The Wall Street Journal has declared that life insurance could become the next go-to occupation for new economic times.
According to the article “A Hot Job for Hard Times: The Life-Insurance Agent” by Leslie Scism, insurance companies are reaching out to badly burned real estate agents, mortgage brokers, bankers, and lawyers to offer them security and training in a growing field.
The article mentions that last year, New York Life Insurance Co. added 3,618 agents, while Northwestern Mutual Life Co. signed up 2,340.
However, it’s no get-rich-quick scheme.
“Many discover that selling life insurance ‘is one of the most challenging careers you can take on,’ says former agent Connie Staton, a ‘sunup to sundown’ job of seeking out and meeting with potential customers, along with attending required educational sessions. Ms. Staton, 68 years old, quit the gig in 2007 after seven years, concluding that ‘the pay versus the hours didn’t match.’
“Seventy percent of agents earn less than $35,000 in their second year, according to industry research firm Limra. Fewer than 20 percent of new agents are still on the job after four years.”
It may seem like good news that the insurance industry is back to booming – but is it? What are your thoguhts on increased competition and hiring by career companies? Do you see the life insurance agent influx as good news for the industry, or bad? Share your thoughts in our comments section!
Christina Pellett is the editor for the Agent’s Sales Journal.