There are only two types of people who become insurance agents – those who can’t get a job anywhere else and those who want financial freedom. In a way, these two contrasting groups sum up the public’s view of the profession.
On one hand, it is a vilified profession – most people don’t want to know you if you’re peddling insurance. On the other hand, it’s possibly the fastest track to a high income and million-dollar career.
Zita Xu, Senior Director of WealthPro Advisory, acknowledges the wide difference in perception which partially contributes to the high turnover rate in the industry. Out of 10 who join her agency, about six will eventually give up and leave.
“Some give up in three months. Most will give up within the year when they face too many rejections,” Zita, who represents Manulife, added. “To survive in this industry, one must not give up.”
Those who intend to make it are advised to have at least six month living expense to get them through the tough early times. She herself only made about $40,000 in her first year. By the second year, she was taking home between $100,000 -$200,000.
Now only in her fifth year in the business, Zita is managing her own agency with a team of about 30 agents and taking home over $200,000 a year despite not doing any more sales herself. Zita is 31.
Getting to her position is not easy though. Zita can be considered the top earning 10% among insurance agents. The top 1% take home up to a million bucks. Most agents however, get by on an average of $60,000 a year.
“When I joined this profession, my motivation was money,” Zita admitted candidly. “Later on I saw the value of the service I was providing, especially, when I help clients make claims. It is a very meaningful vocation.”
Being her own boss makes the job even more meaningful now that she has three children of her own. Since it is not a 9-to-5 gig, Zita can manage her time according to her family needs and does not need to retire since work and life has integrated seamlessly.
If you’re looking for fast cash in a meaningful career, Zita provides all the right inspiration.