Selling insurance on the side is a good way to supplement income, gain more control over your career, and explore new opportunities. It is important to fully understand what selling insurance on the side entails to make sure you are successful in this field.
As an insurance agent, I understand the appeal of selling insurance on the side. Often, you can work from home, and it has the potential to be rewarding and lucrative. It is a great way to supplement your income, gain control over your career, or even just explore new opportunities.
In this article, we are going to discuss requirements to sell insurance, how to get started, challenges and rewards of selling insurance, and offer tips for success.
|Article Section||Key Takeaways|
|Selling Insurance On The Side||Selling insurance as a side-hustle is the way many insurance professionals start in the business (it’s the way I did it!)|
|Requirements For Selling Insurance On The Side||The requirements for selling insurance on the side include a high school diploma or equivalent, passing a background check, passing the licensing exam, meeting state-specific requirements, meeting company requirements, having a clear understanding of the earning potential, and assessing your own situation.|
|Get Started With Selling Insurance On The Side||To get started with selling insurance on the side, you need to find the right insurance company to work with, build a client base, understand your target market, network and build relationships, stay organized and track progress, and stay up-to-date with industry trends and changes.|
|Challenges And Rewards Of Selling Insurance On The Side||The challenges of selling insurance on the side include time management and balancing work and personal life. The rewards include earning potential, flexibility and control over your career, opportunities for personal and professional growth and making a difference in people’s lives.|
|Tips For Success In Selling Insurance On The Side||To be successful in selling insurance on the side, it’s important to set realistic goals, develop a clear sales plan, build a strong network, stay organized and track progress, be knowledgeable about the products you’re selling, have effective communication skills and be dedicated and persistent.|
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Selling Insurance On The Side
Have you ever thought about starting your own thing or making some extra cash? Selling insurance could be the answer for you! You get to help people choose insurance plans that keep their family safe and secure, and that feels really good.
But, I know starting something new can be scary, especially if you’re not sure how it will turn out. That’s why it’s okay if you don’t want to give up your day job just yet.
When I started my own insurance agency I still worked part-time as a salesman for a construction firm to provide enough income for my family! There’s no shame in working a different job while you build your side-hustle.
The great thing about selling insurance is that you don’t have to do it full-time. You can start slow and get the hang of it without the pressure of making a ton of money right away.
Unfortunately, a lot of insurance companies won’t hire people to sell insurance part-time, or not during the hours you’re available. But don’t worry, I’m here to give you some tips on how to sell insurance and make a difference, even if it’s just a part-time gig.
How Much Money Can you Make?
According to ZipRecruiter, many part-time insurance agents earn between $31,000 to $103,000 a year, with an average salary of around $72,500. The amount you can make varies a lot, with some making as little as $19,000 and others making as much as $250,000!
In my first year, I only made $17,000 (net) which is not enough to live on (especially if you have a family).
It all depends on how hard you work and how focused you are on succeeding. As a part-time agent, you have less time to sell insurance, so it’s crucial to make sure you’re doing everything correctly to achieve success.
Requirements For Selling Insurance
As an insurance agent, although I encourage anybody interested in the field to explore it, I think it is important to fully understand the requirements of selling insurance, even if it is only as a side-gig as it still requires you to meet certain educational and licensing requirements.
You will need to have a high school diploma or equivalent, and pass a background check. You will also need to pass the licensing exam for your state and meet any other state-specific requirements.
In addition to the educational and licensing requirements, you will also need to meet the requirements set by the insurance company you work with. These can include a certain level of sales experience, passing a company-specific background check, or meeting certain sales quotas.
It’s also important to consider the time and financial investment required to sell insurance on the side. This can include the cost of licensing fees, continuing education, marketing materials, and other expenses. It can also require a significant amount of time to build a client base and manage a side business.
Important Note: Before getting started, it’s important to assess your own situation and determine if selling insurance on the side is a good fit for you. Consider the time and financial investment required, and whether you have the resources and support you need to be successful. It’s also important to have a clear understanding of the earning potential and what you can realistically expect to earn as an insurance agent working on the side.
My first year as an insurance agent (selling car, home, and life insurance) I only net $17,000! That is not enough to sustain a family which is why I worked other jobs while building my insurance business.
In summary, the requirements for selling insurance on the side include a high school diploma or equivalent, passing a background check, passing the licensing exam, meeting state-specific requirements, meeting company requirements, having a clear understanding of the earning potential, assessing your own situation, and
How To Get Started With Selling Insurance On The Side?
As an insurance agent, I think getting started is often the hardest part for those who sell insurance on the side.
The first step is to find the right insurance company to work with. Look for a company that aligns with your values and goals, and offers the products and services you’re interested in selling.
