Is an insurance agent or insurance salesperson a financially rewarding career?

Question

Looking to possibly study for the licensing test here in Ohio.

Answer 1

The answer is yes, for the right person.  You have to understand that you are a salesperson and you only get paid when you sell something.  Insurance can be difficult to sell for many reasons.  

Life/Health/Disability Insurance:

1.  People don't always want it even though they need it.

2.  By the time they do want it, it's expensive, or they may not qualify.

3.  Everyone who buys it has to qualify medically.

4.  Even if you write it, it doesn't mean it will go through and people get mad at you if they're disqualified.

Property Casualty:

1. People are price sensitive and will switch to save a buck.   Can you blame them.

2.  Massive customer service required for PC.  

3.  Chargebacks when people cancel.

With that said, if you're got nerves and a stomach of steel, and have the ability to see lots of people, in spite of all the drawbacks, it's a very financially rewarding industry.  Beware, it takes 3-5 years for most people to become profitable. depending on your compensation plan.

Most companies required you to pay all of your own expenses, staff, office space, office expenses, postage, etc.  So you really need to have money in reserves until those commissions start building up.  Or you need to be a selling machine.

Answer 2

I think it is possible that it could be rewarding financially, but for the most part it isn't.  I was an agent and made decent money, but nothing to write home about.  I have a friend who is in insurance sales and she is struggling because it is strictly commission and with the economy the way it is right now, no one can afford another bill.  Hope that helps!

Answer 3

In Italy it isn't my husband has been in insurance for a long time now but it is not financially rewarding or particulary self- rewarding as far as job satisfaction goes.