No doubt, selling insurance is a tough jog. After all, one has to be able to sell the need – which is usually the gloom and doom of what happens in case of an unexpected demise. It takes a special kind of person, one who wants and needs the commission, but has to curb the urge to over-sell to earn it. It’s a fascinating and challenging way to earn a living. This is most likely why the burnout rate is usually four years.
Life insurance is an old occupation – one that is now back in favor. Big companies are actually adding thousands of agents to the payroll. These new agents are former lawyers, bankers, real-estate agents and mortgage brokers whose career aspirations and prospects have taken a dip. Insurance agents used to have an all-American persona. They were portrayed as the family hero numerous old-school television shows and movies. But this image changed over the years as the industry suffered a black eye over how some agents were perceived as selling the product, especially whole life. Whole life insurance was seen as somewhat dubious investment.
A Changing Economy
Many people lost their savings when the world’s stocks tumbled. This actually made whole-life policies look safe and attractive again. This switch in perception left insurance companies scrambling to fill job openings with agents who are not about to pass up an opportunity to earn a descent living. Many of today’s big companies, and even smaller ones, have an excellent mentoring program that helps new agents develop business. While some agents suffer through the first several years and quit, others are able to pull it together and earn a substantial living of $100,000 a year or more.
Today’s insurance agent has to take on a far more complex role that those of yester-year. They’ve found new ways to talk about what nobody wants to talk about…the end of life. But they convey how investing, staying active and healthy during life… can help the deceased person’s family make an easier adjustment when that time comes. Today’s retiree investor wants to travel, volunteer to do things, enjoy the grand children and eat-out in style. People now look forward to the retirement years, and for this, retired people need money to enjoy them.
Money insurance policies are designed to build cash value, while maintaining a death benefit that is guaranteed. As long as you maintain your policy, you can access the cash in your insurance policy. You never have to pay the cash back. It’s yours. The money is not a loan, and can never be taxed as income.
Sure, insurance salespeople took a hard hit with respect to their reputations. But today’s insurance policy can be provided with a guaranteed death benefit along with supplemental retirement income. This way, entire families can benefit as the result of a sound life insurance investment.