Selling insurance can be a profitable line of work. According to the Bureau of Labor Statistics, insurance agents earn a mean annual salary of around $67,780. Statistics also show that higher-earning agents can net over $125,000 per year.
What's more, not only is insurance selling well paid, but there is increasing opportunity in the market. It's estimated that by 2029, 50% of the current insurance workforce will have retired.
Insurance can be lucrative, but jumping into a new career can be risky and stressful. Fortunately, there's nothing stopping you from becoming a part-time insurance agent.
Being a part-time insurance agent has numerous advantages. If you've been wondering whether you should try selling insurance—but aren't sure how to start, selling insurance on the side could be the perfect way to begin.
Wondering whether insurance is for you? Keep reading for 10 perks of being a part-time insurance agent.
You Can Supplement Your Income Selling Insurance on the Side
If you more of a salesperson than a manager, selling insurance on the side can be a great way to supplement your existing income.
Got some savings goals, need to get out of debt, or have your eyes on owning a property? If so, becoming a part-time insurance agent might be the ideal way to generate the funds you need to achieve your goals.
Are you still wondering whether your strengths lie in sales? Check out our guide on knowing your strengths and weakness and determining whether you're suited to sales or management.
You Can Keep Your Current Job While Selling Life Insurance Part-Time
One of the biggest advantages to becoming a part-time insurance agent is you can keep your day job.
While you will need to carve out time after hours to work on selling insurance, most people can manage both commitments.
What's more, you may find that a lot of leads would prefer to make appointments during the evenings and weekends, as this may fit in better with their schedules as well.
You Can Test the Waters and See if Insurance Sales Are for You
If you're wondering whether to switch careers, selling insurance on the side can be a great way to test the waters.
Changing careers can be a scary prospect. Being able to test out a potential career without giving up your job immediately can take away a lot of the stress.
If you find that insurance sales isn't for you, you won't have lost out on anything.
On the other hand, becoming an insurance agent on the side might show you that you're well suited for the industry while gaining clients, experience, and additional income.
There's Less Risk in Part-Time Insurance Jobs
If you're thinking of resigning from your current job to sell insurance as an independent agent, this decision can come with some risks.
Although you can make an excellent income from becoming an insurance agent, like anything, learning how to successfully sell insurance can take time.
Pro Tip: The last thing you want to do is land in financial trouble while learning the ropes of selling insurance. Becoming an insurance agent part-time is an ideal way to establish yourself in the field while still enjoying your current job's security.
It's a Great Way to Transition to Working for Yourself
Working for oneself has many benefits. You can have a flexible schedule and maximize your income over time. Studies have also revealed that self-employed people are happier.
However, transitioning to working for yourself can be nerve-wracking. If you can't afford to have your income drop initially, an ideal solution is to start a side hustle and grow it into a full-time gig that'll allow you to work for yourself.
Selling insurance on the side is the perfect way to start transitioning to working for yourself. You can keep your current job until you feel you are making enough from being a part-time insurance agent to quit and be self-employed full-time.
In the meantime, you will have to work additional hours during the week to balance your job and selling insurance on the side. However, with a little planning, this is more than do-able.
You Can Take Your Time Developing a Client Base
Developing a client base takes time and dedication. Although insurance isn't an industry where repeat customers and sales are a major revenue driver—the wider your network and the more clients you have, the more sustainable your business will become.
As you build relationships and make sales, your clients will inevitably refer you to people they know who need help with taking out insurance. The wider your network, the more referral clients you are likely to receive.
Pro Tip: To generate leads, you will need to start building a sales funnel. You might want to invest in paid advertising or even purchase leads. These marketing activities usually require both time and money.
By selling life-insurance part-time, you can take some of the pressure off. If you have another income source, you can take your time testing out marketing techniques, refining your lead generation strategies, and building a loyal client base.
If you rush these processes because you're in a panic to make sales, this can backfire and hurt your client relationships.
Your Schedule Is Your Own
One of the big perks of selling insurance on the side is it can give you enhanced control over your schedule.
Are you looking to take on a second job to generate more money? If so, that's a smart move, but it can also be exhausting if it ties you to set times.
If you become a part-time insurance agent, you can choose when you work and how much. You can schedule insurance sales tasks and calls around your existing commitments. This means less stress and less chance of burnout.
On the other hand, maybe you don't have an existing job and are looking for something to do that will generate income but not take over your schedule. If you're a parent or suffer from health issues, you might not be able to commit to working set hours, even if it is a part-time position.
If you know you have some space during the week to work, but your available times fluctuate—then becoming a part-time insurance agent could be ideal for you.
Like we said above, as a part-time insurance agent, you get to set your own hours. You control when you want to schedule appointments, and you don't have to answer to anyone except your clients.
You Get to Travel and Meet New People
Another perk to becoming a part-time insurance agent is you get to travel and meet new people. If you're craving these things in your life, then selling insurance on the side could be the perfect opportunity for you.
In most cases, it won't make sense to travel too far to meet with clients. But even getting the chance to drive to different parts of your city or surroundings can be stimulating. If you're a people person, then meeting with new clients regularly will also add to your job satisfaction.
There's Increasing Opportunity for Selling Insurance
Nobody wants to get into a dying industry or one where jobs are decreasing. Fortunately, this is not the case with insurance. According to estimates, 27,500 agent jobs will open up in the insurance industry between 2019 and 2029.
One of the reasons for this is many agents are predicted to retire during this period, leaving a large gap in the job market.
Besides this, there is also an increasing opportunity for the younger crowd to want to sell insurance. The average age of insurance agents is 59, and agents typically sell to clients within 5 years of their own age.
This means that you could serve an underserved community when it comes to insurance.
You Can Help Your Community
One thing about selling insurance that not many people know is it allows you to help your community.
The right insurance can be a crucial part of a healthy financial plan. However, many people in the US are underinsured and don't know who to turn to to get the right information and help.
By becoming an insurance agent, you can assist the underinsured in your community choose the right plans for their needs.
Are You Thinking About Becoming a Part-Time Insurance Agent?
There are many advantages to becoming a part-time insurance agent. You can supplement your income, create your own schedule, help people get the coverage they need, and build a new career for yourself.
What's more, you can achieve all this without having to give up your current job or sacrifice flexibility.
Keen to start selling insurance on the side? If so, the first step is to get the right training. Here at TR King, we specialize in supporting independent insurance agents by providing them with training and connecting them to the right carriers.