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A Hot Job for Hard Times: The Life-Insurance Agent

Learn the challenges and opportunities in the life insurance industry as agents share their experiences and strategies for success amid changing trends and market dynamics. Discover valuable insights and recommendations for becoming a proficient life insurance agent.

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A Hot Job for Hard Times: The Life-Insurance Agent

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  1. A Hot Job for Hard Times: The Life-Insurance Agent Team 9 Nicholas Saunders, Michelle Nguyen, Garrick Robertson

  2. Life Insurance Agents • Thousands are being added • Big companies planning to sign up more • Similar types of agents are switching (real-estate agents, mortgage brokers, bankers, lawyers)

  3. Getting Started as an Agent • First years very difficult • Low Pay, almost all of it from commisions • Usually pay cut from former job • Lots of education • Many people after hired quit due to strain of job • All in All, it SUCKS!

  4. WHY??? • First, some background information

  5. Background Information • 1950’s- Life insurance agents common • Door to door selling • 1980’s- families using proliferation of mutual funds and lower premiums • Less commission for agents

  6. Continued Background • 1990’s- whole life still hard to sell • Gets even harder to sell due to a scandal hitting the industry

  7. Scandal • Term life- protects set time interval • Whole life- protects until death • Insurers pay interest on whole life, buyers can get back $$$ • Expensive upgrades cheat buyers • Upgrades don’t cover cost of upgrades

  8. Also • Lawsuits followed costing millions • Companies start requiring extra licensing from agents. • Forced agents to leave with policy

  9. In Short • Scandal caused families to avoid whole life insurance • Life insurance agents get less commission • Companies employ less agents

  10. Recovery of Whole Life • Didn’t have to worry about the Internet revolution that got rid of many agents for term life due to complexity • 12% growth in whole life in 2009 • Term life’s pitch “ Buy term and invest the difference.” became “lose the difference” when the stock market crashed helping whole life as well

  11. What does that say about the Present? • Economic slump • Term life insurance less secure • Whole life requires more agents to form policies • More agents hired

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