Six Reasons Selling Insurance May Be Right for You (2024)

Most entrepreneurs want to find a career that’s both lucrative and impactful. By working in the insurance industry, you’ll hold the power to provide a lifeline to individuals and families during times of major transition—like buying a new house or expanding their family. Let’s delve into the key reasons why selling insurance can be a fulfilling and rewarding career choice.

1. You’re a people person. Insurance sales. Selling is in the name, but those who succeed the most as insurance agents are customer-focused, not sales-focused. At its core, the insurance industry is about relationships. The insurance giants’ mission statements and slogans feature it front and center. Protecting clients is the end goal of everything they do. Insurance can be a rewarding industry if you’re considering a career change, as your role is to help people protect their family’s future so they can achieve their goals. It’s not about finding the bare minimum coverage that leaves your clients in trouble should they ever need to file a claim; it’s about finding the right coverage for any given situation and lifestyle to ensure peace of mind.

2. You want to sell something people actually need. Everyone needs insurance. Not everyone understands it. You’d never purchase a home without first knowing everything about your purchase, so why should insuring that home be any different? That’s why the role of the insurance agent is so vital. You help guide clients through a challenging decision and make a real difference by selling them something they actually need. You client base is everyone around you, so the possibilities are endless.

3. You want to tap into unlimited earning potential. Your earning potential ties directly to two factors: your sales and your ability to retain clients. There’s no ceiling or cap to what you may be able to earn—the sky may not even be the limit. Further, insurance agents have a major advantage when it comes to earning continuous income. Insurance is something most people need for life. By retaining clients and renewing their policies, you'll earn ongoing commissions. This residual income can help you passively grow your net worth as you continue to bring new clients into your portfolio. With an independent insurance brokerage, first-year earning potential can reach six figures if you're an above average agent and go up from there (Goosehead Insurance FDD, 2023).

4. You crave flexibility. While owning your own insurance business means you can choose your own schedule, it also means you have flexibility in the products you offer. If you operate under an independent franchise or brokerage model, you'll have the freedom to work with multiple insurance companies. This means you can offer your clients more options, increasing the likelihood that they'll stick with you. Find a franchisor that can handle carrier relationships on your behalf to save you the time and stress of obtaining your own appointments.

5. You need an industry with more market stability. As long as people operate vehicles and live in homes, there will always be a need for insurance. Through market fluctuations, recessions, and weather events, this fact will remain true. Despite advances in technology and the potential for future hard market conditions, employment of insurance agents is expected to increase 8% over the next ten years (Bureau of Labor Statistics, 2023). On top of expected growth, 50% of the active workforce is projected to retire by 2028 (PropertyCasualty360, 2023). The opportunity for a lucrative career is there for those who are considering a transition to agency ownership.

6. You’re searching for an opportunity with low barrier to entry. You don’t need industry experience to own an insurance franchise. But you do need an understanding of the insurance laws in your state. Go to your state’s Department of Insurance website to learn more about obtaining an insurance license. Courses and exams to receive your license vary by state, but many have both online and in-person options that fit your schedule. Consulting with a professional can help you understand the pros and cons of starting an insurance franchise. Book an appointment today with a Goosehead’s team to learn more about how our model can fit your goals and lifestyle.