When you live your life daily, you may not think about those who work in careers that help keep society moving. If you do, you might ask yourself, “Well, what is it like to live the life of a life insurance agent?” You may think it’s the easiest job in the world or the most chaotic. Perhaps you think it’s calm and peaceful or hectic? The truth is it depends on many factors!
What exactly does a life insurance agent do?
Similar to other kinds of insurance agents, such as residential, car, health, etc., a life insurance agent’s duty is to sell insurance plans and policies to consumers. Specifically, life insurance agents specialize in what happens when an individual passes on. The U.S. Bureau of Labor Statistics states, “Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Life insurance agents also sell annuities, which require the policyholder to make a single deposit or a series of payments in exchange for regular disbursements over time.”
Life insurance agents will work with a single or possibly many insurance providers to act as representatives for the company or companies. The amount of training an individual may undergo to get their insurance license may seem quite complicated, but anyone can become an agent! Additionally, in most cases, life insurance agents will specialize in life insurance and other types of insurance, such as health insurance.
What is their daily schedule typically like?
While it varies from agent to agent, there are several duties and tasks the typical agent will need to perform in their day-to-day work. One of the most important tasks they must do is to contact current and potential clients. Every day, they need to follow up with clients via email or phone, schedule meetings, reach out to new potential consumers, etc. They will need to assist clients with understanding their policy plan, helping them find the best coverage for their needs, making educated suggestions and advice, maintaining those clients’ records, and more.
Additionally, they may attend events! These can range from being a small breakfast get-together with other agents to train, setting up social events to encourage clients to meet them and establish a connection, attending conferences with insurance company representatives, or learning events to help possibly renew their licenses or get a new one. These are just a few examples.
What about captive versus independent agents?
There are two main kinds of insurance agents, no matter the type of insurance: captive and independent agents. This distinction can affect their daily lives heavily.
A captive insurance agent is one who works exclusively for one insurance provider. Typically, these agents can work full-time for these companies and receive benefits, commission, and a salary. As a captive insurance agent, they cannot represent or sell any policies for other insurance companies that do not belong to their employer. They may have a set daily schedule and are not considered self-employed for tax purposes.
On the other hand, an independent insurance agent cannot work for one company full-time and typically is contracted with several different insurance companies. They are fully self-employed and responsible for all their business operations and duties. However, their schedule is much more flexible; they choose their own hours and can decide how many contracts they want to handle at any time. However, since they do not receive a salary, they must be at the top of their game to make as much income as possible.
Do I want to have the life of a life insurance agent?
Anyone can potentially become an agent! All you need is a high school diploma or GED, pass your licensing exam, pass the background check, and have a clean record without fraud or felonies. The requirements differ from state to state, but typically, you will be required to attend state-approved live or online classes. Once you complete those courses, you will take the state’s exam. Once passed, you apply to that state’s insurance department. If you feel you have what it takes, we highly encourage you to examine deeper into becoming one!
Agents
We hope that this information on earning a life insurance license is useful to you.
Empower Brokerage is dedicated to helping you make informed decisions about your health and finances. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans, we want you to be successful!
Call us at 888-539-1633 or comment below if you have any questions.
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Griffin Miller recently joined the marketing team at Empower Brokerage in the Houston branch as a Graphic Designer. A University of Houston alumni, Griffin brings a comprehensive skill set to the role, with experience spanning digital illustration, branding design, video editing, animation, and 3D modeling.
