In the world of insurance, being a health insurance broker stands out as a rewarding yet challenging profession. With the healthcare landscape constantly evolving, the demand for educated, empathetic, and skilled brokers is more significant than ever. This post explores why pursuing a career as a health insurance broker can be both fulfilling and advantageous, targeting health insurance agents who are contemplating their next career move.
Understanding the Role of the Health Insurance Broker
Before we dive into the reasons to become a health insurance broker, it’s crucial to grasp the essence of the role. Health insurance brokers act as intermediaries between individuals or companies and insurance providers, offering guidance, comparison, and purchase services for the best health insurance plans available. Their expertise and advice can dramatically impact clients’ financial health and well-being, making this role both important and respected.
Five Reasons to Become a Health Insurance Broker
1. Rewarding Career Path
The role of a health insurance broker is inherently rewarding. You have the unique opportunity to assist individuals, families, and businesses in navigating the complex world of health insurance, ultimately helping them secure their financial future and peace of mind regarding healthcare needs. The gratitude of clients who you’ve guided through some of their most challenging decisions can be incredibly fulfilling.
2. Financial Incentives
Is it hard to sell health insurance? Like any sales position, it comes with its challenges. However, those willing to put in the effort can find it financially rewarding. Successful brokers benefit from a commission-based income that grows alongside their client base, often complemented by bonuses and other incentives. The more you dedicate yourself to understanding your clients’ needs and the intricacies of health insurance products, the greater your potential earnings.
3. Evergreen Demand
The demand for health insurance—and consequently, for knowledgeable brokers—remains high regardless of economic fluctuations. Healthcare is a critical aspect of everyone’s life, and as legislation, policies, and healthcare needs change, so too does the need for expert advice. This demand provides a level of job security not found in all industries.
4. Flexible Working Arrangements
Becoming a health insurance broker often comes with the flexibility to set your own hours and control your workload. Whether you prefer to work from an office, from home, or out in the field, there’s room to create a schedule that fits your lifestyle. This flexibility is particularly appealing to those who value a balanced approach to their professional and personal lives.
5. Continuous Learning and Growth
The health insurance field is dynamic, with constant changes in laws, policies, insurance products, and best practices. This environment offers continuous learning opportunities, enabling brokers to constantly expand their knowledge and skills. For those who thrive on staying ahead of the curve and becoming lifelong learners, this career path is ideal.
How to Be Successful in Health Insurance Sales
Success in health insurance sales comes down to several key factors:
- Deep Industry Knowledge: Staying informed about the latest trends, laws, and products in health insurance.
- Empathy and Communication: Understanding the needs of your clients and being able to communicate effectively.
- Networking: Building a wide network of clients and industry contacts.
- Perseverance: Being persistent in the face of challenges and rejection.
- Marketing Skills: Utilizing various marketing strategies to attract and retain clients.
A career as a health insurance broker offers both challenges and rewards, making it an attractive option for many. By focusing on the needs of your clients and dedicating yourself to continuous improvement, you can build a successful insurance sales career path that is both profitable and fulfilling.
Training
A lot of California brokers who want to sell health insurance choose either an Accident and Health Agent license or a combination Life and Accident and Health Agent license. The latter gives you the ability to sell health insurance, life insurance, and other lines of coverage (like disability and long-term care, among others).
Your license type determines your required training hours. For example, if you are an individual or business entity (agency), a minimum of 20 hours of approved study in California for Life-Only License or an Accident & Health License. Twelve hours of ethics and California insurance code study are also required. If you’re interested in a combo license, you must have a total 52 pre-licensing training. That includes 20 hours each for Life and Accident & Health plus 12 hours of ethics study. (A similar study requirements applies in Nevada.)
Online Resources
Both California and Nevada allow brokers to train for licensing exams through available online resources. Click on a state name below to see a list of recognized vendors.
State Examination Overview
If you are a California resident, prior to submitting an insurance license application, you must pass the qualifying license examination. This applies to licenses to sell Life, Accident and Health, Property, Casualty, Personal Lines, Limited Lines Automobile, and Life Limited (funeral and burial expenses) policies. You can use the California Department of Insurance (CDI) online application service, Fast Licensing Application Service is Here (FLASH), or you can register to take your licensing exam at one of the testing sites operated by the DOI statewide. Link here for more information.
Brokers in Nevada can apply for a license using the National Insurance Producer Registry (NIPR) or Sircon. (Once you become licensed, you can also use either service to renew your Nevada license.) You can apply as a Resident or Nonresident and as an individual or business entity.
Read Word & Brown’s guide, A Rewarding Career Is Within Reach, for more information on fingerprinting and preparing for your exam.
Choosing A General Agency
Once you’ve earned your license, you may find it advantageous to partner with a General Agency – like Word & Brown – to help you maximize your sales and income opportunities. Word & Brown offers a full range of support services to brokers. Plus, we’ll reimburse you up to $500 when you write your first small group health case through us.
Get Started Today
If you’re looking for a career that offers you great potential income, work flexibility, the opportunity to help others, and creative freedom, you really should consider health insurance sales. And, if you want a partner that will help you learn the business and work with you to help you achieve greater success, Word & Brown offers 30+ years of experience and team dedicated to “Service of Unequalled Excellence.”
