Is there ever really a “right” time to step foot into a new industry? We would argue yes — absolutely!
Based on current statistics and a booming market, now is the perfect time to dive into the insurance business. Let us tell you why.
Positive Job Outlook
From 2016 to 2026, the U.S. Bureau of Labor Statistics predicts employment of insurance agents will grow by 10 percent. Since most other occupations are expected to have an average growth rate of only seven percent within the same timeframe, it looks like insurance agents are on the path to success. The Bureau indicated that the growth rate may be even higher for health insurance agents specifically, with projected growth of 28 percent during the same period.
This growth is due to several factors, one of them being the projected growth of the economy as a whole. But insurance agents particularly lucked out due to the rise in the demand for insurance, which directly leads to the need for more agents. As more insurance carriers turn to brokerages to expand distribution, the role of the independent insurance agent also grows.
The Bureau of Labor Statistics points out that independent agents not only thrive off the demand for insurance, but that online insurance sales will not hinder agents’ jobs but actually benefit them. Agents will still need to interact with their consumers in a face-to-face setting, but online platforms like Ritter Insurance Marketing’s Medicare Quote Engine and Medicareful help to simplify the process. You can even sign up for your own free Medicareful site so you are your clients’ direct point of contact.
Room for More
The average age of today’s insurance agent has surpassed 60 years old. That means that soon, many of them will be hitting retirement age. About a quarter of agents in the industry are expected to retire in the next few years, making plenty of room for new, motivated agents.
About a quarter of agents are expected to retire in the next few years, making plenty of room for new, motivated agents.
Now is a great time for anyone considering joining the industry to give it a go, especially those just entering the workforce after college or high school! A whopping 82 percent of millennials who are currently working in insurance say they would recommend it to a friend, and over half said they were pleased with their rate of pay. Satisfaction for this group is much higher than that of other jobs!
Stability in Medicare
You’ve probably heard it before, but it bears repeating: With America’s largest generation, the Baby Boomers, reaching retirement age, more than 10,000 people are turning 65 every single day! This will continue into the 2030s. That means that as the need for Medicare increases, so does the need for expert agents who sell Medicare.
As the need for Medicare increases, so does the need for expert agents who sell Medicare.
The even better news is that enrollment in private Medicare plans has been on the rise. As of January 2018, just under 20 million people were enrolled in a Medicare Advantage plan. In fact, one in three consumers now chooses Medicare Advantage. The percentage of Medicare beneficiaries enrolled in Medicare Advantage plans has risen 20 percent since 2003. Penetration is more than 40 percent in six states: CA, FL, HI, MN, OR, and PA.
If AHIP certification isn’t your thing and you choose to exclusively pursue Medicare Supplement sales, you’ll still be happy to know that 90 percent of beneficiaries with Med Supp plans say they are satisfied with their coverage.
With so many potential consumers, now is the perfect time to start building your client base. Just remember to always focus on building relationships with your clients and finding plans that will fit their unique needs.
Benefits and Incentives
In addition to the expanding market, many carriers and FMOs like Ritter Insurance Marketing offer bonuses and incentives to encourage you to boost your sales. Ritter’s $100K Cash Giveaway rewards contracted agents who have the highest Med Supp production each quarter and annually.
Carriers also offer cash, prizes, or marketing allowances that you can earn just by making sales — it’s that simple. We want you to succeed and so do the carriers you represent.
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Take advantage of the senior health insurance market while the stats are in your favor. Ritter Insurance Marketing and the Agent Survival Guide are here to help you on your journey. Now is an excellent time to take that first step towards a bright, promising career and future.