Why Now is the Time to Start Selling Insurance

Is there ever really a “right” time to step foot into a new industry? We would argue yes — absolutely!

Based on current statistics and a booming market, now is the perfect time to dive into the insurance business. Let us tell you why.

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Positive Job Outlook

From 2023 to 2033, the U.S. Bureau of Labor Statistics predicts employment of insurance agents will grow by 6 percent. This is a higher rate than the estimated growth of all professions, which is only 4 percent. Insurance agents are likely to see more success and opportunity in the next few years.

This growth is due to several factors, one of them being the projected growth of the economy as a whole. But insurance agents particularly lucked out due to the rise in the demand for insurance, which directly leads to the need for more agents. As more insurance carriers turn to brokerages to expand distribution, the role of the independent insurance agent also grows.

The Bureau of Labor Statistics points out that independent agents not only thrive off the demand for insurance, but that online insurance sales will not hinder agents’ jobs but actually benefit them. Agents will still need to interact with their consumers in a face-to-face setting, but online platforms such as Integrity’s PlanEnroll help to simplify the process of generating and comparing quotes. You can even sign up for your own free PlanEnroll site so you are your clients’ direct point of contact.

Room for More

Considering the significant changes in the insurance industry in the last year, there is room for more agents to help Medicare beneficiaries find the coverage they need.

Now is a great time for anyone considering joining the industry to give it a go, especially those just entering the workforce after college or high school! 71 percent of gen z who are currently working in insurance say they would recommend it to a friend, and 72 percent of survey participants noted they’d like to stay in their careers for six years or more.

Stability in Medicare

You’ve probably heard it before, but it bears repeating: With America’s largest generation, the Baby Boomers, reaching retirement age, more than 10,000 people are turning 65 every single day! This will continue into the 2030s. That means that as the need for Medicare increases, so does the need for knowledgeable agents who sell Medicare.

As the need for Medicare increases, so does the need for knowledgeable agents who sell Medicare.

The even better news is that enrollment in private Medicare plans has been on the rise. As of November 2024, more than 32.8 million people were enrolled in a Medicare Advantage plan. More than half of all Medicare beneficiaries are enrolled in a Medicare Advantage plan, according to KFF. They also estimate that 64 percent of Medicare enrollments will be in a Medicare Advantage plan by 2034.

If AHIP certification isn’t your thing and you choose to exclusively pursue Medicare Supplement sales, you’ll still be happy to know that 93 percent of beneficiaries with Med Supp plans say they are satisfied with their coverage.

With so many potential consumers, now is the perfect time to start building your client base. Just remember to always focus on building relationships with your clients and finding plans that will fit their unique needs.

Take advantage of the senior health insurance market while the stats are in your favor. Ritter Insurance Marketing is here to help you on your journey. Now is an excellent time to take that first step towards a bright, promising career and future.

Register with Ritter for free to have access to marketing tools, agent resources, and educational opportunities to help your business flourish.