Do you ever ponder why folks decide to leave the life insurance agent? I decided to become a licenced life insurance agent in 2018 after taking a big risk. I was seeking for a flexible method to earn extra money and potentially get my spouse on board to work with me as well in the side company. After working in the financial sector for a few years, it looked like a good opportunity to assist spread financial literacy while also earning a healthy commission.
My future seemed bright after passing the state exam and acquiring my driver’s licence. All that was left was the ominous truth that around 90% of life insurance brokers leave their positions during the first year of work.
I didn’t want to be part of that statistic, so I battled tooth and nail to make life insurance work for me. However, after a little over a year, I ended up resigning and haven’t looked back since. Here’s why I quit becoming a life insurance agent.
3 Reasons Why Insurance Agents Quit
#1 Low Motivation
That much is obvious. To be a great insurance agent, you have to want to succeed. One of the most common causes for quitting in this field is a lack of commitment to one’s work. While it’s true that this work isn’t simple, it’s also true that it can be incredibly gratifying when you allow it to be.
As an insurance agent, you have everyday opportunity to influence your clients’ lives for the better. You’ll receive back exactly what you put in in this work, if not more. As a result, if your clients are actually important to you, and you put up your best efforts to develop a strategy that meets their requirements, you may take pride in knowing that you have contributed to their success.
Partner with a leading FMO like Ritter Insurance Marketing to participate in sales incentives if you still need additional drive. We conduct promotions like our Quest for Cash, where we award agents for their Med Supp sales. Our carriers also give agents with opportunities to improve sales by giving away easy-to-earn rewards. Don’t be scared to utilise these rewards as motivation to enhance your firm. We encourage it!
#2 Unconstructive Management
Let’s be honest. Even if you don’t like your boss, should that be enough of an excuse to stop paying your insurance premiums? None of us believe so!
It’s fairly unusual in the insurance sector for agents to be promoted based on large sales. While selling lots of plans and earning big commissions are obviously aspects in becoming a successful agent, such attributes don’t necessarily translate into being adept at managing and training others.
Consider becoming an independent agent and working with an FMO.
You’ll need help getting started, and that’s perfectly OK. As an alternative to abandoning your day job, you can try working as an independent agent for an FMO. You’re able to set your own hours and, in a sense, work for yourself. If you choose to work with Ritter Insurance Marketing, not only will you feel that your work holds worth, but we can also give you with the trainings and webinars you need to become more knowledgable about your industry.
#3 Lack of Resources
If you don’t have the resources to present oneself in the best light, you may consider giving up. No one gives what you’re seeking for better than an established FMO. The last thing we want is for you to feel annoyed while submitting applications or attempting to discover the correct plans for your clients. That’s why Ritter offers you with tools and back-office assistance to make your job considerably simpler.
Ritter’s Medicare Quote Engine will help you locate and compare plans depending on your clients’ age and region, and you can even have your own Medicareful site for your clients to access while shopping for options. We also offer online contracting tools to make working with new carriers simple and straightforward.