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Medicare Insurance Career Pros & Cons
Pros
- Excellent First year commissions & equal residual commissions – “Best of both Worlds”
- Most popular and fastest growing insurance career
- Currently not enough Medicare insurance agents to handle the aging population
- 10,000 people a day turning 65
- Need-based industry with millions of Medicare recipients
- Seniors want & need this insurance
- Not customer service intensive
Cons
- Government regulated annual enrollment periods
- Many marketing restrictions
Final Expense Insurance Career Pros & Cons
Pros
- Excellent first-year commissions
- Excellent opportunity for crossover sales with Medicare products – Medicare insurance and Final Expense insurance are often the same clientele
- High need for these products based on funeral costs
- Year ‘round selling opportunities – no government enforced enrollment periods
- Good industry to start a career – no book of business needed to make a decent income
- Minimal time, energy and training to begin
Cons
- Smaller residuals than other insurance careers
Life Insurance Career Pros & Cons
Pros
- High first-year commissions
- Life insurance pays a majority of its commission in the first year, with smaller residuals decreasing over the next 10 years until it levels out
- Wide variety of life insurance options (whole life, variable, universal, term…)
- Minimal restrictions on prospecting for new clients
- Life insurance is more sales-oriented than service-oriented
- Unlimited earning potential (pay is often by commission and depends on your commitment of time and selling skills)
Cons
- Unlike Health insurance you have to “sell” this product
- You will need to get a securities license in order to offer clients the variable option
Annuity Insurance Career Pros & Cons
Pros
- Provides one of the largest first-year commissions per sale
- Attractive to clients for tax/income purposes
- Many employment opportunities due to the number of companies offering these plans
- Unlimited earning potential (pay is often by commission and depends on your commitment of time and selling skills)
- Excellent opportunity for crossover sales with Medicare products – Medicare insurance and Annuities insurance are often the same clientele
Cons
- More challenging sale based on clients’ trust and financial security
- Typically residuals are not offered
- Typically agent needs a mentor/company to successfully sell in this career
Long Term Care Insurance Career Pros & Cons
Pros
- High first-year commissions with residuals
- Good cross-selling opportunity with Medicare clients
- Agents with excellent people skills will be very successful
- There is a large population of individuals 55 and older to sell to and these policies protect them from spending their assets on long term care
- Minimal amount of time, energy and training to begin
Cons
- Challenging to get people to think about this kind of insurance
- To be successful need to get people to plan for a time when they will need someone to take care of them
- Typically once a person needs this coverage they cannot qualify anymore
Disability Insurance Career Pros & Cons
Pros
- Good first-year commissions & residuals
- Large available client pool – every working person in America could use this type of coverage
- Agents with excellent people skills will be very successful
- Minimal amount of time, energy and training to begin
Cons
- Difficult to get people to plan ahead for a time when they could be out of work due to a disability
- More challenging to sell in this economy
Individual Health Insurance Career Pros & Cons
Pros
- Good commissions & residuals
- Equal first-year & residual commissions
- Many people do not have health insurance through their work & need for self and/or family
- Businesses often prefer to use independent agents for assistance in obtaining benefits for their employees
Cons
- Healthcare reform has greatly impacted commissions
- Healthcare reform could do away with the need for agents selling this type of insurance
- Healthcare reform could greatly decrease the number of small businesses offering benefits to employees
- Large number of agents in this industry
- Future of agents needed in this industry is unknown
Group Insurance Career Pros & Cons
Pros
- Good commissions & residuals
- Equal first-year & residual commissions
- Many people do not have health insurance through their work & need for self and/or family
- Businesses often prefer to use independent agents for assistance in obtaining benefits for their employees
Cons
- Healthcare reform has greatly impacted commissions
- Healthcare reform could do away with the need for agents selling this type of insurance
- Healthcare reform could greatly decrease the number of small businesses offering benefits to employees
- Large number of agents in this industry
- Future of agents needed in this industry is unknown
Auto & Home Insurance Career Pros & Cons
Pros
- Auto insurance is required in every state
- Hundreds of millions of people need auto insurance
- Most people want/need to insure their property/personal belongings
- Commissions are paid as a percentage of client’s insurance premium each month
- Once established, residual income provides longevity in the career
Cons
- Customer service intensive
- More structured at first – typically required to work under a carrier or independent agency
- Usually takes 4-5 years to establish a profitable book of business
- Smaller commissions require time to build residual income
Commercial Insurance Career Pros & Cons
Pros
- Businesses understand the necessity of protecting their property and protecting themselves from exposure to liabilities
- Commissions are paid as a percentage of client’s insurance premium each month
- Residual income provides longevity in the career
- Many business owners to sell to
Cons
- Large amount of time, energy and training to begin
- More structured at first – typically required to work under a carrier or independent agency
- Customer service intensive
- Usually takes years to establish a profitable book of business
- Smaller up-front commissions requiring time to build residual income