A career as a life insurance agent
If you’re looking for a career that has unlimited income potential, then selling life insurance may be the career for you. The main reason I say this is because Canadians need life insurance, as well as several other types of insurance that only a licensed life insurance agent can sell. That point is missed by many who talk about a career selling life insurance.
Canadians love insurance!
They talk about the main benefits, which I will, of course, discuss, but they miss the fact that life insurance is a staple in Canada. In other words, most Canadians are or need to be covered by some form of life insurance, or its related insurances. In fact, let’s look at some of those numbers:\n
- 29 million Canadians are covered by some form of insurance
- $1 Billion is paid out each week in claims
- 90% of claims to to living policyholders and group insurance certificate holders
- 22 million Canadians are covered by life insurance, representing…
- $110 Billion in annual premiums
- 25 million Canadians have supplementary health insurance
Why am I telling you how much insurance Canadians have? Because there is a common myth that Canadians don’t like insurance, and they don’t like to talk about it either. But that’s simply not true. In fact, Canadians are getting insurance…. The question is do you have what it takes to be part of this booming industry? Here is another reason to think about selling life insurance as a career. The most successful insurance salespeople are also getting close to retirement. In fact, close to 50% of successful insurance advisors will be retired by 2028. The industry needs new advisors to fill that oncoming exodus! And in my opinion, those who get in now are likely to benefit from that exodus in the years to come. But let’s get back to the fact that Canadians need insurance, and have a look at the other types of insurance licensed agents can offer their clients. These other insurances include:\n
- Accident and Sickness insurance:
- Critical illness insurance: enjoy the money now if you suffer a critical illness
- Disability insurance: compensates for injuries
- Creditor insurance: pays off your mortgage
- Group insurance: company benefits
- Segregated funds: guaranteed investments
- Key person insurance: protect your business if a key employee dies or is disabled
- Buy sell agreements: protects the family if a business owner passes away
- Whole life insurance: create wealth while being covered
And more. Maybe now you can see why Canadians need insurance. It’s not just life insurance. It’s insurance for all of what life throws at you, from getting sick or hurt, protecting your assets, planning for retirement and creating and protecting your estate. Now, let’s talk about why this is such a great career. As I mentioned, the number of successful agents retiring in the next few years is mind boggling. And there are more jobs in the industry than applicants. So getting hired is likely the easiest part of the process.
It’s rewarding
The rush you get when you’re able to help someone protect what they’ve worked so hard to build, and when you’re able to help them build it, is remarkable.
Very low cost of entry
Where else can you spend a total of about $1,500 to have the income potential of hundreds of thousands of dollars? Do you know how much med school costs? That’s a huge investment to be able to make the same type of income that you can in this industry.
Work life balance
If working your own hours gets you excited, then this could be the career for you. Just like you decide on your income, you decide on how much you want to work. You also have the benefit of passive income.
Passive income
What’s that? Well, every year that the policy is in place, you get paid again…and again. That’s passive!
Unlimited income potential
Because you’re your own boss, you get to work your own hours, and drive your income as high as you want to. No one will stop you except yourself.
Create a saleable asset; your book of business
Client renewals and ongoing, annual fees create a stable income stream that others, such as other agents, brokerages, etc., want to buy. You build it and when you’re ready to retire, you’ll have a nice asset to sell!
Is it easy?
For some, yes, but for others, no. Here’s why: Commission-based. This is a double edged sword. On the one side, unlimited income potential. On the other, no minimum income guarantee. You’re your own boss, and you won’t get paid unless you produce!
Customer acquisition
You have to find your own customers. Just because Canadians love insurance doesn’t mean they’ll loved getting it from you.
The Process
Clients must apply and be approved for insurance. That means there is an underwriting process involved and not every client will be able to buy what you have to sell. Overall, if you have what it takes you can write your own paycheque because the sky is the limit in this industry. And taking the course for licensing is the first step in answering the question: is life insurance a good career for me? I hope you found this helpful in making your choice and wish you all the best in your future.
