Some of the most exciting benefits of working in insurance are some of the most frequently overlooked.
If we've learned anything in the last few years, it's that job security is something you create on your own. There are several ways to do that, but one of the most common is to sell a product or service that people need no matter what the economy is like. That job security is just one of the benefits of working in insurance.
In fact, the Bureau of Labor Statistics (BLS) estimates that the demand for insurance agents will grow 10% faster than average through 2026. Job security isn't the only benefit of working in insurance, though. The BLS reports that the median income for insurance agents in 2016 was $49,990, with top agents earning over $128,000 per year.
Job security and good wages are excellent reasons to consider a career as an insurance agent, but there are plenty of benefits that get overlooked.
15 Benefits of Working in the Insurance Industry
1. Loads of options
One of the best things about working in the insurance industry is the opportunity you have to work with an exciting product. If you have an interest in end-of-life and survivor care, life insurance is an option. Maybe you like helping small businesses, in which case, business insurance might be your specialty. You could even narrow that down and become a specialist in small sports businesses if you choose.
2. Plenty of opportunities
Insurance Business America reports that approximately one-fourth of the people currently working in insurance will retire as soon as this year. That opens up a lot of potential for learning, growth, and career advancement.
3. Continuing education benefits
Many insurance companies, including Pekin Insurance, offer great educational benefits. From tuition reimbursement to industry certifications, there are plenty of ways to advance your educational goals.
4. Employee benefits
Pekin Insurance, along with many other companies, offers employee discounts on insurance policies. We also offer paid parental leave, adoption financial assistance, well-being initiatives, as well as paid time off for volunteer work.
5. Improving people's lives
One of the most rewarding benefits of working in insurance is helping people. You're there for your customers in some of their most vulnerable times: after a car accident, when their business has been hit by a tornado, or when they've experienced a home burglary. You are the person who helps them through these tough times, and that's a benefit that also touches your life.
6. Meeting people
Not only do you improve the lives of your customers, but you also get to meet great people every day. Young parents looking at life insurance, new homeowners, business owners, and people from all walks of life may walk in your door at any time.
7. You don't have to sit all day
As an insurance agent, you could make visits to your clients, meet potential clients at a coffee shop, or be a featured speaker at your local Chamber of Commerce meeting. There are plenty of opportunities to get away from the desk and take in a different view throughout your work week.
8. It's anything but boring
Our future is coming at a lightning-fast pace. Driverless cars, AI, and automated deliveries are changing our lives and the insurance industry. A career in insurance gives you a chance to learn about these technologies inside and out.
9. Technology is part of the job
Speaking of new tech, the insurance industry is a leader in blending the hands-on human side of life with the technology to make that life better. Smart homes are one of many examples of the convergence of technology and insurance that millennials could excel in.
10. A flexible work schedule
Don't think a 9 to 5 lifestyle is for you? No problem. Insurance offers the flexibility you want. In truth, a flexible schedule works for your clients, too.
11. Variety is the name of the game
You don't have to be a salesperson or an insurance agent to work in the insurance industry. Other careers within the field of insurance include claim adjusters, actuaries, and underwriters. You could work in loss control helping businesses assess risks, as an investigator, or a team manager.
12. You don't need a specific degree
Because there are so many opportunities for continuing education, you don't need a specific degree to work in the field of insurance.
13. You don't need experience
The insurance industry is one of those rare fields where you can do well while you gain experience. And while you do need a license to sell insurance in most states, the potential for success is well worth the effort.
14. There isn't much competition
At least there isn't much competition for millennials. While your friends and classmates are competing for a limited number of jobs in tech startups, the insurance industry is actively looking for recruits. That gives you a lot of negotiating power in finding the right job.
15. Live anywhere
There are few geographical limits for someone with skills in insurance. You can live on the pristine shores of the Great Lakes or in the heart of a city. People everywhere need insurance, so there is always the potential to go somewhere new and try a new environment.