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Find Career Stability in the Supplemental Insurance Industry

Some of the best insurance agents I know love their careers partly because of the exciting rush that comes with helping customers purchase policies that best fit their needs, which then can help them in difficult times. The agents also love the control they have over their own schedule and their virtually unlimited income potential.

Don’t forget, careers in the insurance industry are not restricted to sales. There is a massive support system that goes behind the marketing, sale, delivery and pay out of insurance policies. Meaningful careers have been made in this industry in marketing, claims, underwriting, public relations, human resources and more.

And the great news? Along with these plusses comes the fact that the insurance industry is relatively stable, so these careers should be around for a long time. To me, stability means being able to focus on my career and long term goals and not worrying about whether or not my company will even exist years from now.

To narrow it down a little, the supplemental insurance industry in particular has a few unique features that make it a good bet for your career. Here’s why:

  1. We’re all human and we all have accidents and get sick. While supplemental insurance is more of a “nice to have” than a “need to have”, it’s relatively inexpensive (average cost is $40/month) and there is no deductible. Many, if not most, people appreciate having that added security of knowing if they get sick or hurt they have a back-up plan to protect their savings.
  2. Deductibles and out of pocket costs are rising, making supplemental insurance more in demand. According to a Kaiser Permanente Study, the burden of deductibles has risen 162% over the past decasde.A Supplemental insurance can help decrease the impact being sick or getting hurt can have on out-of-pocket costs.
  3. There are numerous potential customers. Practically anyone can benefit from having supplemental insurance. A supplemental insurance agent will never run out of potential business owners and personal consumers to sell to, and in turn the agents' support systems at the corporate offices will never run out of work.
  4. Customers tend to keep their policies. Customers really appreciate the peace-of-mind their supplemental policies bring, and they typically hold onto them for years. Even during difficult economic times, people tend to hold onto their supplemental insurance policies because of the added peace-of-mind.  A good agent can keep their customers for the span of their careers, helping them make good decisions about maintaining, changing or enhancing their portfolios.
  5. Insurance companies are healthy. Insurance companies-supplemental or otherwise- are well-capitalized, and most of them have long, stable histories (like Combined Insurance which was started in 1922). They have systems in place to help protect them from the ups and downs of the economy, making it less probable that they will be greatly impacted by a recession.

In fact, millennials, who will make up more than half of the nation’s workforce by 2020B, seem to be confident in the stability of this industry. In its second annual survey of millennials in the insurance industry, VertaFore®found that “82% of those surveyed are “optimistic” or “very optimistic” that the industry will evolve to attract the next generation of talent.”

Ready to see where the supplemental insurance industry can take your career? Check out our job opportunities today.



A-Published: Sep 25, 2019. (2019, September 24). Benchmark Employer Survey Finds Average Family Premiums Now Top $20,000. Retrieved from opens in a new window
BMillennial Parents Support DIY Education. opens in a new window
C “Millennial Insurance Professionals Remain Optimistic About Industry's Future Due to Increasing Tech Adoption According to Vertafore® Survey.” opens in a new window