An insurance agent is a person who works for the insurance agencies and reaches out the new and existing customer for growing sell of the insurances. It is one of the very few jobs which allow you to make a worthy amount without any prior experience. A hardworking fresh graduate who become insurance agents can earn more than $100,000 in the first year of his job if he works hard and accurately. However, that doesn’t mean that the work of an insurance agent is very easy. An insurance agent had to go through a lot of closed the door on the face and bitter talks every day.
If you are decided to work as the insurance agent, then take a moment to read the content. Here we will cover almost all the pieces of information that you will need to know about becoming an insurance agent.
What kind of training is required to become an insurance agent
The insurance job market is going to become 10% bigger in next nine to ten years according to the American Bureau of Labor Statistics. The annual median wage is around $49,000 now, and it is going to increase rapidly in the upcoming years. You will need to go through some training process to become insurance agents. Usually insurance companies except three to five-year experience for the post. The experience should relate to banking, insurance, or direct sale.
The most important training for the insurance agents is the insurance sales license training course. The course is known as state licensing course for insurance agents. You cannot become an insurance agent without the course. This course will be required to register as an insurance agent with your state. To be registered as an insurance agent, you will need to take the course from a state-approved institution. You will need to go through some exams for passing the course. As soon as you pass the exam, you will be allowed to sell the insurance in your state.
Most of the insurance company offer currently offers insurance agent training or internship for the beginners for success in the field. The training includes team building, public speaking, marketing, etc. topics. They monitor the progress of the trainee to ensure their success.
There is some advanced training too for the high achieving agents such as wealth management, financial planning, etc. However, those courses are generally offered by larger insurance companies such as New York life, State Farm, Liberty Mutual, etc.
Requirements to become an insurance agent
Insurance agent requirement varies from state to state. Every state has its own procedural rules and regulation for providing the insurance agent license. The requirements also vary on insurance types. The rules will also depend on whether you are a resident of the state or not. Some of the states don’t allow the resident of other nations to be an agent. The first requirement for an insurance agent is to seat on and complete the pre-licensing exam. Then they will need to complete the resident agent application form along to apply for the post. After that, they will need to do a criminal background check and pass it successfully to the next step.
To become insurance agents, you will not need to have a lot of degrees inside your name. Usually, insurance agent education consists of a high school diploma. However, According to the U.S. Bureau of Labor Statistics, the companies prefer agents who have completed a college degree program. The college or bachelor degree you will lead to better job opportunities. Especially when you will have a degree in finance, marketing, or economics, it will help you to boost the earning as an insurance agent. Sometimes, the insurance agent also needs advanced technical insurance agent training to use specific software to communicate with the client via the internet.
How to become a licensed insurance agent
How to be an insurance agent? You must need a license to work as an insurance agent from your state. At first, you will need to take a pre-license course if required from the accepted institutions under the state. After preparing yourself with the study materials, you will be ready for the exam. Then attend the exam, and if you pass, the state will provide you a course completion certificate. You will need to provide some documentation such as signature identification, original educational certificates, and photographs. If you fail in the exam, you can retake it. For this, you will need to provide the failing score report along with the documents.
After passing the examination, there will be an electronic criminal background check along with the BCI and FBI background check. Then you will need to complete the agent application form and submit it to the application office. After checking your applications and exam results, an insurance sales license will be issued, and you will be able to work as an insurance agent.
How long does it take to become an insurance agent
The duration of becoming an insurance agent depends on the license and it varies from state to state. Besides, the duration can be different based on the insurance type. The life and accident insurance require around 40 hours and the life insurance require approximately 20 hours when the property and casualty insurance require about 96 hours. However, some states don’t require any classroom hours.
In most of the states, you will need to attend classes for two weeks to sit for the exam. After attending the classes, you will be allowed to participate in the pre-licensing exam, or you can schedule the exam based on your priority.
The insurance agent job provides you a better wage based on your hard work and efficiency. Most of the jobs nowadays require huge educational requirements and experiences when the insurance agent job requires a little experience and qualification. Besides, the average salary that comes from this job is pretty good too. Else, the salary and other facilities of this job are enhancing every year. So, if you are planning to become insurance agents, then you are on the right track. Who knows someday you may become the wolf of the Wall Street by doing the job properly with higher dedication.