Becoming an insurance agent is fascinating as this profession is providing huge career success and a lot of earning. Moreover, this profession is among few professions where the monthly or annual income depends upon the sales you have done for your company. But you need to have an insurance license to sell insurance policies.
Insurance companies provide extra incentives to their agents of each deal brooked by them. However, just like another profession, to start your insurance agent career and to excel in it, you will have to do hard work and incorporate it with your smart work.
Here are a few things you should do before getting your insurance license.
Things You Should Know Before Getting A Insurance License
Chose The Path In The Insurance Industry
The scope of the insurance industry is very wide, and it covers different types of insurance. So before getting into the insurance industry as an insurance agent, you have to choose the kind of insurance agent you want to be.
Though the classification of insurance agents based on the area covered is huge, we have divided the types of insurance agents into two types.
The first one is the captive insurance agent, and the other is the independent insurance agent. A captive insurance agent works for one company only, typically a big and multinational. There are bound by the rules of the company and can’t sell a product other than that particular company. They are paid with fixed salary and sometimes are also offered bonuses for good performance.
Independent insurance agents are those who work for more than one company and clients simultaneously. They interact with different companies and clients and try to broke the deal at the best possible rate.
Choose Your Insurance Product
After deciding your choice from the general category, the next step is to choose the product you will sell as an insurance agent.
You can become a health or life insurance agent. You can sell causality insurances. Other types of insurances include property insurance, educational insurance, and car insurance.
So it is important to choose that insurance product in which you have interest and confidence of excelling.
Submit Your Application According To The State’s Policy
After deciding on your insurance product, the next step is to submit the application form to the relevant office of the state.
Some states demand pre-license courses before authorizing you to sit in the exams. Normally, 15-40 pre-license coursing hours are required by the states.
Other requirements of the state department will include your identity card, social security number, address, and your criminal record any. After completing all the requirements, you need to submit the form.
Pass The Exams
This is the crucial step for all those who are looking for how to become an insurance agent. It is mandatory in almost every state to pass the insurance license test before practicing in the insurance industry.
The online and pattern of exams vary from state to state. But the general content included in the exams is insurance laws, insurance policies, types of insurances, contract law, and duties and responsibilities of insurance agents.