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Medicare Insurance Career Pros & Cons

Pros

medicare insurance career

  • 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

final expense insurance career

  • 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

life insurance career

  • 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

annuity insurance career

  • 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

long term care

  • 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

disability insurance

  • 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

individual health insurance

  • 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

group insurance

  • 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 home insurance

  • 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

commercial insurance

  • 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