Is it a Good Time to Become an Insurance Agent?

The economy seems to falling into a deep recession, and on a daily basis, more bad corporate news is announced. And unfortunately, U.S. Corporations are doing more than missing earnings estimates; some of these companies are cutting thousands of employees. In despite of these concerns, should you become an insurance agent during these economic times?

Before you start any business, in a good or bad economy, you should have a good marketing plan. Now, depending on the state of the economy, you might modify your plan of attack in order to maximize your earning potential. Therefore, you might concentrate on marketing to individuals who have jobs in stable industries (i.e. health care) for existing disability insurance, while you will seek to capture rollover assets from individuals in industries that are encouraging people to retire early or offering a voluntary lay off program.

Since the economy is bad, as of the writing of this article, it is important to find a strong target market to penetrate immediately. As an insurance agent, you will learn that it may take a month or two to get paid on an insurance policy, with the exception of most annuity products that are sold. For that reason, you will need to have adequate savings before starting in the insurance business; ten thousand dollars or more in the bank account would be helpful.

If you are good at selling your ideas and detail oriented, then you should take advantage of the job opportunity, as an insurance agent. Even in a bad economy, some beginner insurance agents are able to thrive. However, you must be relentless at marketing and not afraid to hear the words “no” or “no thank you.”