Becoming an independent insurance agent offers you a lot of freedom. You can set your own hours, sell from home, drive your own production – and, perhaps most importantly, determine your own earnings based on how many insurance plans you sell.
But there are pros and cons to working on your own.
First, let’s look at some pros of selling insurance from home
Improved work/life balance
Working from home means you very likely will be able to find a better balance between your personal and work lives.
Potential home office deduction
You may be able to write off a portion of your home office expenses at tax time when you work from your home. (Ask your tax professional for advice.)
Since you will be selling insurance from home, you can cast aside the daily commute – and the associated costs like gas, more frequent car maintenance and repairs that go with it.
With no commute, you’ll have more time to yourself (and/or your family) and the opportunity to improve your health with more exercise. Jog or walk the neighborhood or set up a home gym – it can help clear your mind and put you on a path to a healthier you.
When you sell insurance from home, you’re able to set your own schedule – and take a break whenever you’d like. And you have the freedom to meet your prospects and clients over lunch, dinner, or whatever time and location you choose. It’s up to you.
Although there may be some disruptions at home (like laundry, kids, the dog, or neighbors), you have more control over them than, say, the co-workers who may surround you if you’re working in an office.
Now, let’s look at a few cons of working from home as an insurance broker
You need discipline
Focusing on work when you’re at home takes self-motivation. (You have a job to do, after all.)
As an independent insurance agent you won’t always have colleagues and co-workers around, so at times you may miss the camaraderie found in a traditional office setting. (This, of course, can be overcome by your work with clients – at your home, at their home or office, or even on the golf course.)
You’re constantly on
When you work at home, you could have a tendency to overwork. (You can counter this by setting up “core hours” during which you focus on sales and networking – and make sure you work only in your “work space,” not all over your home, condo, or apartment.)
Loss of personal space
You may lose out on a portion of your living space when you set up a home office, but it may be worthwhile when you consider your home office tax deduction.
Selling health insurance can be very rewarding. It’s not right for everyone, but in addition to offering virtually no limit on what you can earn, you’ll feel good about helping your clients solve their health insurance needs and find coverage that makes sense for their families and their budgets – and you’ll help employers attract key talent with quality health insurance for their employees.