What is life insurance?
Life insurance provides the financial means to preserve your way of life, or that of a family member, in the event of an accident, serious illness or even death. Life insurance is a safety net to ensure that your family is taken care of. Life is unpredictable, but even the slightest bit of peace of mind can go a long way in allowing you to enjoy every moment. When you know that your mortgage will be paid off, your loans taken care of, that your child’s education won’t suffer and your family will have their financial needs covered — you can have that peace of mind.
A person working in life insurance is not just doing a job, they are taking care of you and your loved ones. Life insurers help people understand the importance of life insurance, not only standard life but for other policies and additional areas of cover, such as:
- total and permanent disability, which pays a lump sum in the event of disability
- trauma, which pays in the event of a traumatic life event, including cancer, stroke, or heart attack
- income protection, which pays a monthly benefit of a percentage of the client’s annual income or a lump sum benefit, depending on the scenario.
The life insurer’s role is to educate people, and explain all the complicated or scary bits, to help the client understand that taking out cover is an important step in ensuring their family is looked after and any existing debts are paid off.
Other than educating clients, there are plenty of different roles behind the scenes in life insurance that can suit your personality, whether it be a career in information technology, broking, or human resources.
Find out the best insurance job for you on our personality quiz.
Are life insurance agents just trying to sell?
Australia has consumer protection laws that protect anyone who purchases life insurance . These laws:
- insurers provide policy holders with benefit payments in the event of a claim
- insurers carry out business in dealing with life insurance contracts in an appropriate manner
- regulate the actual sale of life insurance
Ask any life insurance agent and they will tell you it's more about care and concern. If a life policy is taken out and something was to happen, it is the client who benefits.
What kind of salary can people in the life insurance industry earn?
It is known among financial practitioners that life insurance has one of the top product commissions in the industry. The average salary is $70,000 to $80,000, but there are loads of perks and incentives. If you own your own business, there is uncapped potential. Like some jobs, you work for what you get, which is a great motivator to work hard.