Are you looking for a career opportunity that allows you to utilize your customer service and sales experience? Perhaps you’re simply interested in ways to boost your income so you can afford a better lifestyle. If that’s the case, becoming an independent life insurance agent could satisfy your desires. It’s a meaningful and much-needed profession with the potential to generate significant income to secure your financial future. How does one become an independent life insurance agent? Continue reading to learn more.
What Is An Independent Life Insurance Agent?
Let’s start with the basics. An independent life insurance agent is commonly referred to as an insurance broker. As an agent, your job is to sell policies from various insurance providers to interested parties. You evaluate client needs and help them select life insurance policies that accommodate their needs and budget. Once a policy is selected, the insurance broker is responsible for getting clients signed up and cultivating a relationship between clients and insurance agencies.
Advantages Of Being A Broker
Why would someone want to be a broker instead of just applying to work at an insurance agency? The advantages are plentiful. As a broker, you’re independent of any agency, meaning you’re an entrepreneur. You can decide which brands to offer, set your own hours, and maximize your earning potential. Insurance brokers get paid on commission and can also charge broker fees for higher profits.
Now that you understand what an insurance broker is and the advantages of entering this line of work, let’s look at how to get started. Keep in mind that the steps and requirements vary by state, so you’ll need to do location-specific research to develop the correct plan.
Education And Training
The great news is that you don’t need advanced degrees to become an independent life insurance agent. Most states only require that you have a high school diploma or GED. However, having an educational background in sales, marketing, business, or insurance, can make progressing in your career easier.
Interested parties will have to take an exam to get their insurance broker license. While some jurisdictions require that you have prior experience or training in the insurance industry, it’s not always necessary. You’ll need to check with your state’s licensing board to find out the exact requirements.
Many licensing boards require that applicants go through a background check and fingerprinting before they can obtain a license to sell insurance. This necessary step is implemented to reduce the potential of insurance fraud. While misdemeanors and light infractions may not be an issue, felonies and other crimes may prevent you from getting your license.
Search For Openings
Once you’ve acquired your insurance broker license, you can begin searching for job openings. Insurance companies are always on the lookout for salesmen that can help improve their bottom line. You can search online job listings, social media platforms, or view insurance company websites and career portals to find availabilities. In some instances, you may be required to take company-specific training before you can qualify.
Protect Your Business
It’s important to remember that you’re an independent sales agent. Therefore, you must protect your business. You’ll need to invest in products like general liability insurance, commercial property insurance, errors and omissions insurance, and workers’ compensation.
Advertise Your Services
Marketing will be a significant part of your job as an insurance broker. You must make yourself appealing to insurance companies and potential clients to land jobs and generate income. Start by building a strong online presence with a website and social media account. You can use tools like a life insurance website builder to create a high-quality platform for insurance agencies and clients to learn more about your education, experience, training, products, and services.
Use your social media platforms to educate, entertain, and connect with your target audience by uploading industry-related articles, images, infographics, and videos. Engage in conversation, answer questions, and develop trusting relationships to take your insurance business to the next level.
Life insurance is an essential product for individuals and families alike. It provides financial assistance to cover the many expenses associated with the loss of a loved one. Insurance brokers help major companies increase their profits while assisting consumers in making an economically sound decision to protect themselves and their families. If you’re looking for a purposeful career opportunity that offers better work-life balance and generous income, use the steps above to become an insurance broker.