We compiled this list in the spirit of Thanksgiving. It includes 10 reasons to be thankful for your insurance career. It can be easy to forget how great this industry is, even if it’s your only one.
10. Wonderful Vacation Time
Prior to working in insurance, I used to get one to two weeks off each year. Insurance professionals are entitled to 15 to 25 vacation days. This has allowed me more opportunities to travel to Europe, and my home country of Costa Rica. My coworker (another CPCU), has been to Mexico, Spain, Italy, Vatican City and Tunisia. She’s also been to Canada, Turkey, Kenya. England, Belgium Luxembourg, Switzerland, Austria. Ecuador. Costa Rica, Liechtenstein. Hong Kong, Macau, Germany, and 12 U.S. States in the past five years.
9. Fantastic Benefits:
Insurance professionals are more likely to receive great health, life and dental insurance plans. They also get discounts on home and auto insurance. It’s our business!
8. Pension plans and 401k:
Many insurance companies offer 401k plans. Some also offer pensions which are almost non-existent outside the financial sector. This plan allows us to focus on our jobs today while knowing that our financial future is in good hands.
7. There is a large need for ambitious, up-and-coming leaders (like us!) Due to the aging workforce:
There is a huge demand for strong leaders as many insurance professionals are retiring. This creates a tremendous opportunity to advance your career. Young go-getters should consider insurance. This benefit isn’t widely advertised, which means there’s plenty of room for talent.
6. Insurance is a recession-proof industry: The people will always require insurance. Despite recent economic downturns, there has been an increase in demand for professionals who are licensed to provide insurance services. No matter what happens in the stock or real estate markets, there will always be risks.
5. It’s not a flat industry: Insurance companies have many levels. This means that if you work hard there will be plenty of opportunities for advancement and growth in your career. The hierarchy for many entry-level roles at large carriers looks something like this: Supervisor -> Manager –-> Associate Director Director –-> Director –-> Assistant Vice President. Vice President. Senior Vice President. -> COO. -> CEO. There are 10 levels at which you can be promoted.
4. It is challenging but rewarding work
In my five-years of experience in the industry, I’ve helped people file their claims and get their medical bills paid. I also have helped them rebuild their lives after major disasters. I have helped to forecast the company’s future and reported on sales for the last quarter. Since the beginning of the year, I have been a sales manager and helped grow the company in Northern California.
3. Supportive of continuing education:
Many insurance companies offer tuition-reimbursement programs that can help you further your education. The industry supports students in all aspects of education, including going back to school for a Bachelor’s degree or completing a Master’s degree.
2. The Alphabet Soup of Designations
There are over 90 insurance designations. To be eligible for most insurance designations, you will need to pass three to four tests. Some require a master’s degree (CPCU, CLU) in order to obtain. Numerous insurance companies will assist you in your pursuit for further education. Many insurance companies will pay a small bonus for each test you pass, or reimburse you for travel expenses to attend conferment ceremonies when you have earned a major designation. It’s likely that you’re already used to studying. If you keep the habit going, it can be easy to earn your designations and make a significant impact on your career. It’s possible to make studying part-time and use it to get promotions or better opportunities.