In the spirit of Thanksgiving, we have compiled this list of 10 reasons to be thankful for your insurance career. If this is the only industry you have worked in, it can be easy to take all the benefits for granted and even if you have been working here for 30 years, it is always good to remember how much we have it:
10. Great vacation time:
Before working in insurance, I had one to two weeks off per year. Most insurance professionals have 15 to 25 days of vacation to use the office. This allowed me to travel to Europe and my native Costa Rica more often than before. I have a colleague (another CPCU) who has visited Mexico, the Bahamas, Italy, Vatican City, Spain, France, Malta, Tunisia, Canada, Turkey, Kenya, Netherlands, England, Belgium, Luxembourg, Switzerland, Austria, Ecuador, Costa Rica, Liechtenstein, Hong Kong, Macao and Germany (and 12 US states) in the past five years, it has been in the industry.
9. Fantastic benefits:
Insurance professionals tend to get excellent health, life, and dental insurance plans, as well as discounts on their home and auto insurance. After all, it’s our job!
8. 401k and pension plans:
Most insurance companies offer 401k plans, and many still offer pensions, which have virtually disappeared outside the financial sector. These plans allow us to fully focus on doing a great job today knowing that my financial future is taken care of.
7. Significant need for ambitious and promising leaders (like us!) Due to the aging of the workforce:
With many insurance professionals preparing for retirement, there is a great need for strong leaders, which in turn offers a tremendous opportunity for career advancement. Insurance is an essential meeting place for young go-getters! The best part is that this benefit has not been widely advertised, so there is plenty of room for new talent.
6. Recession-proof industry:
People will always need insurance. Even with the economic downturn in recent years, the demand for insurance professionals has only increased. As long as there are risks, they will have to be managed by our industry, regardless of the stock market or real estate.
5. Not a flat industry:
There are many levels in an insurance company, which means that if you work hard, there is ample room for growth and development in your career. For many entry-level roles with large carriers, the hierarchy looks like this: You -> Supervisor -> Manager -> Associate Director -> Director -> Assistant Vice President -> Vice President -> Senior Vice President -> COO -> CEO. That means there are 10 levels to promote!
4. The work is stimulating and rewarding:
With only five years in the industry, I have helped people file claims, repair their vehicles, take care of their medical bills, rebuild their lives after major disasters and properly insure their farms. I helped predict the company’s future sales and report on our sales for the last quarter. For the past year and a half, I have been a sales manager, contributing to the growth of our business in the exciting region of northern California.
3. Very favorable to continuing education:
Many insurance companies offer tuition reimbursement programs that can help you continue your education. Whether it’s going back to school to finish your bachelor’s degree, finally getting your MBA or taking technical insurance training, the industry is very favorable.
2. The alphabetical soup of appellations:
There are over 90 different insurance designations! Most require only three or four tests to pass, some are like a master’s degree in insurance (CPCU, CLU). Many insurance companies will support you in your pursuit of studies. Some offer a small bonus for each test you pass or provide you with travel expenses to attend a handover ceremony when you obtain a major designation. You are probably already used to studying; if you keep this habit, it’s pretty easy to get your designations, and they can make a big difference in your career. You can basically study a part-time job and turn it into promotions and better opportunities.
1. Our job is to help people protect their way of life and get back on their feet:
In insurance, you are not only a cog in the company machine: you make a difference in people’s lives – and there are simply no words for how good it feels.
These are just 10 reasons to be thankful? Insurance may not be sexy, but when we talk to others outside the industry, let’s not forget that we have a lot to be thankful for and that this might be a great next step for someone’s career.
