If you are one of the millions of Americans that have lost their jobs due to the novel coronavirus outbreak, you are in a unique position to enter into a booming industry. While life insurance premiums rose in 2019, S&P projections estimate that 2020 will only bring a marginal rate increase, making it an attractive investment for people concerned about their health and well-being amid this once-in-a-lifetime global pandemic. Keep reading for more insight on how to change career paths.
Understand the opportunity
As a general rule, working in insurance means that you can expect a small salary to start. However, since insurance agents are usually paid via commission, the bulk of your income is determined by how much you sell and how hard you work for it. US news reports median annual salaries of around $50,000 in 2018, with the lowest-paid around $36,000.
More than just the industry in general, you also need to get to know the company that you want to work for. No two companies offer the exact same product, and each will be viewed differently by the public. If you want to get to know your potential future employer, do your research. Indeed, a popular website for posting jobs also offers reviews of different companies, including Lincoln Heritage Life Insurance, which is known for providing burial policies for seniors.
Rely on your strengths
It does not matter what industry you’re leaving, as one of your biggest assets when seeking an insurance sales position is your personality. A successful agent is extroverted and forges relationships easily. You most likely won’t need a degree, but prior sales experience is helpful. But just because experience isn’t required does not mean that you should go into the process blindly. To get a better idea on whether insurance sales is right for you, look for books on the subject or talk to current agents you might know.
When it comes time to seek a new position, put together a resume. If possible, highlight your best qualities, whether that’s being an entrepreneur or helping companies achieve success. If you have experience in customer service and can prove a track record of client loyalty, showcase that. Resume Companion’s insurance agent resume sample can give you a better idea of what your own resume should look like.
Be prepared to sell yourself
While insurance is absolutely a needed product, ultimately, you have to sell customers on you, not the value of their policy. And you may need to start by pitching to your friends and family. Be cautious here, however, and remember your relationships are more important than a commission. No matter who you are selling to, let your personality and good intentions shine through. People know when you have their interest in mind and when your bottom line is your only concern.
There is much more to being a successful sales agent than a single post can prepare you for. You should know that it takes time and a true passion for helping people plan for the future. But with determination and a forward-thinking mindset, you can change career paths now, and enter into a position that’s slated for growth in 2020 and beyond.
This is a guest post that was ghost written for More From My Career.