May '23 in 馃摪 Articles
Start Selling: The Best Types of Insurance
As a new independent insurance agent, it's important to choose the right type of insurance to sell in order to increase your chances of success.
Your personal experience in different industries can also play a role in determining the ideal type of insurance to sell.
However, there are several types of insurance that consistently perform well and result in high profits for agents, regardless of experience level.
Read on to discover the most lucrative types of insurance to sell.
- Health Insurance
If you're a new insurance agent, it's worth looking into health insurance as an option.
While the commissions may not be as high as final expense life insurance, health insurance and Medicare insurance are essential for almost everyone.
It's important to spend some time learning about the different products and their uses.
Additionally, health insurance can be confusing for consumers, so being able to guide your clients towards the best options for their needs and budget can lead to success.
- Life Insurance
If you're interested in which type of insurance can provide the highest commissions, life insurance is a great option.
In fact, life insurance typically offers the highest commissions compared to other types of insurance.
Health insurance products usually provide a commission range of 7 to 22 percent, while auto insurance yields agents around 10 to 15 percent in commissions.
On the other hand, life insurance can result in commissions of up to 100 to 115 percent. Additionally, some carriers advance agents' commissions when they make a sale.
Even after the sale, you can still earn residual commissions as long as your client maintains their policy. This is why life insurance can be highly profitable.
Moreover, consumers often place greater value on their life insurance policy than on other types of insurance, such as home insurance.
Life insurance is a sensitive matter that carries more emotional significance than insuring material possessions like a home or its contents.
Despite the potential for attractive commissions, selling life insurance can be challenging.
Convincing someone to purchase a policy forces them to confront their own mortality, which many people are hesitant to do.
However, with proper insurance sales training, you can effectively market and close on life insurance policies.
- Property and Casualty Insurance
Many individuals require property and casualty insurance as it covers damages to their property.
This insurance type boasts a sizable customer base, making it an excellent option to consider.
It's essential to note that consumers typically seek out low-cost premiums for this coverage, resulting in smaller payouts per sale.
However, with consistency, your commissions can accumulate over time.
- Commercial Insurance
Selling commercial insurance can be a profitable line of work for agents.
In fact, it often leads to higher earnings than selling consumer-focused insurance products.
This is because the policies generally have a higher overall value.
However, commercial insurance products can be complex.
To succeed in this field, agents must have a thorough understanding of the products they are selling.
As a new agent, it's important to invest time in researching the commercial insurance market and the specific products you will be offering to your clients.
It's crucial to have a deep understanding of the products you're selling, regardless of the type of insurance.
When it comes to commercial insurance, it's important to know what insurance is required for different commercial operations and which solution is best suited for them.
If you're new to selling insurance, it may not be the best idea to start with commercial insurance right away.
However, you can always educate yourself on it and potentially expand into it as you gain more confidence, especially if you've had prior experience with commercial operations.
- Final Expense Insurance
Did you know that final expense life insurance is one of the most profitable types of insurance to sell?
On average, life insurance sales agents earn over $102,000 per year selling this type of insurance, which is substantially more than agents selling regular life insurance.
Final expense insurance is a form of whole life insurance that covers funeral expenses.
Compared to regular life insurance agents who earn an average income of just over $84,000 per year, final expense life insurance sales agents earn almost $20,000 more annually.
Although selling any type of life insurance can be challenging, final expense insurance is a vital coverage type, especially since many Americans over 65 have less than $1,000 set aside for funeral expenses.
As an agent, you can achieve significant success by convincing people of the importance and wisdom of purchasing a life insurance policy to cover their final expenses in advance.
Final expense insurance is a straightforward type of insurance, with various packages and carriers available.
This makes it an excellent choice for new agents who are just starting out.
Additionally, generating quality leads is crucial for success in selling final expense insurance.
If you're new to the field and need help with lead generation or sales, we're here to assist you.
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Start Selling: The Best Types of Insurance
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