Insurance is one of the most stable industries in the United States. It offers a wide range of interesting jobs, rewarding career paths and professional growth opportunities. As long as people continue to live longer, require healthcare, and own cars and homes; insurance will be a necessary part to everyday living. And Insurance professionals are the most transferrable of licenses. You are able to practice your craft in most states without having to be re-licensed to do so.
Insurance is always in demand because people will always be looking for ways to minimize risk in their personal lives and businesses.
While intangible, the idea of managing risk is not a new concept. Throughout history, the types of insurance offered have been expanded in reaction to new risks. In America, insurance was first available as early as 1752 by an insurance company started by Benjamin Franklin.
Insurance and Retirement
There are clear crossovers between the insurance industry and others. Many times, financial advisors will supplement their offering to their clients by getting licensed in insurance sales. This will allow them to create more powerful strategies that incorporate retirement vehicles such as annuities, IRA’s and 401ks into the long term plan of protection of their clients’ financial futures. Conversely, many insurance professionals also find themselves getting certified in financial planning to do the same.
For insurance agents and brokers, this is good news. With all the types of insurance to sell, satisfying the needs and wants of clients is getting easier. With new reforms in the industry, including state and government-mandated options, insurance is on the path to becoming more accessible and affordable than ever.
Insurance Agent or a Broker
You can obtain either an agent or broker license for insurance. Both designations use the same curriculum but may require a different exam. The difference between an agent and broker license is that brokers are able to start their own insurance agency or brokerage and require more experience. It is a wise idea to obtain a broker’s license if you have an interest in running your own business one day. Brokers work in a similar capacity in Insurance as they do in Real Estate. They are managers, teachers, coaches and recruiters. Intuitively, with the greater responsibility comes greater income potential.