Whether you’re looking for your first real job or you’re thinking about switching careers, there are plenty of reasons to pick the insurance and financial services industries. These positions offer flexibility, growth and some serious earning potential. If that sounds good to you, keep reading.
The Future Is Bright.
The median annual salary for a personal financial advisor was $90,530 in 2016, according to the Bureau of Labor Statistics (BLS). For an insurance sales agent, the median annual salary is $49,990. This is an attractive salary, especially considering that many companies don’t require insurance agents to have a college degree. And, with commissions added in, earnings can go much higher. Many insurance agents also enjoy flexible hours, making it easier to find a good work-life balance.
And if you’re worried about being replaced by a robot, you can relax. Technology is changing the industry, but many clients still prefer to receive financial advice from a human. A poll conducted by LendEDU found that even tech-savvy millennials are more likely to be using that services of a human financial advisor than a robo-advisor, and almost two-thirds of the poll participants thought a robo-advisor was more likely to lose their money.
The BLS predicts that employment for personal financial advisors will increase 15 percent between 2016 and 2026, which is much faster than the average across all jobs. Employment for insurance agents is expected to increase 10 percent in the same period, which is also faster than average.
People Need Insurance and Financial Services.
It’s not surprising that employment is expected to increase in the financial services and insurance industries. These services are desperately needed.
Now that the country is recovering from the 2008 recession and employment rates are strong, people have more money to spend, save and invest – but they’re also facing a retirement crisis. Many Americans lack adequate retirement savings or emergency funds.
Our Population Is Aging.
By 2050, 83.7 million people in the United States will be aged 65 or older. The aging population is already creating an increased need for financial and insurance services for seniors. While this includes retirement planning advice, it also includes health care coverage.
When seniors turn 65, they become eligible for Medicare. However, these seniors still face out-of-pocket expenses. To manage rising health care costs, many seniors turn to Medicare Supplement Insurance plans, also called Medigap, or Medicare Advantage. There are many options, and insurance agents can help guide seniors through the process so that seniors can select the product that best meets their needs. The demand for Medicare insurance agents will rise as the over-65 population grows.
Help Yourself and Others
Selecting a job in the financial services and insurance industries is a win-win situation. You can help people secure their finances and plan for the future. At the same time, you help yourself by finding a flexible and rewarding job that pays well.
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