Become An Insurance Broker -- Here's How
Become An Insurance Broker -- Here's How
The initial steps to learn how to become a capable life insurance broker are important. The choices you make in your beginning steps will set the tone for your career.
First you must decide if you prefer to be an independent broker or captive agent/broker. As an independent broker you are self-employed and generate your offers from various insurance agencies. You will be in the position to place clients with the insurance companies that are most beneficial for them. A captive agent/broker works for one specific company and only offers their services. In both situations a broker/agent can also be licensed to sell securities such as annuities or mutual funds. If you decide to begin your career as an independent there will be initial investments for you to make such as office equipment and renting an office if you don't have one at home. If you do decide to have your office at home, it's not a reason to be less professional. The proper letterhead for your business name, a dedicated phone line strictly for your insurance clients and a host of other requirements should get you on the right foot.
Education And Training Requirements:
Nearly all insurance brokers have at least finished high school and most have some college training. The majority of insurance companies and independent agencies employ only college graduates. Courses in accounting, economics, business and mathematics are very helpful. You may find a college or vocational school that offers courses in insurance. Adeptness in computer business applications is significant, the reason being is that they provide financial facts and calculate premiums (the total paid by the client-typically every month or half year). All agents/brokers must be licensed by the state in which they do business. In order to acquire a license you must pass a written test. A separate state license is required for brokers who plan to sell mutual funds and other securities. (Would you like to know about the policies from OnePath. Also make sure to visit Macquarie Life Insurance Company.)
Many insurance companies will assist their trainees by offering classes to help study for the licensing test. New insurance agents/brokers also learn (once they have received their license) by observing more experienced agents and asking questions. To further your career you should participate in conferences and extra courses to stay up-to-date on the newest developments in your field. Subjects like tax law for instance sometimes change frequently; staying on top of these adjustments will certainly be a plus for you. The amount of financial products is increasing so employers are focusing more on higher education.
After completing your primary education you will find that many insurance companies offer a vast number of opportunities to move-up-the-ladder. Determined employees, regardless of status are given the opportunity to improve their skills. After additional training, insurance brokers/agents can move on to positions as underwriters. Other agents/brokers become agency heads; managers or others become entrepreneurs and start their own agency. Employment of insurance agents/brokers is expected to climb slower than previous years for all sectors between 2004-2014. In the future most jobs will be the result of agents who retire or leave the industry.
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