A number of excellent reasons exist to join the insurance industry. The field rarely requires a specific qualification, making ideal candidates of college graduates in any field, professionals looking to make a career change, and in some cases even high school diploma holders looking to enter the job market immediately. The trillion-dollar industry boasts a $52, 180 median annual salary, over 500 000 jobs nationwide, and a projected growth of 7% in the years 2020-2030 per the US Bureau of Labor Statistics.
Projected Growth
The state of Texas is well known for its relatively high standard of living, comparatively low cost of living, and its friendly tax laws. While the US Department of Labor’s CareerOneStop records an expected 6% growth in insurance agent employment nationally, the state of Texas is projected to grow 18% within the same time-period of 2018-2028. This ranks Texas joint 8th (tied with the District of Columbia) in highest projected state growth in insurance agent employment, painting a rather bright picture of the future of the profession in the state.
There are various state specific guides out there, such as this useful, simply laid out guide on getting your Texas insurance license by The Really Useful Information Company (TRUiC).
The first step toward becoming an insurance agent in Texas is to obtain your Texas insurance license. Whether you want to sell property and liability insurance, life insurance, health insurance, or a mix of those products, TRUiC can help you. Which licenses you’ll require will depend on the types of insurance products and policies you’ll be selling. Examples of two insurance licenses are a Property and Casualty Insurance License and a Life and Health Insurance License. Most insurance agents and producers obtain both P&C and L&H licenses, but if you plan to specialize in only one category, you will not require both of them. A separate license is required for insurance adjusters.
It’s time to start studying for the Texas insurance examinations when you’ve decided which licenses you’ll need. You are not required to complete a certain number of pre-license credits before taking the exam in Texas. This means that it is entirely up to you to study for your exam. The majority of people opt to complete an online insurance pre-license course. These courses are designed to provide you with the abilities you’ll need to pass the exam. It’s a good idea to devote a week or so to studying for this exam. Take a little longer if you don’t think you’re a strong exam taker, but don’t let it go on too long.
Low Barriers to Entry
Practising insurance professionals need only pass their state’s relevant insurance exam in order to secure employment and operate legally. While a large number of professions require potential employees to have a certain level of experience or sector specific qualifications, it is possible to break into the realm of insurance sales without either of these two things. This makes it an attractive career path for many.
Unlimited Earning Potential
As is the case with any other sales work, the earning potential is not capped as it is in most other professions. A distinction is made between independent and captive agents, with the former earning based on commission, and the latter’s income depending on a set combination of a basic salary and commission structure. Both, however, are generally presented with the capacity to grow their income due to the presence of a commission element. Based on the industry activity throughout the state, availability of jobs, and pay, the Texan cities of Lubbock, Dallas, San Antonio, Austin, Fort Worth and Amarillo are typically considered to be among the best in the state for insurance agents.
Final Thought
While several other states may rank above Texas in terms of factors such as median pay or location quotient, it is well poised in terms of potential growth in the insurance industry, state tax laws, overall standard of living in the state, market activity and pay. A number of reasons listed in this piece illustrate why insurance sales may be a good option for Texans looking for a new career path, even if they have limited qualifications and prior experience. Thus, becoming an insurance agent is as good a profession to pursue as plenty of others in the lone star state.
