Even the perpetually pessimistic can't help but feel a healthy dose of optimism about the new year – it's a clean, fresh start that's paved with potential. And when it comes to insurance agents in particular, this sanguineness is also felt for the industry as a whole, a newly released poll suggests.
Among young, newly minted insurance agents, over 85 percent are encouraged about what the future of their career holds for them, according to Insurance Journal's annual Young Agents Survey. More specifically, 59 percent are "very optimistic" – up from 51 percent in 2015 – and nearly 27 percent are "optimistic."
While there's more to a job than money, young agents are especially heartened by their earning potential. At 84 percent, the vast majority of respondents said they were highly confident that they'll be making more in terms of income in the new year than they have since entering the field, the survey found. Currently, a slim majority of young insurance professionals earn between $31,000 and $75,000 per year at 51 percent. Approximately 14 percent fall in the next highest income bracket of pulling in $76,000 to $100,000 annually.
Majority would recommend insurance as a career choice
So confident are young agents about their fiscal futures – as well as their long-term happiness in the profession – many wouldn't hesitate to recommend it to friends who are considering a career change, the survey revealed. Close to 82 percent of respondents said they would recommend insurance as a worthwhile career option to other people in their age bracket, with only 18 percent being unsure if they would or not.
"I would definitely recommend a career in insurance for a young individual," one respondent stated emphatically, Insurance Journal reported. "It's a great way to build residual income, freedom and a life for your future family."
Another young agent, said that all too often, young people pursue what's "in" at that moment and don't take into account stability and whether the industry will be around in a decade or longer. Insurance not only has staying power but affords opportunity for growth.
Agents for life?
This may explain why young agents predominantly view the field not as a job, but a career – one that they intend to remain firmly ensconced in for as long as they're in the working world. Approximately 85 percent said they project remaining an agent permanently, the poll found, with only 13 percent feeling unsure.
A new job is a hope for almost one-quarter of the country in 2017. At 22 percent, roughly the same percentage of Americans as last year want to be in a different position by year's end, according to a separate survey performed by CareerBuilder.
Insurance is a broad field, whose growth is largely measured by policy purchases. The industry is doing quite well in this regard, especially for life insurance. Research organization LIMRA reported late last year that roughly 5 million additional households have life insurance today versus 2010. Among millennials specifically – those who range between 18 and 35 years of age – 70 percent are covered, up from 60 percent from five years earlier.
Moral of the story: The future is bright for the insurance industry, and young agents are happy to be a part of it.