Getting appointments with companies in the insurance industry can be a challenging task, especially for new entrants. However, one strategy that can be effective is using clusters.
Clusters refer to grouping of similar companies or industries in a specific geographic area. By focusing on clusters, you can increase your chances of getting appointments as you will be able to build relationships with multiple companies in the same area. This is especially important when selling car and home insurance as those carriers are very strict on who they will appoint.
Here’s How You Can Approach This Strategy:
- Research: Identify clusters in your area and gather information about the companies and industries that make up each cluster. We have a great article here on researching clusters.
- Networking: Attend industry events, trade shows, and conferences in the area to meet and network with representatives from the companies in the cluster.
- Focus On Building Relationships: This is crucial when it comes to getting appointments. Building strong relationships with decision-makers within the cluster will increase the likelihood of them considering you for future opportunities.
- Offer Value: Showcase your expertise and knowledge of the insurance industry, and demonstrate how you can add value to their business.
- Follow Up: Consistently follow up with the companies in the cluster to maintain the relationship and keep your name at the top of their minds.
Focusing on clusters is an effective way for new entrants in the insurance industry to get appointments with companies.
Build A Client Base
Once you’ve found a company to work with, the next step is to build a client base. This can involve networking and building relationships with potential clients, as well as leveraging social media and other marketing strategies to reach new customers.
One of the key strategies for building a client base is to understand your target market and tailor your sales approach accordingly.
For example, if you’re interested in selling health insurance, you may want to focus on reaching out to small business owners or self-employed individuals. Networking and building relationships is also an important aspect when it comes to selling insurance on the side.
Networking includes attending industry events, joining local business groups, or even reaching out to family and friends. When I started my agency, I immediately paid the local chamber of commerce a fee to join and began attending weekly B2B meetings.
Stay Up-To-Date On Trends And Industry Changes
It’s important to stay up-to-date with industry trends and changes, as well as any new products or services offered by the company you work with. This will help you stay competitive and provide the best service to your clients. On top of that, it will give you a competitive advantage when you are speaking with other professionals (it makes you look smart)!
Being knowledgeable about current trends and industry changes will help you stay ahead of your competition and stand out in a crowded market. You’ll be able to provide your clients with innovative and creative solutions to their insurance needs and be better equipped to address any challenges that arise.
Challenges And Rewards Of Selling Insurance On The Side
I can tell you that insurance isn’t always the easiest field, but I can also tell you it comes with a lot of rewards. Some challenges include:
- Time Management: Balancing a full-time job and a side business can be difficult and requires good time management and organization skills.
- Balancing Work And Personal Life: Selling insurance on the side requires a significant amount of time and effort, and it can be easy to let your personal life take a backseat. It’s important to set boundaries and make time for yourself and your loved ones. On the other hand, selling insurance on the side can also provide many rewards.
Some Rewards Include:
- Earning Potential: With the right approach and hard work, you can earn a good income from selling insurance on the side.
- Flexibility And Control Over Your Career: Selling insurance on the side allows you to be your own boss and have more control over your income and career path.
- Opportunities For Personal And Professional Growth: Selling insurance on the side allows you to explore new markets and products, and develop new skills and knowledge.
- Making A Difference In People’s Lives: By helping individuals and families protect themselves financially, you can make a real impact in your community.
Tips For Success In Selling Insurance On The Side
Selling insurance is challenging, rewarding, and appealing, even as a side-gig. Here are tips I recommend based on my own experience selling insurance:
- Set realistic goals and develop a clear sales plan. This can include setting targets for the number of clients you want to reach, the products you want to sell, and the income you want to earn.
- Another key tip for success is to build a strong network. This can include connecting with other insurance agents, attending industry events, and joining local business groups. Building a strong network can help you stay informed about industry trends, find new clients, and gain valuable insights and advice from experienced agents.
- Stay organized and track your progress. This can include keeping accurate records of your business expenses, tracking your sales, and regularly reviewing your progress to identify areas for improvement.
- It’s also important to be knowledgeable about the insurance products you’re selling and to be able to explain the benefits of the products to potential clients. This includes being able to answer questions and address concerns that may come up during a sales pitch.
- Effective communication skills are also important for success in selling insurance on the side. This includes being able to clearly explain complex concepts and ideas, and to build trust and establish relationships with clients.
- Be dedicated and persistent. Selling insurance on the side requires hard work and dedication, and it may take time to see results. But with the right approach and mindset, you can achieve your goals and be successful in this field.
As an insurance agent, I understand the appeal of selling insurance on the side. It requires education, licensing, and meeting insurance company requirements, time management, goal-setting, sales planning, network building, organization, communication, and persistence. It also comes with benefits such as income supplement, career control, and helping others. Compliance with industry changes and state regulations is important for success.
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