Jerry: Is selling life insurance risky? If I am entering the field what are tips for leads and good performance?
I am entering an internship with a life insurance company that very well may lead to a job after graduation. I’m concerned about the commission salary and how to attract clients. Any tips? Is selling life insurance a good career to get involved in?
Answers and Views:
Answer by StephenWeinstein
No, it is not a good idea. Between 90% and 100% of those who enter this field fail at it and have to leave within one year. Between 0% and 10% stay for at least one year, and it is not clear how many of those actually make money during that year and how many stay in the field without making money. However, “risky” implies a substantial amount of uncertainty. Since failure is virtually certain, it is not really risky, in the same way that beheading yourself does not involve an element of risk, because the outcome is already known.
Wow; for someone who appears to place great stock in the financial advisory profession, StephenW sure does spread a lot of negativity about it. Numerically, the situation he portrays is accurate, but people actually do make an incredible living at it. As in any vocation with a 97% washout rate, the compensation for the survivors is going to be good.
Being a new college graduate with hopefully no significant commitments, you are in the best situation to succeed. The real question is whether or not you’re the right type person, and if you are willing to stick it out. Can you commit to the next one to two years of 60-plus hour work weeks with total focus on building your practice, and total submission to your mentors? Can you always consider the good of your client before your own? Can you continue to look forward and motivate yourself toward your next success when most days you feel like a total failure? Is money your measurement of success? If it is, you won’t last. If you are successful, however, you’ll probably have more money than you ever considered possible. The secret is constant hard work and a burning passion to help others.
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