anyone who can follow instructions, has ambition and a desire for personal prosperity.
Well… did I do it? Did I give you enough to at least challenge your thoughts on the career field of insurance? Interested in more information? Know anyone else who might be? If you live in the USA, connect with me and I will help you get plugged in, trained, and ready to rock your new insurance sales career.