Building an independent insurance agency can be a rewarding venture, but like all endeavors, it comes with certain challenges that can overwhelm anyone that’s starting from the ground up. You might have many questions regarding which licenses are necessary, where to open your office, and how to find and contract with insurance carriers to represent.The good news is that help is available – and, once your agency is up and running, even though with some hitches along the way, you will also have the opportunity to pursue a long list of rewards, such as the ability to control your business, a nice return on owner’s equity, and being able to open up your product offerings to a wide range of options – which in turn, will place you in a better position to help your clients.
There is a misconception among unmarried individuals that without any dependents, it’s okay to put life insurance in the back burner.
In the absence of family members who may be significantly impacted by their sudden loss, single individuals may feel that there’s no need to engage in advanced financial or estate planning to mitigate the risks. Some people, on the other hand, refuse to think of what life insurance is protecting them from: illness, fire, liability, and even death.As an insurance agent, you know that regardless of your client’s demographic, life insurance can mitigate the damage they’ll experience in the occurrence of such events. The problem is, even if you have a no-fail approach that works for couples and clients with families, dealing with unmarried clients is a unique challenge altogether.
From retail to real estate, technology makes a diverse range of industries more accessible to consumers. Artificial intelligence is even expected to boost retail profitability by up to 60 percent. So, why should health insurance be any different? More consumers are searching online for your insurance products every year, so what’s stopping you from going digital?
The U.S. Census Bureau has declared 2030 to be a demographic turning point as all baby boomers will be over 65 years old. It also marks a decade when the aging population will outnumber children – a first in the country’s history. This rise in the number of seniors aging into Medicare creates a bubble of opportunity for the Medicare Supplements industry.
Selling Medicare Supplements (referred to by agents as Med Supps and by the Centers for Medicare & Medicaid Services as Medigap) is one of the most lucrative insurance jobs, and it will likely stay that way for years to come. Despite pending policy changes and the continued risk and uncertainty the healthcare sector is facing, the Medigap industry is still worth capitalizing on.Why? Because by 2035, there will be over 78 million people 65 years old and older in the US, and they will need coverage for services not included in Parts A and B of Original Medicare.
Being in the insurance industry is an exciting opportunity to serve numerous different clients, but as the industry has evolved so too have the challenges that insurance agents are facing. It’s important to be aware of these obstacles so that you can approach them with an open mind and develop a comprehensive strategy for addressing them.