Changing jobs is becoming much more common place in today’s business climate. There are many reasons why people look to change careers. Some are looking for a better paycheck. Others are looking for a better chance to advance in their career. Still others are looking to get involved with a job or organization that allows them to give back to their community. No matter the reason for a job change, Insurance is one industry that frequently gets overlooked. Overlooking this industry is a mistake far too many people are making when looking for a second career. The insurance industry can provide people with a lot of what they are looking for in a second career. Here are five reasons why the insurance industry is a good place to look if you are looking for a career change.
An Aging Workforce
The workforce in the insurance industry is aging. According to the Insurance Journal, “The average age of an insurance industry professional is 54, and 60 percent of insurance industry professionals are older than 45.” This fact means many people will need to be replaced in the next 10 to 15 years. This can give someone looking for a place to advance their career quickly may find a good home in the insurance industry.
There are many industries that are here today and gone tomorrow. Insurance is the polar opposite of those industries. This is because people will always have to purchase insurance in some form or fashion. The old saying, ‘nothing is guaranteed in life except death and taxes’. Well whoever came up with that saying should have added insurance, because it is awfully hard to make it through life without purchasing some form of insurance. This is true if you drive a car or own a home. If you own a business, in most states, you are required by law to carry General Liability and Workers Compensation Coverage. Because of these requirements to purchase coverage the insurance industry will continue to provide people, whether starting out in their career or looking for a new home, with a relatively stable amount of growth for the foreseeable future.
The ability to develop Transferrable skills
Chances are, if you are looking for a new job it is more than likely because you are less than satisfied with the industry you currently operate in. You very likely feel like you are in a rut and you need to learn some new skills in order to advance your career and your earning potential. Developing transferrable skills might be the single most important aspect anyone can develop to empress future employers and increase their earning potential. Two skills that you will learn in the insurance industry are interpersonal communication and critical thinking skills. You will develop these skills when you are helping customers shop insurance rates and when you are determining if they are purchasing adequate insurance for their life or business. Interpersonal communication and critical thinking skills are vital to any job you will have throughout your career and they are crucial to success in the insurance industry.
High Income Potential
Earning Potential for Insurance Agents is high if you find yourself in the right position within the right organization. If you’re switching careers in the middle of your life, you may not have time to go through years of grinding up the corporate ladder. According to the BLS, the median wage for insurance agents is $49,900. Now this is only the average income for all insurance agents. The top-earning potential is much higher. This is good for people who are changing careers who may have responsibilities like children, mortgages, or student loans. If you need a change, but are not able to start over at an entry level position you may find just what you are looking for in the insurance industry.
The chance to develop transferrable skills is important for advancing your career, but having variety might be just what you need to keep your mental health strong. Many industries that people work in are stable, but they are tremendously boring. Even exciting jobs can become boring after being in a position for an extended time. The great thing about insurance is that it interacts with all aspects of life. If you come from a business background you can focus on property and casualty or workers comp. If you like helping people in their personal lives, you can focus on home and auto coverage. If you are looking to use skills, you have in the medical field you may be able to focus on health insurance. No matter what you are looking for, the insurance industry offers you the opportunity to have variety in your daily work life.