Choosing a career path is one of the most important decisions you’ll make in your life. When you think that on average most people spend 1/3 of their lives at work, it becomes obvious that choosing a career is so much more than deciding what you’re going to do for a living; it’s something that will have a great impact on your daily existence, influencing each and every aspect of it. So, if you want to live a happy and fulfilling life, you’ll have to put a lot of thought into selecting a career you will love and that will generate both financial and emotional rewards.
Some people know exactly what they want to do at an early age, without a hint of a doubt, so they go after their dreams and build successful careers. For others, figuring out what career path they should follow is not that easy. Many look towards family members, friends or people they admire for inspiration and end up following their dreams instead of their own, which doesn’t usually lead to positive outcomes. It’s important to put yourself first when choosing a career and focus on your own needs and interests if you want to make a wise decision.
That being said, if you still don’t know what you want to do in your professional life, you might want to consider senior sales as a career path. Wondering why you should choose this field of activity over all others? Well, there are five solid reasons that make senior sales a great career option, as you’ll see next.
Become your own boss
There’s nothing wrong with being just an employee with a regular job and having a boss to answer to. In fact, many people enjoy working as employees and being part of a larger system. However, working for yourself does have plenty of perks. First of all, you’ll have a lot more freedom over your professional life and your personal life as well, since you’ll be the one making all the decisions. If you are well-organized and disciplined, this can lead to a better work-life balance.
Secondly, you’ll have a lot more opportunities to advance your career, something that is not always possible for employees. You won’t have to wait for years to be promoted to a higher position or receive a pay raise from your boss. Your growth potential and your income depend entirely on your determination and your skillset.
Another important advantage is the possibility to do something that you love and that truly matters to you. As an employee, you have to fulfill tasks that are assigned to you by someone else. But when you work for yourself, you get to decide what activity makes you happy and pour your heart and soul into everything you do.
Most people associate the dream of becoming their own boss with becoming an entrepreneur and running a business, but that’s not always the case. There are other career options if the classic 9 to 5 job is not something that appeals to you, and working in senior sales just happens to be one of them.
Medicare insurance agents can also be independent. Generally, independent agents choose to work with a Field Marketing Organization (FMO). This partnership can be extremely beneficial since FMOs usually provide a wide variety of products, such as top-rated regional and national health plans from reputable carriers, that can help you build a great portfolio and gain a competitive edge in the market.
So, as an insurance sales agent, you’ll enjoy all of the benefits listed above and more. You can be your own boss and build a successful and rewarding career in this field, as long as you have the passion and determination to achieve your goals.
High level of job satisfaction
Looking for a career that can provide both financial and emotional satisfaction? Then insurance sales is the right choice for you.
Working as an insurance agent can be a very lucrative career, so you can expect to make well above the average median income. However, don’t expect to get rich overnight. It takes a lot of work and commitment to earn a good paycheck, and there are several steps you have to follow in order to become successful.
You’ll have to build a book of business where you’ll list all the clients you work with and relevant information about them. As you add new product lines (health insurance, life insurance, hospital indemnity insurance, long-term care insurance), you reach out to clients in your book of business who would benefit.
Your book of business represents an important tool in helping you maintain and develop relationships with your clients, so you have to work on expanding it and include new details and data that can prove useful to you. As your book of business grows, so does your income.
But insurance sales isn’t just about making money, it’s also about making a difference in someone’s life. When you help a senior find the right insurance product, you are providing support in a very delicate moment of their lives. This is the part that can help you achieve personal satisfaction in your work.
“I would encourage anyone who enjoys helping people and wants to be their own boss to look into a career in senior sales. Not only is it financially rewarding, but it’s very fulfilling work, as well,” explains David Bynon. “You truly are helping people with monumental decisions,” adds Bynon who runs Medicare Wire, a senior-oriented Medicare consulting agency.
Multiple product lines
Another great thing about being a senior sales agent is the versatility of the job. This means you are not limited to providing only one type of product to your clients. On the contrary, there are several lines of products you can provide such as Medicare insurance, dental insurance, life insurance, hospital indemnity insurance, long-term care insurance, etc.
All these product lines offer different insurance plans and coverages that can help your clients receive the best medical care in their golden years. Apart from bringing all these products to your clients, you also have to provide guidance and counseling, so that people understand their options and make an informed decision when choosing an insurance plan.
The information you provide is crucial for helping seniors navigate the intricate world of insurance. For example, unlike what many people believe, Medicare insurance isn’t free. This is in fact an 80/20 cost-sharing system, meaning that Medicare pays about 80% of all medically necessary health care services and the beneficiary has to cover the rest.
People have the option to keep traditional Medicare or enroll in a private plan called Medicare Advantage. Traditional Medicare, also known as Original Medicare, can be supplemented with a Medigap policy. Traditional Medicare does not include dental, vision, or hearing benefits. For this coverage, people need to buy a separate policy.
Also, hospital indemnity insurance covers high out-of-pocket costs with Medicare Advantage plans. Medicare does not cover nursing homes or at-home care. For this people need long-term care insurance. Medicare does not cover funeral costs either. For this people need final expense insurance (a type of life insurance).
Seniors need someone to explain to them what these insurance products include, what’s the difference between them, so they can avoid costly mistakes and choose what’s best for them. As an insurance sales agent, you’ll be the one offering all this vital information to them.
Flexibility
Since you’ll be your own boss and you won’t depend on anyone else to build your work schedule, you’ll get to enjoy a great level of flexibility in your day-to-day activity. You won’t be tied to a physical office setting to fulfill your tasks, and you’ll be able to work from anywhere, be it your home office or any other location.
Remote work has become more popular than ever in the past few years, with more and more professionals opting for this work model instead of commuting every day to the office. If you start a career in insurance sales, you can also jump on the remote work bandwagon.
Apart from avoiding a limitative work environment, you also get to choose your work hours and create your schedule based on your own needs and preferences. If you work better in the morning, you can allocate that time of the day to fulfill your most important tasks and leave lighter activities for later. This freedom can help you increase your productivity levels significantly, and thus increase your income as well.
Increased job security
Job security is an aspect that is high on people’s checklist when choosing a career and for good reason. Jobs that are always in high demand can ensure you’ll always have a good income that you can count on, no matter what.
The good news is that the Medicare insurance industry is booming at the moment, and according to expert predictions, the job demand in the industry will continue to increase in the future. Demographic statistics offer an explanation for this phenomenon.
According to The Baby Boom Cohort in the United States: 2012 to 2060 report, about 11,000 people a day turn age 65 in the USA and qualify for Medicare benefits. By 2029, when all of the baby boomers will be 65 years and over, more than 20 percent of the total U.S. population will be over the age of 65 and able to qualify for Medicare insurance. With more people in need of Medicare services, the demand for qualified insurance sales agents will also increase.
The job outlook for Medicare sales agents is therefore very positive. The U.S. Bureau of Labor Statistics estimates there will be a 5% increase in jobs for all insurance sales agents, including those who work with Medicare products.
Also, it’s fairly easy to break into the Medicare insurance industry as a sales agent. Most agencies only require Medicare insurance agents to have a high school diploma and two or more years of experience in health care or insurance sales, while others also ask for a bachelor’s degree. Additionally, insurance agents have to pass state insurance exams to obtain a license in their states. Having good communication, organizational, customer service, and negotiation skills can also help you advance in the field.
Final thoughts
There are many aspects to take into consideration when deciding on a career path, from talent and skills, to financial goals and the lifestyle you envision for yourself. Senior insurance sales can check some of the most important boxes on people’s list when looking for a fulfilling career, so we believe it’s an option worth considering if you’re at that point in your life.